How to be a MOnster

[forexmoney]

Let's try this one

7AD870D2-647A-4518-8427-93E4C483C702.png

Closed, perfect short.

I’m sorry guys and I’m sorry MO.. I feel like you’re wasting your time with me.
What you see on the chart is amazing, I don’t spend a second without dreaming to get there but it’s not easy.

You put a line on the chart and the market obeys
but I’m not MightyOne, I’m not Aliassmith, I’m not Jalarupa and I’m not DojiRock.

I’m just Mira.. and I have to accept it

you think you are a bad trader, I wish I was as good as you are, 90% of what I read on this thread i don't understand it just go over my head, but I will get it. takes time.

[MightyOne]

hi MO

where would you short in H4/M30?
if you shorted around the diagonal line on M30, theres a huge change your short is too early since it hasn't confirmed down yet or gone all the way back up the H4 extreme.

and what are the strengths of this set up that make it tradeable?
what does the diagonal line represent?

is this tradeable if this was not an old D1 resistance? just from the H4 setup?

What is this 'confirmation' you speak of? Just risk lines and make lines.

I need to find a price level: close+close, close+wick, trace a breakout back to a pattern, ...something.
The fundamental idea is that you distinguish between patterns (one side of a line) and breakouts (the other side of a line).

Buy where you see buying (the pattern is behind the buying)
Sell where you see selling (the pattern is behind the selling)
Take profit roughly in the middle of patterns or where you see B/S

Harmony, trading multiple charts at the same time, is what makes it a good trade.

We might want to short a price, or within a zone, on a daily chart but we want to enter on the M30; how do we do that?
We simply narrow the range with H4 closes then M30 closes and finally M30 price action.

Even if there is no price level on the H4, we can still trade it because we are already within the price level of the D1: if there is no D1
price level then you need an H4 price level and if there is no H4 price level then wait for one.

HIWHGG3.png (4.93 KiB) Viewed 3442 times

It is not enough to simply calculate the linewidth, you have to put the lines on the chart and observe how price is moving through the lines:
you might, based on volatility or necessity (you don't have very many lines in the bank), decide to trade H4 line widths or the daily widths if there is some reason to be bearish based on the daily+ chart.

Below is how one might trade the same chart without looking at the daily:
See multiple options? That's because there are multiple options

EURJPYH4.png (41.46 KiB) Viewed 3442 times

My whole thought process is centered around the idea of managing lines and increasing position sizes: if you try to follow along with what I am doing without that understanding then the chart might as well be in Gàidhlig. Consistently applying ideas is 'the trade', not the patterns and breakouts.
Risk lines, make lines, and deal with the results (adjust your position size, etc).

EURJPYM30.png (47.03 KiB) Viewed 3442 times

[MightyOne]

Obviously there will be setbacks and you'll have to pull back on the reins and reintroduce lines:
$35/line: -2 lines for a total of 6 of 8
35(6/7), $30/line and 7 lines: you lost 2 and reintroduced 1.

Continuing trades at/around half size is a good way to pick up additional lines without the risk of giving it all back.

Your line value increases but the line width (chart period) also increases (because you're not suicidal) so your actual lot size does not rise sharply.

notPIPS_n1CARES_aboutPIPS.png (6.72 KiB) Viewed 3425 times

If you have 8 lines of $50 then you can start a new risk-box in a number of ways:
50(8/10) for 10 lines of $40
BOX1: 7 lines of $40 (all periods)
BOX2: 2 lines of $40 (H4, second pair)
BOX3: 2 lines of $20 (aggressive)

You might use charts, but you make money because of numbers.

[nat]

thats about what my eur/jpy chart looked like too. i wanted another long on friday from 133.850ish area but wasnt paying attention to m30 so thats what i get lol.

1252017.png (35.41 KiB) Viewed 3422 times

[Mira]

Let's try this one

7AD870D2-647A-4518-8427-93E4C483C702.png

Closed, perfect short.

