Another NLA/Zline/Mbar Journal

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cheunt3
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Re: Another NLA/Zline/Mbar Journal

Postby cheunt3 » Tue Feb 16, 2021 1:30 pm

IgazI wrote:
LegendofZline wrote:Back at it. I have not been on for a while. I just want to see if there is any input.

zline trade - 4hr bias going up - 15 min zline 1 and 2 trade

any pointers would help.

stop loss if price isn't going my way. closed at next 15min mbar.


The first step is to define your risk based on how fast the small chart is moving through lines;
if each line represents 10% of your risk allowance (10%R) then how far apart would you set the lines?

If you had 10 pips to risk and you were down 1 then that would be -10%R, so each line is the same as
being +/- 1 pip.

Your lines shouldn't be so close together that you are up 20%R one moment and down 50%R the next,
you want to slow the markets role, make it sit down, and play the long game with it.

Instead of trying to maximize your reward per trade you should be focused on maximizing your lot size,
the reward per line, and getting more nutrition without taking larger bites out of the market.

The more you feel in control the better you will trade; someone who is down 5 pips probably had no say in the matter,
but by the time I am sitting at -20%R I probably had 2 or 3 opportunities to get out at -10%R and that makes all the
difference in the world.

The chart only exists to generate ideas; in the end you are just taking a trade at a line, risking a number of lines, and taking
lines or lines and a half as profit.
risky+biz.png


Hello, if you don't mind I like to pick your brain on this MM as I have read it a few times here in many threads and I'm not too clear.

You split your entry from initial extreme to a future extreme into lines, correct?

Then I get that you split your risk among the lines, and reduce or increase your position size when you win or lose.

But how do you determine how many lines to have and how far apart?

Are you determining the space apart between lines due to ATR on the chart you are trading?

Also, is this to do with MO's eights? And if so, why eights?

Feels like I am ambushing you with so many questions in one post, sorry man, but I appreciate any help you can give, thanks :lol:
MO "Don't try to predict what will happen next, simply aim to consistently apply your ideas."

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Re: Another NLA/Zline/Mbar Journal

Postby IgazI » Tue Feb 16, 2021 7:42 pm

cheunt3 wrote:Hello, if you don't mind I like to pick your brain on this MM as I have read it a few times here in many threads and I'm not too clear.

You split your entry from initial extreme to a future extreme into lines, correct?

Then I get that you split your risk among the lines, and reduce or increase your position size when you win or lose.

But how do you determine how many lines to have and how far apart?

Are you determining the space apart between lines due to ATR on the chart you are trading?

Also, is this to do with MO's eights? And if so, why eights?

Feels like I am ambushing you with so many questions in one post, sorry man, but I appreciate any help you can give, thanks :lol:


I am not sure what you mean by "split your entry..."; similar to waiting for a "3-ball", I wait for a common rotation lengths before going long and vise versa; see the link that I posted in Alias' thread.

The total number of lines used is the daily risk allowance and this influences your lot size more than anything else; the per trade risk is usually around 2 lines.

If you want to know how far apart the lines should be then you should place the lines on the chart; each line = 1 pip, you are risking 2 pips per trade, you can only risk 10 pips per day, how wide should you make it? the idea of "macro scalping" is to reduce a large chart problem to a small chart solution.

I don't remember all of the details of the original 'Eights', but what I posted is the macro-scalping & mm strategy.

sizing.png
sizing.png (89.81 KiB) Viewed 523 times

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Re: Another NLA/Zline/Mbar Journal

Postby cheunt3 » Wed Feb 17, 2021 5:28 am

IgazI wrote:
cheunt3 wrote:Hello, if you don't mind I like to pick your brain on this MM as I have read it a few times here in many threads and I'm not too clear.

You split your entry from initial extreme to a future extreme into lines, correct?

Then I get that you split your risk among the lines, and reduce or increase your position size when you win or lose.

But how do you determine how many lines to have and how far apart?

Are you determining the space apart between lines due to ATR on the chart you are trading?

Also, is this to do with MO's eights? And if so, why eights?

Feels like I am ambushing you with so many questions in one post, sorry man, but I appreciate any help you can give, thanks :lol:


I am not sure what you mean by "split your entry..."; similar to waiting for a "3-ball", I wait for a common rotation lengths before going long and vise versa; see the link that I posted in Alias' thread.

The total number of lines used is the daily risk allowance and this influences your lot size more than anything else; the per trade risk is usually around 2 lines.

If you want to know how far apart the lines should be then you should place the lines on the chart; each line = 1 pip, you are risking 2 pips per trade, you can only risk 10 pips per day, how wide should you make it? the idea of "macro scalping" is to reduce a large chart problem to a small chart solution.

