How to be a MOnster

[Patrysbgc]

Wow, nice to see you here MO
i try to apply ideas you explained in NLA topic, but I feel so confused right now... Anyway I made myself a resolution to stop taking any trades, but only watch price behavoiur on charts. I hope that, wtihin weeks or months, I will have better understanding of trading momentum.

@Mira I read several last pages of Doji's topic and, though it's easy to mark these zones, I still have no idea of how to use them in trading properly I'll take some more time to try and understand it.

[Mira]

What's going on, Mira? I hope that you are doing well.

I doodled on your last picture and attached it below.

You don't want to exit / rebuy more than once or twice because you'll miss price 'popping' to the next higher level.

What exactly you do depends on your trading plan.

for_Mira.png

I was recently inspired by the way players track player/banker in Baccarat & I thought why not make a 'Big Road' Oscillator using 1-box reversal P&F rules? It is a little more confusing at first but it saves a frack-ton of space once you get used to it.

The color that is moving along the 2nd row tells you what the short-term trend is, the 3rd row is for 'catapults', and the breakouts are similar to that of a point and figure chart.
The chart is usually 6 spaces deep but I made it 7 spaces because of the way in which 1-box reversal charts are constructed.

Anyways, take care.

Hi MightyOne!

Everything it's ok and i'm glad to see you back.
What about you? How are you?

Thanks for your markups, i don't know how you knew it but i wasn't considering price leaving without me
Now I'm grasping your words, accumulating on temporary zones/"scalps"/opposite trades add size to positions BEFORE the big move happens! Thank you

btw i didn't get P&F OSC idea, it would be cool to read more about your studies!

All I see is that

1) if price changes color (from third row) you re-start from the first row, if it changes color in row 2 the column is still valid
2) if price keeps in the previous direction you keep going down in the column
3) 7th row = End.

Hoping I'm not totally wrong thanks!

[Mira]

Consecutive.png (10.93 KiB) Viewed 3402 times

[MightyOne]

Hi MightyOne!

Everything it's ok and i'm glad to see you back.
What about you? How are you?

Thanks for your markups, i don't know how you knew it but i wasn't considering price leaving without me
Now I'm grasping your words, accumulating on temporary zones/"scalps"/opposite trades add size to positions BEFORE the big move happens! Thank you

btw i didn't get P&F OSC idea, it would be cool to read more about your studies!

All I see is that

1) if price changes color (from third row) you re-start from the first row, if it changes color in row 2 the column is still valid
2) if price keeps in the previous direction you keep going down in the column
3) 7th row = End.

Hoping I'm not totally wrong thanks!

It is not that I know your problems as much as it is an intimate understanding of my own shortcomings

Trading is just horizontal lines, patterns, and breakouts...
I did my fair share of making trading harder than it had to be.

You can take trades when price touches a line or when it is between two lines, that's it.

You risk so many lines and you make so many lines.

for_Mira.png (52.69 KiB) Viewed 3377 times

Point & Figure is just a chart of price passing through horizontal lines.
Believe it or not, the chart below is the same chart as the 'Big Road' Oscillator
that I attached in the prev. post, it is just plotted differently;

simple_trends.png (180.7 KiB) Viewed 3377 times

the difference is that the 'Big Road' plots in one direction, down.
According to 1-box reversal rules, there must be at least 2 decisions in each column so
if you plot a single X and it switches to O then it gets placed under the X.
I only care about the answer to one question & that is whether price IS moving up or down.

Big_Road.png (92.06 KiB) Viewed 3377 times

[MightyOne]

for_mira_2.png (37.28 KiB) Viewed 3429 times

[MightyOne]

The Big Road.png (278.55 KiB) Viewed 3454 times

[Mira]

It is not that I know your problems as much as it is an intimate understanding of my own shortcomings

Trading is just horizontal lines, patterns, and breakouts...
I did my fair share of making trading harder than it had to be.

You can take trades when price touches a line or when it is between two lines, that's it.

You risk so many lines and you make so many lines.

for_Mira.png

Point & Figure is just a chart of price passing through horizontal lines.
Believe it or not, the chart below is the same chart as the 'Big Road' Oscillator
that I attached in the prev. post, it is just plotted differently;

simple_trends.png
the difference is that the 'Big Road' plots in one direction, down.
According to 1-box reversal rules, there must be at least 2 decisions in each column so
if you plot a single X and it switches to O then it gets placed under the X.
I only care about the answer to one question & that is whether price IS moving up or down.
Big_Road.png
Baccarat_P&F.png

Thank you MO!

It took me a while yes, now i see how P&F and The Big Road are the same!
Only one more question, how the 1-box reversal can save space?

btw thank you for marking up my charts, keeping thing simple is always the best choose.

"From where to where" / Ovals

IMG_0038.PNG (72.68 KiB) Viewed 3408 times

[Mira]

EJ.png (14.47 KiB) Viewed 3388 times

[MightyOne]

Thank you MO!

It took me a while yes, now i see how P&F and The Big Road are the same!
Only one more question, how the 1-box reversal can save space?

btw thank you for marking up my charts, keeping thing simple is always the best choose.

"From where to where" / Ovals
IMG_0038.PNG

The 'space' that I am talking about there is chart space; instead of having X's and O's run up and down and even off of the page they stay in neat little boxes, 3 or 4 of which can fit on the same page.
You might need to make some adjustments as the 'catapult' (row 3) should contain spaces; so you might need to subtract from moves, only plotting every 3rd+ X or O, such that only the pointy places where all of the breakouts are occurring are being displayed. You can mark a number under the box denoting the length of the 'tail' if you desire to do so.

In my opinion, a bar chart (HLC) is the best way to view price history but sometimes the data can get overwhelming and simple things like bias can slip away into confusion and that is where simple charts like a line chart or Point & Figure come in. The great thing about Point & Figure is that it is what it is, there is no interpreting of price wiggles going on.

Drawing lines around the closing prices of large charts is another way to simplify your technical analysis and I often use HTF closes to define areas of interest on smaller charts.

GBPUSDH4.png (32.67 KiB) Viewed 3387 times

for_Mira.png (49.03 KiB) Viewed 3387 times

[Mira]

The 'space' that I am talking about there is chart space; instead of having X's and O's run up and down and even off of the page they stay in neat little boxes, 3 or 4 of which can fit on the same page.
You might need to make some adjustments as the 'catapult' (row 3) should contain spaces; so you might need to subtract from moves, only plotting every 3rd+ X or O, such that only the pointy places where all of the breakouts are occurring are being displayed. You can mark a number under the box denoting the length of the 'tail' if you desire to do so.

In my opinion, a bar chart (HLC) is the best way to view price history but sometimes the data can get overwhelming and simple things like bias can slip away into confusion and that is where simple charts like a line chart or Point & Figure come in. The great thing about Point & Figure is that it is what it is, there is no interpreting of price wiggles going on.

Drawing lines around the closing prices of large charts is another way to simplify your technical analysis and I often use HTF closes to define areas of interest on smaller charts.

GBPUSDH4.png


for_Mira.png

sorry, I always have SPACE in my mind.
Thank you for the explanation, I'll make some attempt on building a P&F chart tonight.

May I need to think about your words one more time..
I understand basic concepts when I take them individually, then I start to look deeper and I loose myself, and the deeper I look the more I'm lost
Then I see something and I'm back, again.

By the way I keep working patiently, I always knew that I'd never learned years of experience in less than "years of experience".


Thank you for the help you are giving MO!