How to be a MOnster

[Mira]

Here I go, I was at work but I've been on all you posts V8.
Thank you much, I have to study many of your charts now and this is really helpful.
Seeing you drawing H-lines at previous extremes opened my mind again, I see the Z
I liked the explanation about angles too, I'm gonna try today.

Actually is a matter of stop placement (position must be at a HTF Extreme), then the something line is drawn where i see what I believe to be a S/R.

Just one question: do you usually wait for a confirmation, i.e. price wicking/stopping, or do you enter with a limit order?

[v8power]

Here I go, I was at work but I've been on all you posts V8.
Thank you much, I have to study many of your charts now and this is really helpful.
Seeing you drawing H-lines at previous extremes opened my mind again, I see the Z
I liked the explanation about angles too, I'm gonna try today.

Actually is a matter of stop placement (position must be at a HTF Extreme), then the something line is drawn where i see what I believe to be a S/R.

Just one question: do you usually wait for a confirmation, i.e. price wicking/stopping, or do you enter with a limit order?

Depends on kind of trade Im taking. A scalp and day trade are almost always buy/sell stops. If it is a HTF extreme I will put a 1/3 size out there with my limit. then the rest will come from a chart/candlestick pattern, then a close over/something on a STF.

Or sometimes Im just taking a day trade and click up the HTF charts and realize I have position. If I already have a profit I will just turn it in to a HTF trade. Or I will take some profit so I don't have to move my stop to BE (but that profit will cover any loss, a better way to BE on a trade).

[v8power]

The first angle drawn was that thick magenta with the blue arrow point at it. Then I just copied it to different pivots, until I found Triangles, channels, flags (blue line above and opposite magenta). Look how the measured moved of the magenta angle intersects with the (magenta dashed) pitchfork and magenta horz line.

This is how I mark my angles. Nope not even close as good as MO and Jala, but It does what I need it to do for me.

[Mira]

The first angle drawn was that thick magenta with the blue arrow point at it. Then I just copied it to different pivots, until I found Triangles, channels, flags (blue line above and opposite magenta). Look how the measured moved of the magenta angle intersects with the (magenta dashed) pitchfork and magenta horz line.

This is how I mark my angles. Nope not even close as good as MO and Jala, but It does what I need it to do for me.

Thanks V8, i'm trying to follow!
(I know i have to master H-Lines before any attempt on advanced stuff, but i can't resist to give it a try )

I found the angles how you suggested me and then i copied and pasted them where i found:

1) or an 'immediate' hook (a "Z")
2) or an intersection with a H-line
3) or a Breakout/Momo

V8.png (14.47 KiB) Viewed 2585 times

I tried to stretch it at smaller BOs now

V8_2.png (9.38 KiB) Viewed 2585 times

Many imperfections, but this was just for try.. don't laugh

[Mira]

I know how chart reading can be obsessive, so i'm going to use 15* angles instead of trying to draw them by hand.
Then finding the Z is just a matter of seconds (minutes for me )

Silver_Surfer.png (25.1 KiB) Viewed 2534 times

Seeing Zs with H-lines is still a bit hard, there are many more thing to evaluate..

ZZZ.png (9.69 KiB) Viewed 2534 times

[Mira]

We could have a 'fake' selloff

IMG_0905.PNG (57.62 KiB) Viewed 2498 times

[Mira]

The setup is here..

IMG_0909.PNG (66.02 KiB) Viewed 2493 times

[Mira]

Zs

IMG_0914.PNG (73.46 KiB) Viewed 2433 times

[Mira]

I'm attaching a PDF version of the txt file that V8 sent me (so you can see charts).

Very interesting, from this view it looks like reversals are not a good choice.
I know Doji can make them work very well, but often I find myself in the situation explained by this PDF:

Price makes a HH of LL over my stop and then it reverses, that is what MO was saying about "fake" patterns right before the real price levels.

So, now, how to avoid this situations?

Larger stops? Or believe in the position and trying to re enter?



https://ufile.io/q1zoy

[Mira]

I'm giving it a try:

UJ attempt 1.png (24.56 KiB) Viewed 2337 times