I don't remember all of the details of the original 'Eights', but what I posted is the macro-scalping & mm strategy.

sizing.png


I want to ask how you are gauging your rotations but I better leave that for another day.

Sorry, I meant split the risk not entry.

Let me see if I can work out what you are saying from the charts. I think I have a general idea of what is going on. Eights is the same thing I think, can use it on long term charts and marco scalping and using OPM. Thanks.

BTW is there an indi for drawing lines or just using the fib tool or drawing by hand? I don't think you're using mt4.
MO "Don't try to predict what will happen next, simply aim to consistently apply your ideas."

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Re: Another NLA/Zline/Mbar Journal

Postby IgazI » Thu Feb 18, 2021 2:59 pm

cheunt3 wrote:

I want to ask how you are gauging your rotations but I better leave that for another day.

Sorry, I meant split the risk not entry.

Let me see if I can work out what you are saying from the charts. I think I have a general idea of what is going on. Eights is the same thing I think, can use it on long term charts and marco scalping and using OPM. Thanks.

BTW is there an indi for drawing lines or just using the fib tool or drawing by hand? I don't think you're using mt4.


The basic template is:
- adjust your line width to account for volatility:
* if you can risk 1 line then you are probably trading too wide.
* if you have to risk 3 lines then it is probably too tight.
* don't tighten your lines when price is moving sideways.

- smallest chart is smaller than the renko chart represented by the line choice;
it should be similar to a 2+ bricks per line renko.

- largest chart is some multiple of the line choice; brick sizes are increased until
you see single digit rotations, 4's, 5's, and repeating numbers.

I use TransAct charts and the fibo. ret. tool.

Here is the link from Alias' thread:
https://www.youtube.com/watch?v=Gqtak3arz_c&t=0s

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Re: Another NLA/Zline/Mbar Journal

Postby cheunt3 » Fri Feb 19, 2021 10:07 am

IgazI wrote:
cheunt3 wrote:

I want to ask how you are gauging your rotations but I better leave that for another day.

Sorry, I meant split the risk not entry.

Let me see if I can work out what you are saying from the charts. I think I have a general idea of what is going on. Eights is the same thing I think, can use it on long term charts and marco scalping and using OPM. Thanks.

BTW is there an indi for drawing lines or just using the fib tool or drawing by hand? I don't think you're using mt4.


The basic template is:
- adjust your line width to account for volatility:
* if you can risk 1 line then you are probably trading too wide.
* if you have to risk 3 lines then it is probably too tight.
* don't tighten your lines when price is moving sideways.

- smallest chart is smaller than the renko chart represented by the line choice;
it should be similar to a 2+ bricks per line renko.

- largest chart is some multiple of the line choice; brick sizes are increased until
you see single digit rotations, 4's, 5's, and repeating numbers.

I use TransAct charts and the fibo. ret. tool.

Here is the link from Alias' thread:
https://www.youtube.com/watch?v=Gqtak3arz_c&t=0s


Something like this?

EURJPYecnM15.png
EURJPYecnM15.png (27.44 KiB) Viewed 305 times


From here: therumpledone/the-ideas-that-i-trade-by-t3256?hilit=eights&start=2410

I have been starring at that pic for a while now.

As the Youtube link that is also haunting me. I was thinking about Dojis "It takes momentum to break momentum" when looking at the video's P&F because I saw some opportunities. Was trying to find a good P&F indi for MT4 but they all pretty much sucked.

Do you know the guy? Really want to ask him further questions.
MO "Don't try to predict what will happen next, simply aim to consistently apply your ideas."

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Re: Another NLA/Zline/Mbar Journal

Postby IgazI » Fri Feb 19, 2021 6:30 pm

cheunt3 wrote:
Something like this?

EURJPYecnM15.png

From here: therumpledone/the-ideas-that-i-trade-by-t3256?hilit=eights&start=2410

I have been starring at that pic for a while now.

As the Youtube link that is also haunting me. I was thinking about Dojis "It takes momentum to break momentum" when looking at the video's P&F because I saw some opportunities. Was trying to find a good P&F indi for MT4 but they all pretty much sucked.

Do you know the guy? Really want to ask him further questions.


I do not know Brian Watt personally; one of his followers liked my histogram of the ES rotations and tagged Brian and that is the first I had heard of him.

The man has cancer throughout his entire body and he probably isn't going to be around in 2022 so you had better be quick; you can catch him trading live on YouTube and he's usually in the question answering mood.

I would be very surprised if there were no renko charts available for MT4...
if you can't find a good P&F chart then renko will do just fine; you could count price moving through the lines but that is a real pain in the a++.

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