I’m sorry guys and I’m sorry MO.. I feel like you’re wasting your time with me.
What you see on the chart is amazing, I don’t spend a second without dreaming to get there but it’s not easy.

You put a line on the chart and the market obeys
but I’m not MightyOne, I’m not Aliassmith, I’m not Jalarupa and I’m not DojiRock.

I’m just Mira.. and I have to accept it

you think you are a bad trader, I wish I was as good as you are, 90% of what I read on this thread i don't understand it just go over my head, but I will get it. takes time.

Thank you much forexmoney, we are all the same.. profitable or not profitable. NEVER GIVE UP!!
We'll get there, no excuse.

[Mira]

hi MO

where would you short in H4/M30?
if you shorted around the diagonal line on M30, theres a huge change your short is too early since it hasn't confirmed down yet or gone all the way back up the H4 extreme.

and what are the strengths of this set up that make it tradeable?
what does the diagonal line represent?

is this tradeable if this was not an old D1 resistance? just from the H4 setup?

What is this 'confirmation' you speak of? Just risk lines and make lines.

I need to find a price level: close+close, close+wick, trace a breakout back to a pattern, ...something.
The fundamental idea is that you distinguish between patterns (one side of a line) and breakouts (the other side of a line).

Buy where you see buying (the pattern is behind the buying)
Sell where you see selling (the pattern is behind the selling)
Take profit roughly in the middle of patterns or where you see B/S

Harmony, trading multiple charts at the same time, is what makes it a good trade.

We might want to short a price, or within a zone, on a daily chart but we want to enter on the M30; how do we do that?
We simply narrow the range with H4 closes then M30 closes and finally M30 price action.

Even if there is no price level on the H4, we can still trade it because we are already within the price level of the D1: if there is no D1
price level then you need an H4 price level and if there is no H4 price level then wait for one.

HIWHGG3.png

It is not enough to simply calculate the linewidth, you have to put the lines on the chart and observe how price is moving through the lines:
you might, based on volatility or necessity (you don't have very many lines in the bank), decide to trade H4 line widths or the daily widths if there is some reason to be bearish based on the daily+ chart.

Below is how one might trade the same chart without looking at the daily:
See multiple options? That's because there are multiple options
EURJPYH4.png

My whole thought process is centered around the idea of managing lines and increasing position sizes: if you try to follow along with what I am doing without that understanding then the chart might as well be in Gàidhlig. Consistently applying ideas is 'the trade', not the patterns and breakouts.
Risk lines, make lines, and deal with the results (adjust your position size, etc).

EURJPYM30.png

Oops.PNG (46.84 KiB) Viewed 3398 times

[Mira]

Obviously there will be setbacks and you'll have to pull back on the reins and reintroduce lines:
$35/line: -2 lines for a total of 6 of 8
35(6/7), $30/line and 7 lines: you lost 2 and reintroduced 1.

Continuing trades at/around half size is a good way to pick up additional lines without the risk of giving it all back.

Your line value increases but the line width (chart period) also increases (because you're not suicidal) so your actual lot size does not rise sharply.

notPIPS_n1CARES_aboutPIPS.png

If you have 8 lines of $50 then you can start a new risk-box in a number of ways:
50(8/10) for 10 lines of $40
BOX1: 7 lines of $40 (all periods)
BOX2: 2 lines of $40 (H4, second pair)
BOX3: 2 lines of $20 (aggressive)

You might use charts, but you make money because of numbers.

There are infinite possibilities with EIGHTS
(i.e. I never considered to reintroduce 1 line )
Thanks for sharing all this, MO.

[Mira]

The most recent method combined with (not randomly picking any close, as MO told) what you believe to be a S/R is THE BOMB.

My eyes are open again, thanks MightyOne!

[thepark]

hi MO

where would you short in H4/M30?
if you shorted around the diagonal line on M30, theres a huge change your short is too early since it hasn't confirmed down yet or gone all the way back up the H4 extreme.

and what are the strengths of this set up that make it tradeable?
what does the diagonal line represent?

is this tradeable if this was not an old D1 resistance? just from the H4 setup?

