<--------------------------------------------------------------------> 1) Price within 20 pips of the daily low (ClLo < 20) - that is OPPORTUNITY <--------------------------------------------------------------------> PLEASE DO NOT PM ME WITH QUESTIONS ABOUT TRADING, INDICATORS, CODING, ETC... Post your questions in the forum. Thank you.
Lowest price of the day AT THE MOMENT. After the day is over, you will know the lowest price of the day. During the day, you know the current daily low price. Of course, price may go lower but one of the current daily lows will be THE low of the day.
Elitetrader decided to delete the original thread that contained stats. If I post charts showing stats, I will be accused of "branding". If check the thread from time to time, you can develop your own stats of how well this works.
It wasn't my intention to say stats are superior over probability, that would be comparing apples to oranges. The outcome of a roll of the dice has probability. The probability doesn't change. The outcome of a trade doesn't not have probability. You can determine statistically what the outcome may be but that is not the same as probability. Close but not the same. And that is why the RAT beat the YALE STUDENTS.
The opposite is true - you trade when you have a statistical edge. That is what DRAIN THE BANKS - LIKE A RAT is based on. When you trade within 20 pips of the CURRENT daily low on certain pairs, price is more likely to close 20 pips or more above the ACTUAL daily low than not. A few minutes ago, I posted a chart showing the AUDUSD within 20 pips of the current daily low. Now is it closer to 50 pips above the current daily low. That was an opportunity to make 30 pips or more. The easiest way to understand this is to graph close - low on a daily chart. That is the bottom wick. The wick size is usually larger than 20 pips.
Not sure where you got the 400 number. The only forex trades I make are based on RAT REVERSALS or BUY ZONES. Yes, each trader should have their own EXIT PLAY BOOK to know exactly when to exit.
"I am not forcing you to accept my concepts. I only request the traders to review the market from time to time keeping in mind my concepts and if found suitable use in the trades or just ignore. Thanks for your opinion." - Dr. S. Sivaraman
========================= ==================== "Now, 2 patterns of market behavior happen on a regular basis: 1) the price breaks to new high's (or low's) 2) the price reverses from new high's (or low's) They happen regardless of time frame (with the obvious limitations explained above) They are phenomena that can be exploited without the fear if found out by others, that they might cease to exist." - H. Rearden ============================================= 1) Price within 20 pips of the daily low (ClLo < 20): This is OPPORTUNITY ============================================ PLEASE DO NOT PM ME WITH QUESTIONS ABOUT TRADING, INDICATORS, CODING, ETC... Post your questions in the forum. Thank you.