How to be a MOnster

[v8power]

Last one. I have posted around a half dozen HTF charts and how to trade them (AND IN ADVANCE SO NO CHERRY PICKING). Its the same over and over.

gbpusd-d1-fx-choice-limited.png

Took a loss on the first attempt. Price then retraced some more (right into a doji box and support). Dropped down the the 1hr and found a doji box to get my entry @ .2960 sl @ .2930. TP is off the weekly zline at .3260. 300 pips from a 30 pip sl .

gbpusd-d1-fx-choice-limited.pnggbpusd-h1-fx-choice-limited.pnggbpusd-w1-fx-choice-limited.png

Nice reversal
How have you decided for that target?
I'd have been out after 30 pips in profit

Thanks!

A few things went into that decision. 1 since my SL was at/under an extreme (giving me a chance to hold for more then 30) and the zline of the weekly bar gave me a real target to aim for.

[v8power]

You ready to start are little challenge together on Monday? I'll be trading GU and EJ during US open looking at 15m and 1hr charts only. How about you.

[v8power]

This quote by MO should be the cornerstone for deciding onto whether you hold for 20-30 pips or 300 pips.

"The decision to hold is based on longer term charts, not the 5 minute.

Remember that you need position at a longer term extreme if you are to hold for longer periods of time."

This one idea can take your gains to a whole new world.

[Mira]

You ready to start are little challenge together on Monday? I'll be trading GU and EJ during US open looking at 15m and 1hr charts only. How about you.

Thanks V8!

I'm ready! NY open is around 15:00 here so it's ok to me.
So charts bigger than H1 are excluded?

[v8power]

You ready to start are little challenge together on Monday? I'll be trading GU and EJ during US open looking at 15m and 1hr charts only. How about you.

Thanks V8!

I'm ready! NY open is around 15:00 here so it's ok to me.
So charts bigger than H1 are excluded?

You can trade at whatever time suits you best, but that's the time Im gonna use. Even if we cant trade on days we can still do mark ups after the fact. Bigger charts wont be excluded but my goal is for me to take an idea and learn it, understand it the way its being taught and then break it down into super simple terms.

Bigger charts wont be excluded, but they will be more of an "after idea" of how to add value to the trade. I don't want to start with to many moving parts in the beginning. Start simple and slowly add.

[Mira]

You ready to start are little challenge together on Monday? I'll be trading GU and EJ during US open looking at 15m and 1hr charts only. How about you.

Thanks V8!

I'm ready! NY open is around 15:00 here so it's ok to me.
So charts bigger than H1 are excluded?

You can trade at whatever time suits you best, but that's the time Im gonna use. Even if we cant trade on days we can still do mark ups after the fact. Bigger charts wont be excluded but my goal is for me to take an idea and learn it, understand it the way its being taught and then break it down into super simple terms.

Bigger charts wont be excluded, but they will be more of an "after idea" of how to add value to the trade. I don't want to start with to many moving parts in the beginning. Start simple and slowly add.

Ok I got it, I'm going to look at H1 and 15m too.
Not more.

[Mira]

Early chart

IMG_1200.PNG (86.35 KiB) Viewed 3518 times

[v8power]

Early chart

IMG_1200.PNG

Explain what you see and how you might trade it.

[v8power]

Ok, I lied. Were gonna look at some HTF charts. But that's just to show how you take a day trade and turn it into a DWM trades. Your gonna love the charts I post tomorrow.

[MightyOne]

Ok, I lied. Were gonna look at some HTF charts. But that's just to show how you take a day trade and turn it into a DWM trades. Your gonna love the charts I post tomorrow.

Taking SIZE for a ride is one of the fundamental tenets of making money.
I can't tell you how many times I've said "had I only looked at the H4/D/W/M..."

Short-term, if your entry area looks like a used coloring book then you should rethink your entry.
If you are going to trade from the middle then decide which way you are going and enter on the silver line;
same thing with trading away from an open price, wait for price to move in the opposite direction of your bias
and then use the open price as a trigger with x number of lines as a stop loss.

If you were just looking at the M15 then you had no idea when price would continue to decline but had you looked at the
H4 then there were a few clues.

USDJPYM15.png (55.01 KiB) Viewed 3477 times