What is this 'confirmation' you speak of? Just risk lines and make lines.

I need to find a price level: close+close, close+wick, trace a breakout back to a pattern, ...something.
The fundamental idea is that you distinguish between patterns (one side of a line) and breakouts (the other side of a line).

Buy where you see buying (the pattern is behind the buying)
Sell where you see selling (the pattern is behind the selling)
Take profit roughly in the middle of patterns or where you see B/S

Harmony, trading multiple charts at the same time, is what makes it a good trade.

We might want to short a price, or within a zone, on a daily chart but we want to enter on the M30; how do we do that?
We simply narrow the range with H4 closes then M30 closes and finally M30 price action.

Even if there is no price level on the H4, we can still trade it because we are already within the price level of the D1: if there is no D1
price level then you need an H4 price level and if there is no H4 price level then wait for one.

HIWHGG3.png

It is not enough to simply calculate the linewidth, you have to put the lines on the chart and observe how price is moving through the lines:
you might, based on volatility or necessity (you don't have very many lines in the bank), decide to trade H4 line widths or the daily widths if there is some reason to be bearish based on the daily+ chart.

Below is how one might trade the same chart without looking at the daily:
See multiple options? That's because there are multiple options
EURJPYH4.png

My whole thought process is centered around the idea of managing lines and increasing position sizes: if you try to follow along with what I am doing without that understanding then the chart might as well be in Gàidhlig. Consistently applying ideas is 'the trade', not the patterns and breakouts.
Risk lines, make lines, and deal with the results (adjust your position size, etc).

EURJPYM30.png

First of all, thanks for this post. I am trying to clarify everything so apologies for being verbose and pedantic

a. Why is the wick (where I marked red w) not marked as a w and therefore a valid price level? Given the wick on c as well, I would be thinking potential short here and would probably look for a short on M30 breakout/breakin on the next candle.

b. isn't where I marked my first c significant? given it closed beyond the extreme of the first close. The next candle is a wick, so another close wick and potential short. Am I judging the situation completely wrong? Is it possible to see more examples of CC and CW?

c. price goes down to the green circle. Isn't this return to the origin of the long breakout at 133.925 a potential long if it wicked there? it would be a w right?

d. the gray x is a breakout and breaking back to 133.925 for a potential short.

e. price wicks 132.97, considering there was a previous price level there. wouldn't you try to long on the next candle where there is a 1 on it? Up to that point it is a massive return to the original long breakout point.

f. After your marked up w, do you try to short on the next H4 candle or are you thinking this can go back to the top of zone 1?

g. If your second marked up c closed on any of the three lines above, are you still thinking short? if its in that zone but M30 or H1 is stalling, breaking down and back up, I would short it.

h. the lone c in the top brown oval is a breakout down and return to pattern. Potential short?

i. a close and a wick for the bottom brown oval. Potentai long here if there is a M30 bo/bi

j. How do you visualize and draw the 2 zones? I can't express in words what it is for...but all those lines look useful to gauge the strength of the return to pattern where you marked your w.

I guess I have a lot of potential trade ideas, but ever since adopting the mindset of making lines and sizing up, I don't have a filter or structure and all trades seem viable due to the smaller pip targets....Realistically how many trades are in this chart?

[Mira]

I guess I have a lot of potential trade ideas, but ever since adopting the mindset of making lines and sizing up, I don't have a filter or structure and all trades seem viable due to the smaller pip targets....Realistically how many trades are in this chart?

There are multiple options, as MO told.
You should wait for a reply from MightyOne but IMO you’re looking too hard.

Looking at the chart he is trading a D1 watching the H4 (every D1 line is 2 H4 lines).
Price makes 2+ closes or a wick + a close etc. in a tight area (2 D1 lines i.e.) AND a BO out of that area.

Risk 2 daily lines and make 2 daily lines. Stop.

(the blue line is representing another thing for me.. it’s a H4 chart. Do you see the first close + close above/below? Then, at the same line, price makes a wick + a close and another BO. These are two charts in one!)