How to be a MOnster

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Mira
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Re: How to be a MOnster

Postby Mira » Tue Jan 22, 2019 7:02 pm

LeMercenaire wrote:
Mira wrote:
LeMercenaire wrote:
I think this is the same place.

For me, I go back to my trusty steed. I've left the fib on the level it would have hit on the first drop and assuming I would be looking at the same move you did - which for me is always going to be a retrace...and retrace is what we got. Classic Dead Cat Bounce.

NZDUSD m15 Chart

Screenshot 2019-01-22 at 12.41.20 - Edited.png

So, to be clear, I would have gone short off the 50% level once I had seen signs of rejection. (At the time, I think the higher tf was short bias as well - but can't swear to that).





Thanks for the reply and for your help.

Is there some rule about drawing fibos?
I was looking for a long at the 50% there:


9BF2FC50-EDB7-4558-9824-86F6D6A7E426.png



Best way to remember it is to draw from where price has been to where price is going.

Also, I am using fibs specifically here to look for continuation levels, so I will already have a base directional bias. I am then waiting for a pullback and the fib (drawn from in this case, the high to the low) gives me an idea where the price will pull back to.

Yes, you will sometimes get a close over that then turns back - especially on the lower time frames (not so much on the higher) but I will not be looking for that direction. So in my example:

Price has dropped and is now in a pull back. The fib is drawn. I look for rejection at the 23.6 (weak) and the 50 (strong) levels (and I would suggest using the 23.6 as well as the 50 on the indi) I will often have back up from micro S+D. If I get a close over that level, then I do not go in long - I simply don't go in short (see what I mean). I wait for a shrot directional move and jump on board.

I am not anal about it having to be dead on the level. That's why I will go in at market, not by using orders. Use all that knowledge of price action that you've built up over the years to maximise that entry (or again, micro S+D - or even a fib-inside-a-fib!)


Now that I spent all the afternoon drawing fibos I’m thinking about something.. :lol:

LeM, are you saying that we need to give a context at the trades?
Because Doji’s Zones are just like MightyZones or any place showing momentum in direction of profit.. however I think that trading those zones away from a “major S/R” would raise the success rate.
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Re: How to be a MOnster

Postby Mira » Tue Jan 22, 2019 7:10 pm

Ok then there is the part of “recognising that the bullish move was a pullback and not a trend change”...
But that’s not so easy, not for me.

I thought that a Higher High, above the last lower high and lower low is a bullish trend change.
Well it doesn't work like this from what I see :lol:
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Re: How to be a MOnster

Postby LeMercenaire » Tue Jan 22, 2019 8:46 pm

Mira wrote:
LeMercenaire wrote:
Mira wrote:



Thanks for the reply and for your help.

Is there some rule about drawing fibos?
I was looking for a long at the 50% there:


9BF2FC50-EDB7-4558-9824-86F6D6A7E426.png



Best way to remember it is to draw from where price has been to where price is going.

Also, I am using fibs specifically here to look for continuation levels, so I will already have a base directional bias. I am then waiting for a pullback and the fib (drawn from in this case, the high to the low) gives me an idea where the price will pull back to.

Yes, you will sometimes get a close over that then turns back - especially on the lower time frames (not so much on the higher) but I will not be looking for that direction. So in my example:

Price has dropped and is now in a pull back. The fib is drawn. I look for rejection at the 23.6 (weak) and the 50 (strong) levels (and I would suggest using the 23.6 as well as the 50 on the indi) I will often have back up from micro S+D. If I get a close over that level, then I do not go in long - I simply don't go in short (see what I mean). I wait for a shrot directional move and jump on board.

I am not anal about it having to be dead on the level. That's why I will go in at market, not by using orders. Use all that knowledge of price action that you've built up over the years to maximise that entry (or again, micro S+D - or even a fib-inside-a-fib!)


