How to be a MOnster

[Mira]

You don't need indicators or fancy systems to tell you what you already see with your own eyes.

Are bodies closing lower? Price is probably not going up.

Is price breaking out and then closing lower? Price cannot rise on wicks!

"lets combine this with...a powerful system!" they say as I sit back in my leather chair and laugh

When will they see that the entry does not exist and that trading is placing and trailing stops based on an idea (a simple truth)

When will they shift their focus from making pips to making money?

The attached chart shows the multiple reasons for going short but it does not show the idea.

The chart shows a profit but profit is meaningless without size...
you need to graduate from 'I won, I won, tee-hee! ' to 'wow, I made a sht ton of money!'

Wonderful post from The Ideas

[Mira]

Never give up.

I’m trying this short on UJ.
The setup is the same, then I waited for a wick on H4 and I adjusted my price level on M30.

The TP is there just for half of my position, this allows me to double the space for the remaining part.
As price closes below I add and trail next to the most recent pivot.
Let’s see.

38AE4D3E-EF25-4BED-8C48-B328CF31408C.png (77.72 KiB) Viewed 3297 times

AF7EC266-8BE1-4D00-B009-A6C4842C8409.png (89.95 KiB) Viewed 3297 times

[Mira]

The same here

187D4D6C-662D-4E19-9882-70DC72E2BC7C.png (68.45 KiB) Viewed 3299 times

[Mira]

Never give up.

I’m trying this short on UJ.
The setup is the same, then I waited for a wick on H4 and I adjusted my price level on M30.

The TP is there just for half of my position, this allows me to double the space for the remaining part.
As price closes below I add and trail next to the most recent pivot.
Let’s see.

38AE4D3E-EF25-4BED-8C48-B328CF31408C.png

AF7EC266-8BE1-4D00-B009-A6C4842C8409.png

Target reached with no time to accumulate

66B1C806-5E77-4CCF-B0D8-E23CD1E5504B.png (89.66 KiB) Viewed 3296 times

[MightyOne]

Target reached with no time to accumulate

In EIGHTS we stack after taking profit.

You learned how to switch to a larger chart by taking profit and later you might learn that you can also switch to a smaller chart by adding size (not stacking/accumulation as the dollars per line are the same).

Thumbs up/down: I want to see closing prices in the zone, as opposed to getting impaled by wicks, before trading out of a zone on a small chart (the last 5 hours are 'spikey', that is not what you want to see).

The 'chopstick trend line' is good at approximating where dchappy's TL will break: look for a pivot and a turn (as if price is going to head for a breakout), draw the first chopstick, and then draw the second around 10 to 15 degrees wider than the first.

Watch out for the angled platforms, they are not market bottoms.

It is common to see profit taking after the AO cross.

Lastly, step outside of yourself and consider what other people are doing and experiencing: beat them or join them, those are your only options

AUDJPYM30.png (38.93 KiB) Viewed 3274 times

[Mira]

Target reached with no time to accumulate

In EIGHTS we stack after taking profit.

You learned how to switch to a larger chart by taking profit and later you might learn that you can also switch to a smaller chart by adding size (not stacking/accumulation as the dollars per line are the same).

Thumbs up/down: I want to see closing prices in the zone, as opposed to getting impaled by wicks, before trading out of a zone on a small chart (the last 5 hours are 'spikey', that is not what you want to see).

The 'chopstick trend line' is good at approximating where dchappy's TL will break: look for a pivot and a turn (as if price is going to head for a breakout), draw the first chopstick, and then draw the second around 10 to 15 degrees wider than the first.

Watch out for the angled platforms, they are not market bottoms.

It is common to see profit taking after the AO cross.

Lastly, step outside of yourself and consider what other people are doing and experiencing: beat them or join them, those are your only options

AUDJPYM30.png

Thank you MO!

Everything is clear, I need to go deeper with your ‘chopstick trendline’ explanation but the post helps!

What I see is that being disciplined with targets (usually 1:1) pays off.. and I’m starting to think that the only difference between the last 4 weeks and this one is exactly this. Maybe I was getting greedy and impatient..
Shame on me

Switching to a larger chart after I reached my first target is a simple and powerful idea.. still better than holding just to be zeroed out I guess

Thank you again

[MightyOne]

AUDJPYM30.png (33.37 KiB) Viewed 3256 times

[Mira]

AUDJPYM30.png

Mmm.. is a chopstick trendline that you are showing me?

Btw I was in that short (M30 level/H4 WD in a H4 Momo breakout) but my stop was too close to the current PA.

Thanks for the beautiful charts and the help given MO

[MightyOne]

AUDJPYM30.png

Mmm.. is a chopstick trendline that you are showing me?

Btw I was in that short (M30 level/H4 WD in a H4 Momo breakout) but my stop was too close to the current PA.

Thanks for the beautiful charts and the help given MO

You can fudge what I'm about to say a bit but this is the gist of it:

1. your first chopstick will be outside of the pivot that breaks the tightest trend line.
2. there should be roughly a 10 to 15 degree difference between the first and second chopstick
3. there should be a 'noodle' between the chopsticks.

This is useful to spot continuation trades (2 SMA is between the chopsticks) and judge reversals (noodle or 2 SMA slips out of the chopsticks).

This is very similar to the idea of 'speed lines', this is just the way that I imagine it.

CHFZARM30.png (51.6 KiB) Viewed 3248 times

[elkin.fernandez]

What's a chopstick
What's a noodle
Why use trendlines. Is not enough horizontal lines?

Just Trade It (JTI)