How to be a MOnster

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Mira
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Re: How to be a MOnster

Postby Mira » Tue Dec 10, 2019 9:32 pm

aliassmith wrote:
Mira wrote:
Jhx wrote:What's your criteria for taking multiple entries?


I’m just splitting the entry into multiple positions as price retrace back (as Alias suggested me) and the pattern is still valid..

In this case the first entry was a TTE and the second a #2 break of a 1-2-3 that slowly died into low liquidity :lol:

Does it help splitting it up?
I like it because I don't have to obsess about being exactly right on my entry. It's not an all or nothing situation.


Yes it does, thank you.
I admit that I still need to work on it to find a good way to do the job, however I like the idea that even if the trade is poor I can minimise risk (or even get a profit) thanks to the cost averaging.
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Re: How to be a MOnster

Postby Mira » Wed Dec 11, 2019 6:44 pm

Took a look shorting GU today.
I think that my mistake was not waiting for H1 to close below the blue line, that is an increase in bullish momentum..
Do you see it like me guys? What would have you done?

1EC713C8-0A02-4623-BFC8-CDC3265492DC.png
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Re: How to be a MOnster

Postby Mira » Thu Dec 19, 2019 3:13 pm

Hi guys, how are you?

In these days I’m working on targets and more precisely on ATR.
I’d like to use the indicator to find less discretionary stops and take profits but I found some confusing informations on the internet.. :roll:

They say to set the SL and TP x pips away from the ENTRY but that is not making sense to me.. I mean: if ATR calculates the average range in pips for the current bar shouldn’t it be projected x pips away from the OPEN of the current candle?
So if I’m trading a HTF bar (away from the same HTF zline) levels could be different from the entry price.

Just wondering... :?: :?:
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Re: How to be a MOnster

Postby aliassmith » Thu Dec 19, 2019 4:12 pm

Mira wrote:Hi guys, how are you?

In these days I’m working on targets and more precisely on ATR.
I’d like to use the indicator to find less discretionary stops and take profits but I found some confusing informations on the internet.. :roll:

They say to set the SL and TP x pips away from the ENTRY but that is not making sense to me.. I mean: if ATR calculates the average range in pips for the current bar shouldn’t it be projected x pips away from the OPEN of the current candle?
So if I’m trading a HTF bar (away from the same HTF zline) levels could be different from the entry price.

Just wondering... :?: :?:


Using the ATR will still be discretionary. The purpose of the ATR is to give you an idea of average volitility over a period. It has nothing to do with open price. It deals more with the high and low of a candle. If an ATR is 5 pips on your timeframe should you expect 26 pips on the next candle? For me picking targets is my biggest weakness. That is why I use the good enough method. I've had too many times where price was within 1 pip of my target and went back to my stop loss. #-o
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Re: How to be a MOnster

Postby Mira » Thu Dec 19, 2019 5:20 pm

aliassmith wrote:
Mira wrote:Hi guys, how are you?

In these days I’m working on targets and more precisely on ATR.
I’d like to use the indicator to find less discretionary stops and take profits but I found some confusing informations on the internet.. :roll:

They say to set the SL and TP x pips away from the ENTRY but that is not making sense to me.. I mean: if ATR calculates the average range in pips for the current bar shouldn’t it be projected x pips away from the OPEN of the current candle?
So if I’m trading a HTF bar (away from the same HTF zline) levels could be different from the entry price.

Just wondering... :?: :?:


Using the ATR will still be discretionary. The purpose of the ATR is to give you an idea of average volitility over a period. It has nothing to do with open price. It deals more with the high and low of a candle. If an ATR is 5 pips on your timeframe should you expect 26 pips on the next candle? For me picking targets is my biggest weakness. That is why I use the good enough method. I've had too many times where price was within 1 pip of my target and went back to my stop loss. #-o


Got it, thank you!
I was used to look for the next line which has not yet been zeroed out.. however it seems that price doesn’t care about “fresh” or “non fresh” levels.. :lol:
So I could just watch for the next line with an eye on the ATR to see if I’m aligned with the volatility.
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Re: How to be a MOnster

Postby Jhx » Thu Dec 19, 2019 5:49 pm

aliassmith wrote:
Mira wrote:Hi guys, how are you?

In these days I’m working on targets and more precisely on ATR.
I’d like to use the indicator to find less discretionary stops and take profits but I found some confusing informations on the internet.. :roll:

They say to set the SL and TP x pips away from the ENTRY but that is not making sense to me.. I mean: if ATR calculates the average range in pips for the current bar shouldn’t it be projected x pips away from the OPEN of the current candle?
So if I’m trading a HTF bar (away from the same HTF zline) levels could be different from the entry price.

