How to be a MOnster

[Mira]

Let’s start a new trading week
The first pic is from my pc, the second one is from my phone.

Nice rally!

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[Mira]

A small short.. target hit while I was sleeping

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[thepark]

Hi Mira and MO, I dont quite understand that two closes is a price level because my view is that H4 has many closes which ultimately leads to considering many price levels which I've marked below in green. However the correct one that you marked up with two closes is the one I don't understand: it is an up candle that wicked then made an inside candle. To me the significance of these two candles is only that the high is a long wick proceeded by a smaller wick which may signal "wick in the direction of loss" It is an inside candle that starts from the close of the up candle and its not like it attempted to break and failed to close any higher like the second pic with the 3 candles.

That chart was actually just marked as a simple Rat trade.

I'm not saying that every two closes is a price level...
It takes spatial intellect to visualize what you are looking for in a compressed form.

1. Price moves to a pattern (close)
2. Price moves away from a pattern (breakout)
3. Price returns to a pattern (close)

It can take shape a number of different ways:
1. send up a wick (touch, breakout)
2. return to the wicked area (close)
or it could BDP +WDL:
1. moves to a pattern (close)
2. moves out of a pattern (breakout)
3. sends up a wick (touch, breakout)

Can you see what I am trying to describe?

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thanks MO, i think i got it.

[Libertarian]

I'm trying to understand this stuff and maybe I'm jumping the gun here, but *censored - swear word*.

How are those patterns?

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I believe you MO, but I think that my targets are TOO close
I traded long from the top of the zone (+ spread and some pip since I looked for momentum on a 5 min chart) to the magenta line.

I'm not looking for pips.. but do you usually try to hold if price gives signs (?) of continuation?

Thanks

Let's look at a larger picture:

What would happen if your first objective of the day was to absorb 2 lines?:

Day 00: $25/line ($200 in the box)
Day 01: $31 ($250)
Day 02: $39 ($312)
Day 03: $48 ($390)
Day 04: $61 ($488)
Day 05: $76 ($610)
Day 06: $95 ($762)
Day 07: $119 ($953)
Day 08: $149 ($1192)
Day 09: $186 ($1490)
Day 10: $232 ($1862)
Day 11: $291 ($2328)
Day 12: $363 ($2910)
Day 13: $454 ($3637)
Day 14: $568 ($4547)
Day 15: $710 ($5684)
Day 16: $888 ($7105)
Day 17: $1110 ($8881)
Day 18: $1387 ($11102)
Day 19: $1734 ($13877)
Day 20: $2168 ($17347)
And that is just stacking the first trade of the day!
Who knows how many lines you made on trades 2+

The question that should come to mind is "what about margin?"

$2168/line is only $19.63/pip on the monthly chart compared to $314/pip on the hourly chart.
Each time you move to a larger chart you halve your position size and double the width of the lines to make the same amount of money
over larger bar ranges.

Now as the money trickles in on the monthly chart you are going to find that you have enough money to drop down to the weekly chart and then the daily chart and so on and the speed at which you make 'x' doubles all the way down to the hourly.

The decision to hold is always based on the belief that H4+ will make a significant move.
How do you know that? You don't, but you highly suspect it from time to time

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[MightyOne]

I'm trying to understand this stuff and maybe I'm jumping the gun here, but *censored - swear word*.
How are those patterns?

Elementary my dear Watson; a pattern is not a breakout and a breakout is not a pattern.

Please read my reply to 'thepark' on the prev. page.

[Mira]

In these days I’m not trading so actively because I'm ill... AGAIN
My health sucks, really.

BTW I’m in love with failures on the break of the previous D1 H/L.
Could it be an ‘alternative’ to a big candle close?

It’s interesting, however.

[MightyOne]

In these days I’m not trading so actively because I'm ill... AGAIN
My health sucks, really.

BTW I’m in love with failures on the break of the previous D1 H/L.
Could it be an ‘alternative’ to a big candle close?

It’s interesting, however.

You are describing the exact same thing...
waiting for a D1 (big candle) close and then looking to take a trade at or above that price (HOLO, etc).

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[MightyOne]

Another example of price stopping short of a price level...
charts just love to break hearts.

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[Mira]

In these days I’m not trading so actively because I'm ill... AGAIN
My health sucks, really.

BTW I’m in love with failures on the break of the previous D1 H/L.
Could it be an ‘alternative’ to a big candle close?

It’s interesting, however.

You are describing the exact same thing...
waiting for a D1 (big candle) close and then looking to take a trade at or above that price (HOLO, etc).

for_Mira.png

I don’t eat vegetables, no one
but I think that it is definitively a horrible mistake, I need to start eating better NOW.

btw.. yep, HAGO is lol

THANKS MO!

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[Mira]

First of the week

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