Mr. D's Humble Quest in the Wick Land

[aliassmith]

I'm really basic when it comes to what I learned from MO. He had a lot to offer and if you focus on everything you will probably get lost. When I learned about the concept of price moving to cancel out profit that is what stuck with me. I then went on to see how "patterns" fit into that scenario. In the picture I see price bouncing off of "support". I see price breaking out then returning to the break out. I also see the higher line I made as a target to get out, where traders would be zeroed out.

I am a short term trader with a little big chart thrown in.

All input is welcome, especially if you got to interact with MO

You put it very well , "price moving to cancel out profit." I call it, the market hunts the stops. In that way, I am going a similar path, trying to figure out patterns and Price Action "MO style". Currently, trying to get my mind around the concept of cones.

A separate thanks for the picture. Helps to clear things out.

Yes I did interact with him on and off of kreslik, but I don't claim to understand everything he talked about.

[Mr. D]

Yes I did interact with him on and off of kreslik, but I don't claim to understand everything he talked about.

Is there a place where you discuss your discoveries and questions? I see MO followed your lead and applied his ideas to trading stocks. How is that going?

[Mr. D]

April 2016 entry rules,

post88937#p88937

and

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[Mr. D]

Most important things about MO's trading,

post89573#p89573

[aliassmith]

Yes I did interact with him on and off of kreslik, but I don't claim to understand everything he talked about.

Is there a place where you discuss your discoveries and questions? I see MO followed your lead and applied his ideas to trading stocks. How is that going?

No where specific.

Yes similar principles apply to stocks but I am still a fan of forex and futures.

[Mr. D]

List of steps as of May 2016,

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[Mr. D]

When MO looks at a long term chart,

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[Mr. D]

Let me give a try at MO's cones. It is somewhat hard for me to find a point to place them, so I decided to use daily open. Here is what I got.

Once price went under the lower line, I waited for the price to go up and entered at the high of the small candle.

Then, the price went all the way to the open. Wish I exited there but decided to continue my experiment.

The price went up by two bars and stalled, creating a line of defense, support, or "something" that it could not close over.

This is where all kinds of thoughts come into one's mind. "I was up 30 pips and now it is a minus!" You get the idea.

Then I realized something.

[Mr. D]

USD - pairs often use NY time as their open so I drew another cone starting at 5 AM London time. The lower line aligned beautifully over the wicks.

So, I put a stop loss where I would enter and put a short at the same place. If the price is not going up, it will go up. Waited until minus turned into plus and pocketed a few pips.

The trade is still going. I am waiting for a big move.

[Mr. D]

Some "gobblygook" of this forum,

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