Just wondering... :?: :?:


Using the ATR will still be discretionary. The purpose of the ATR is to give you an idea of average volitility over a period. It has nothing to do with open price. It deals more with the high and low of a candle. If an ATR is 5 pips on your timeframe should you expect 26 pips on the next candle? For me picking targets is my biggest weakness. That is why I use the good enough method. I've had too many times where price was within 1 pip of my target and went back to my stop loss. #-o

That's what I've seen lately, because price will make the range by expanding out of the high and low.

The good enough method sounds great :lol: .

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Re: How to be a MOnster

Postby aliassmith » Thu Dec 19, 2019 7:14 pm

Jhx wrote:
aliassmith wrote:
Mira wrote:Hi guys, how are you?

In these days I’m working on targets and more precisely on ATR.
I’d like to use the indicator to find less discretionary stops and take profits but I found some confusing informations on the internet.. :roll:

They say to set the SL and TP x pips away from the ENTRY but that is not making sense to me.. I mean: if ATR calculates the average range in pips for the current bar shouldn’t it be projected x pips away from the OPEN of the current candle?
So if I’m trading a HTF bar (away from the same HTF zline) levels could be different from the entry price.

Just wondering... :?: :?:


Using the ATR will still be discretionary. The purpose of the ATR is to give you an idea of average volitility over a period. It has nothing to do with open price. It deals more with the high and low of a candle. If an ATR is 5 pips on your timeframe should you expect 26 pips on the next candle? For me picking targets is my biggest weakness. That is why I use the good enough method. I've had too many times where price was within 1 pip of my target and went back to my stop loss. #-o

That's what I've seen lately, because price will make the range by expanding out of the high and low.

The good enough method sounds great :lol: .


Ya good enough worked the best for me. Because a bird in the hand is worth more than 2 in a bush. Having a target would mean you can predict where the market is going. My crystal ball isn't that good.
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Re: How to be a MOnster

Postby Mira » Thu Dec 19, 2019 11:45 pm

In my head sounds simple, but it’s just an idea.. I’m thinking about it while I’m writing it down right now.

May I post an example chart to show what i mean.
100% of the ATR is 14 pips on H4 and I’m working down with a H1 and a 15m chart too, to tune the stop loss.
Let’s say that you want to trade long and price bounces as in the picture.
I’d have a hard stop 14 pips away that is 2 “lines” on H1, when the chart gives me the right conditions I could even cut the stop in two (14/2 = 7 pips aka 1 line) doubling or not the position sizing for that trades.. in this trade I wouldn’t do it for example.
If price closes below the magenta line I’m out, without the need to lose two lines but only one.

The target 1 line away is cool, It fits with a small protective target. Easy to take.
I could hedge there and just look at the price action on m15 (LeM’s hedging attracts me ahaha) to eventually re-enter and make the other 1 line.

Then, if price goes down I’ll just short using the same management.

E7578726-CE64-46D0-8C66-60A222204603.jpeg
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Re: How to be a MOnster

Postby Mira » Fri Dec 20, 2019 12:15 am

Mira wrote:In my head sounds simple, but it’s just an idea.. I’m thinking about it while I’m writing it down right now.

May I post an example chart to show what i mean.
100% of the ATR is 14 pips on H4 and I’m working down with a H1 and a 15m chart too, to tune the stop loss.
Let’s say that you want to trade long and price bounces as in the picture.
I’d have a hard stop 14 pips away that is 2 “lines” on H1, when the chart gives me the right conditions I could even cut the stop in two (14/2 = 7 pips aka 1 line) doubling or not the position sizing for that trades.. in this trade I wouldn’t do it for example.
If price closes below the magenta line I’m out, without the need to lose two lines but only one.

The target 1 line away is cool, It fits with a small protective target. Easy to take.
I could hedge there and just look at the price action on m15 (LeM’s hedging attracts me ahaha) to eventually re-enter and make the other 1 line.

Then, if price goes down I’ll just short using the same management.

E7578726-CE64-46D0-8C66-60A222204603.jpeg


I know it’s Eights.. but Eights Indicator gives me anxiety :lol:
The lines calculation is based on ATR but it’s totally different, the first problem for me is that it prints all those lines on the chart and It confuses me. The second one is that the width between lines is too tight.. I tried to obscure the sub lines but then the “majors” become too large #-o
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Re: How to be a MOnster

Postby Mira » Fri Dec 20, 2019 12:27 am

One last thing I noticed and liked is that even if i look for opposite lines as I see them (magenta) they wouldn’t be far from ATR lines.

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