Now that I spent all the afternoon drawing fibos I’m thinking about something.. :lol:

LeM, are you saying that we need to give a context at the trades?
Because Doji’s Zones are just like MightyZones or any place showing momentum in direction of profit.. however I think that trading those zones away from a “major S/R” would raise the success rate.


I can't really answer that, as I don't know what Doji's Zones or MightyZones are. Sorry.

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Re: How to be a MOnster

Postby LeMercenaire » Tue Jan 22, 2019 8:58 pm

Mira wrote:Ok then there is the part of “recognising that the bullish move was a pullback and not a trend change”...
But that’s not so easy, not for me.

I thought that a Higher High, above the last lower high and lower low is a bullish trend change.
Well it doesn't work like this from what I see :lol:


Ah, the old, ''when is a change in direction, just a hesitation and not a full blown about face?'' question.

For the answers to the big questions and overall moves, I will look at major S+D. In my mind, anything inside the boundaries of those ones are likely to be temporary. I could include Daily Wick Zones in that as well.

I have just closed out a set on AJ (and one on XNGUSD but that was a sideshow) and it looked like I may have got it wrong.

I was in long at a 50-level and price dropped back below (turns out there was actually a Supply Zone just above on the m1 holding just enough weight to turn me at first). However, I stuck it out, as I saw price had a pretty solid (very solid, in fact) Demand Zone not far below on the m5, the chart I was managing things on. I faded the drop, including a double-pop on the third of three entries - and sure enough, price dipped into the Demand Zone and bounced right back up and out, going for 12 pips in a single 5 min candle, with another couple on the next to the high.

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Re: How to be a MOnster

Postby LeMercenaire » Tue Jan 22, 2019 9:02 pm

NB: After the above, price dropped away from the high and then bounced around the 50 and in fact turned back up again.

Spreads have now increased on this, so I wouldn't have been going in anyway but good to see, nonetheless.

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Re: How to be a MOnster

Postby Mira » Tue Jan 22, 2019 9:13 pm

LeMercenaire wrote:
Mira wrote:Ok then there is the part of “recognising that the bullish move was a pullback and not a trend change”...
But that’s not so easy, not for me.

I thought that a Higher High, above the last lower high and lower low is a bullish trend change.
Well it doesn't work like this from what I see :lol:


Ah, the old, ''when is a change in direction, just a hesitation and not a full blown about face?'' question.

For the answers to the big questions and overall moves, I will look at major S+D. In my mind, anything inside the boundaries of those ones are likely to be temporary. I could include Daily Wick Zones in that as well.

I have just closed out a set on AJ (and one on XNGUSD but that was a sideshow) and it looked like I may have got it wrong.

I was in long at a 50-level and price dropped back below (turns out there was actually a Supply Zone just above on the m1 holding just enough weight to turn me at first). However, I stuck it out, as I saw price had a pretty solid (very solid, in fact) Demand Zone not far below on the m5, the chart I was managing things on. I faded the drop, including a double-pop on the third of three entries - and sure enough, price dipped into the Demand Zone and bounced right back up and out, going for 12 pips in a single 5 min candle, with another couple on the next to the high.


I don’t get this part.. do you mean that price will try to escape from the zone?

Thanks [-o<
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Re: How to be a MOnster

Postby LeMercenaire » Tue Jan 22, 2019 9:17 pm

I was going to mark up a sequence of moves across three charts but I keep being told the file's too big again. This happens any time I draw freehand on a chart and i end up having to crop so tight, I lose all the info I need. So I'll just leave it.

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Re: How to be a MOnster

Postby LeMercenaire » Tue Jan 22, 2019 9:19 pm

What I will do, is stick the bare chart up, so you can at least see the landscape.

I'll add the trade info and you can hopefully figure out the moves. I apologize if you can't.

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Re: How to be a MOnster

Postby LeMercenaire » Tue Jan 22, 2019 9:24 pm

Mira wrote:
LeMercenaire wrote:
Mira wrote:