How to be a MOnster

[Mira]

for_Mira.png

Thank you MO!

This is what I'm seeing on your minichart:



upload image

[MightyOne]

Thank you MO!

This is what I'm seeing on your minichart:



upload image

In my mind, a 1-2-3 only has 3 parts: (1) a new extreme, (2) a breakout away from a price level, & (3) a return to said level.

The real entry is the #3 point, the #2 has actually been used for many years as a place to take partial profits (Joe Ross, etc) & you
can see that there is still profit taking at the #2 when you look at this chart:

for_Mira.png (11.37 KiB) Viewed 3183 times

[Mira]

In my mind, a 1-2-3 only has 3 parts: (1) a new extreme, (2) a breakout away from a price level, & (3) a return to said level.

The real entry is the #3 point, the #2 has actually been used for many years as a place to take partial profits (Joe Ross, etc) & you
can see that there is still profit taking at the #2 when you look at this chart:

for_Mira.png

I was lost trying to draw some angle but they are not making any sense to me, so it's better stay on classic stuff

Thanks for the chart + explanation.. I was thinking that the entry for a 1-2-3 was after the 3, at the break of 2 or at the pullback
This is why I have always thought that a 1-2-3 was a "late entry" strategy, but if the entry is at the 3 then isn't it just like a pattern and breakout?

[Jalarupa]

I would think that whether you label the LH or HL (vice versa) as 2 or 3 it doesn't matter... what matters is the move... a 1-2-3 breaks out and makes a HH or a LL eventually... the point is you enter on the Limit Order (pullback) and re-enter on the pullback back to the origin of the breakout (zline) to get the most out of the move...

The benefit to this is your average price stays well distanced from current market...

[MightyOne]

I was lost trying to draw some angle but they are not making any sense to me, so it's better stay on classic stuff

Thanks for the chart + explanation.. I was thinking that the entry for a 1-2-3 was after the 3, at the break of 2 or at the pullback
This is why I have always thought that a 1-2-3 was a "late entry" strategy, but if the entry is at the 3 then isn't it just like a pattern and breakout?

That is exactly what it is.

for_Mira.png (44.57 KiB) Viewed 3353 times

[nat]

That is exactly what it is.

for_Mira.png

ive seen you say "where did it come from, where did it go" quite a bit. so the 1 is where it came from, 2 is where it went and 3 is where to enter preferably. seems easy in my head but you all know how it goes

[Mira]

I would think that whether you label the LH or HL (vice versa) as 2 or 3 it doesn't matter... what matters is the move... a 1-2-3 breaks out and makes a HH or a LL eventually... the point is you enter on the Limit Order (pullback) and re-enter on the pullback back to the origin of the breakout (zline) to get the most out of the move...

The benefit to this is your average price stays well distanced from current market...

Thanks Jala!

Green lines show how I see your words.. 3 is the first entry but then we can re-enter at the ZL formed by the 1-2-3 break!


image hosting

[MightyOne]

That is exactly what it is.

for_Mira.png

ive seen you say "where did it come from, where did it go" quite a bit. so the 1 is where it came from, 2 is where it went and 3 is where to enter preferably. seems easy in my head but you all know how it goes

Although price started reversing from 1, it broke out of ('came from') a price level that is between 1 & 2 (see picture).

for_nat.png (17.74 KiB) Viewed 3250 times

EURUSDMonthly.png (32.55 KiB) Viewed 3250 times

[Mira]

I took that fast move and took profits.

If the current candle is the illusion then a long wick in direction of profit is still profit, i don't need to see a closed body (after my entry) to say if my trade went good or not, even because if price retrace to my entry when i'm still in then it's zeroing my money.

Summing Up.png (17.85 KiB) Viewed 3239 times

[Mira]

The idea on gold was right.. btw I had no opportunities to re enter since I was sleeping


What I think now is that the best solution is to shade the 50% to get a free trade: if price touch my original stop I'm at B/E, if it moves and I don't do nothing I'm still making money and if I can follow my trade then I can become more aggressive for free.