TygerKrane's Pip-Pickpocketing

[TygerKrane]

Really, REALLY like this post.

• initial position, double, [+50%]

1U + 1U + 1U

1U + 1U {normalize risk}; + 1U then{scalp a TP if necessary}

Break even is not a target.
You either win or you lose, you either push forward to a goal or take profit right then and there.

Previously I talked about 'shedding' lots but I found that others still had difficulty working long term positions.

Since everyone is used to trading small charts I thought I'd break it down into steps to achieve the same end result.

1. initial position, double, [+50%], look to exit at a small profit; the last addition of 50% is optional.
2. since your position moved from the extreme, re-strengthen your stop.
3. click through the chart periods before re-entry with your last lot size.
4. repeat: enter, double, [+50%], exit.

We don't use 2+ day extremes simply because they are strong positions, we use them because WE [WILL BE] [s]are[/s] TRADING A LARGE CHART.

Many people get confused thinking that short term momo should lead to long term trends
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Short term momo = short term trends
Long term momo = long term trends
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Short term close over = temporarily meaningful
Long term close over = long-lasting meaning.
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If you take a short term entry then the LARGE CHARTS
MUST FALL IN LINE or you are holding nothing but sand;
nothing will materialize.

Focus on the large charts first & then add to them with short
term perspective.

If you take a trade against a long term chart then what are you hoping to achieve?
That price broke higher & may now close lower than the extreme & in the future might follow through by closing lower than something?
It could very well make sense to try such a thing according to the small charts and long term stops but the key here is that YOU KNOW WHAT YOU NEED to continue with such an idea; you are not just flailing aimlessly as someone in a mosh-pit.

The next time that your mind is in chaos simply go down the list:

1. where are the 2+ day extremes?
2. what is the long term perspective?
3. short term price is higher or lower than what?
4. enter, double, [+50%], exit.
repeat:
1. ...

[Captain Pugwash]

Tygs - you found it!

Can you throw in a link to that post mate?

[seedling]

Captain, click the link or go back two pages

http://www.kreslik.com/forums/viewtopic.php?f=39&t=2462&p=78076&hilit=Break+even+is+not+a+target.#p78076

[TygerKrane]

http://www.kreslik.com/forums/viewtopic ... 547#p78547

Please read:http://www.kreslik.com/forums/viewtopic.php?p=78537#p78537
and the next post that I make after that until it sinks in.

Trading IS placing & trailing stops; where would you place a stop & in which direction would you trail it?
Your stop is at a long term extreme, YOU ARE TRADING LARGE CHARTS!

...but you cannot hold UNLESS the large chart conforms...

There is nothing wrong with taking a gamble that the large chart will conform, just don't expect to be able to hold for hundreds of pips without a long term 'something'

All that you need is a 2+ day extreme and for price to close over 'something' on a small chart...Next we need the large chart to conform:...

& please remember that, when gambling against the direction of profit, you need some reason to believe [the long term] chart will conform
at least minimally:...

What do I keep repeating

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http://www.kreslik.com/forums/viewtopic ... 537#p78537

MO, in this long term chart, where price is crashing like the dollar a week after 911, can I go long?

Yes, yes you can, yes you can!

All that you need is a 2+ day extreme and for price to close over 'something' on a small chart and you are legitimately long.
But ask yourself where you would place a stop if you were trading just the long term chart & you will notice that your stop is at a high extreme because bodies are closing lower.

Now this creates a problem because you bought and you are still going to add (because that is what you do) but you cannot hold UNLESS the large chart conforms:
a) key-reversal
b) breakout + failure to close lower
c) higher low + breakout + failure to close lower
d) close higher than something
e) close higher + wickdoll
you get the picture.

There is nothing wrong with taking a gamble that the large chart will conform, just don't expect to be able to hold for hundreds of pips without a long term 'something'

Honestly, I have no idea what my fingers are going to do when they touch the keyboard...i just go along with it.

Understand the basic idea and then let your mind run with it.

*****PICTURE*****

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http://www.kreslik.com/forums/viewtopic ... 547#p78547

All that you need is a 2+ day extreme

and for price to close over 'something' on a small chart

Don't break it up, read it as one sentence

Did you stop at 'yes you can' and not read the rest of the post?

Lets start over again...
Bodies show the way, wicks show not the way.

Stops at 2+ day extremes hold the potential of 2+ day charts; you are trading long term charts!

Trading IS placing & trailing stops; where would you place a stop & in which direction would you trail it?
Your stop is at a long term extreme, YOU ARE TRADING LARGE CHARTS!

GAMBLING:

All that you need is a 2+ day extreme and for price to close over 'something' on a small chart (you know, AWAY from the extreme!)
Next we need the large chart to conform:

if a candle breaks lower + doesn't close lower then that is still pretty weak but at least it is something.

If there is a higher low, creating a pivot, and price breaks the higher low but doesn't close lower then that is much stronger.

But what we are looking for is for price to close above 'something'.

Lastly...

Extremes create a sandbox in which you can play; don't blame the sandbox for your inability to make sandcastles!

& please remember that, when gambling against the direction of profit, you need some reason to believe that chart will conform
at least minimally:

[TygerKrane]

Would like to take this moment right now to wish all my fellow Kreslik Pirates a Merry Christmas or whatever they might be celebrating this time of year!

[seedling]

Have a good one whatever you all do, I just lurk a lot over the years but I guess I gained a lot more from here than some books I read lol.. Muchas gracias..

Best wishes to all oxox

[MightyOne]

Happy Holidays!

I spent the whole day x-mas shopping for 2 little girls that I only see once a year.

I finally gave up walking through aisles and aisles of plastic junk and just bought them both
a NINTENDO 3DS XL and some games...
but now I feel bad because I am probably rotting their young minds at an age when they should
be reading books

[aliassmith]

Happy Holidays!

I spent the whole day x-mas shopping for 2 little girls that I only see once a year.

I finally gave up walking through aisles and aisles of plastic junk and just bought them both
a NINTENDO 3DS XL and some games...
but now I feel bad because I am probably rotting their young minds at an age when they should
be reading books

kids don't read books anymore

[Captain Pugwash]

Yeh! Merry Christmas to the lot of yis .

Musical instruments can be great gifts - they feel and look fantastic - but then kids then have to put in some effort and maybe acquire a skill.

My Grandchildren love books - Actually my 27 yo son has kept every book he ever had from a baby!

Still I love the magic at this time of year

[MightyOne]

Yeh! Merry Christmas to the lot of yis .

Musical instruments can be great gifts - they feel and look fantastic - but then kids then have to put in some effort and maybe acquire a skill.

My Grandchildren love books - Actually my 27 yo son has kept every book he ever had from a baby!

Still I love the magic at this time of year

Grandpa tried giving the instrument that plays music when you pull his finger but the children never seem to want to play it.