Patterns Observation.

[kiwiarian]

The $70K yesterday without SL, this is why...

The D1 backbone
Feb 15, 2023 D1.png

The H1 backbone
Feb 15, 2023 H1.png
Feb 15, 2023 H1 bones and structures.png

The entry/trigger
Feb 15, 2023 M1.png
Feb 15, 2023 M1 bones and structures.png

momentum1.jpg (61.85 KiB) Viewed 2100 times

are you creating a measurement stick here to predict the next leg? The shaded area on the left seems to be similar height as the one on the far far right.

[Don_xyZ]

The $70K yesterday without SL, this is why...

The D1 backbone
Feb 15, 2023 D1.png

The H1 backbone
Feb 15, 2023 H1.png
Feb 15, 2023 H1 bones and structures.png

The entry/trigger
Feb 15, 2023 M1.png
Feb 15, 2023 M1 bones and structures.png

momentum1.jpg
are you creating a measurement stick here to predict the next leg? The shaded area on the left seems to be similar height as the one on the far far right.

You gotta start from the top (D1) and the top says it's down. There are several ways to see that it's down but the simplest one that I put for the markings is S/R flip. Previously that highest horizontal line was a S/R flip (RBS) but when the price came to it the 2nd time, it failed to hold the ground. The candle that caused the destruction of the flip was a candle big in comparison to its surrounding. On the H1, you can see that the price struggled 2 times (marked yellow box) and after the 2nd time the price fall hard to continue the 1st fall. When the price come into close proximity of the 2nd struggle there was a big green doji candle and then the big red engulfing candle immediately took advantage of the weakness. On M1, the candles simply gave way to multiple bearish reversal views. There was crooked M and then there was also H&S and QM. So when price was creeping up, I know it's only a flat and the end result of a flat is obviously a continuation of the trend. So I jumped in full force. As for TP, I want to see if the price can penetrate the first yellow box down there to the next one but the H1 candle closed higher than what I wanted to. So I waited a little bit but then decided to just take it all out of the market. If the market could penetrate the 1st box and then also go beyond during my kill zone, I would consider holding the trade but since it failed and the price is already struggling on the D1, I don't think the drop might happen soon. If you check the chart today, the price did go to the 2nd but then immediately u turned afterward. So my decision to pull out turned out to be spot on. I transferred some money from that trading account and put it into a different trading account and that's why 2% is 173 lots.

It's kinda short but I hope it helps!

[Don_xyZ]

Let's start purely with this chart. Nothing else.

now let's scalp.png (28.22 KiB) Viewed 1829 times

Ultimate simplicity.

The dot is moving average (1 SMA) because there is really no line chart that uses dot in MT4/5. I'll put the indicator later in the BONZ thread.

[Don_xyZ]

Everything essential is already in this chart.

essentials.png (139.31 KiB) Viewed 1753 times

I already updated the 1st post (in BONZ thread) with the indicator I used to draw this dotted line chart. I was browsing the internet the other day and saw this dotted MA indicator and then I was reminded of line chart trading. I think I posted something about trading using only a line chart to trade. I think this chart is a lot easier to trade than a candlestick chart coz it only has one price point for each minute instead of 4.

[Don_xyZ]

Here and there.
Done-for-the-day's chart.

Monday.png (105.66 KiB) Viewed 1698 times

Line chart is good at keeping secrets. It will only show you more when you see it running live. When it's a dead chart like this, you'll only see a fraction.

How much $$$K do you need? Line chart will lead the way.

[Don_xyZ]

This is how you scalp....

When you're in the negative area...

ScreenHunter 18 (02).png (6.48 KiB) Viewed 1689 times

you add more!

ScreenHunter 19 (03).png (5.81 KiB) Viewed 1689 times

until they give you what you want

ScreenHunter 21 (03).png (8.61 KiB) Viewed 1689 times

Where they all ended up...

$19K++.png (21.64 KiB) Viewed 1688 times

Closed with $19,562.

Simple thick layer. No SL. Quick 4~6 pips scalping on Monday Asian session.

Definitely not for the faint-hearted.

[kiwiarian]

Here and there.
Done-for-the-day's chart.

Monday.png

Line chart is good at keeping secrets. It will only show you more when you see it running live. When it's a dead chart like this, you'll only see a fraction.

How much $$$K do you need? Line chart will lead the way.

Are you using an overall bias here or chasing the dots/price action?

Monday.png (105.66 KiB) Viewed 1610 times

[Don_xyZ]

Here and there.
Done-for-the-day's chart.

Monday.png

Line chart is good at keeping secrets. It will only show you more when you see it running live. When it's a dead chart like this, you'll only see a fraction.

How much $$$K do you need? Line chart will lead the way.

Are you using an overall bias here or chasing the dots/price action?
Monday.png

It's exactly the same as before. Only it's done using a line chart. Patterns, grading etc

Same thing with the no SL trades after them.

[Don_xyZ]

Is trading using layers good?

Yes if you want to go with big risk.
Otherwise, no.

Layers are useful to dull the risk and free up some margin. Also useful if you have very low margin requirement (big leverage).

Then again, it can also be used for conservative trading for the same purpose.

Averaging is layering when you are in the negative area.

[kiwiarian]

Is trading using layers good?

Yes if you want to go with big risk.
Otherwise, no.

Layers are useful to dull the risk and free up some margin. Also useful if you have very low margin requirement (big leverage).

Then again, it can also be used for conservative trading for the same purpose.

Averaging is layering when you are in the negative area.

Interesting topic:
I learnt from someone where you take say 1.5% and dividing that into 100 trades, taking 2 pip TP, 32 pip SL and build a position, keeping same bias for the first 25 pips, then you have some ammo left to perhaps fix some trades. If you get the bias wrong it can be hard work. I see the TP as one of two ways, take the 2 pips over and over adding to your account balance, or use the BE/average price plus x pips to cash out. Lots and lots of practise and discipline and a biggish account is needed as you can be in drawdown a lot.
When negative and averaging the BE/average price gets closer to the current price, making it a bit easier to get into profit, or kill your account if your get carried away with averaging and it goes against you.
Currently my mindset is as price goes against me initially, I like to have initial smaller positions and then add more smaller ones to hopefully be in a better position if it goes my way.
I don't think this area (MM) is easy as it takes a lot of practise to get the discipline to avoid being over committed and something I am still working on as that is my biggest fault here.
I have a nice little widget on my chart tells me how exposed I am if all my orders closed at their SL or TP targets which helps me keep in check.

widget1.jpg (5.14 KiB) Viewed 1572 times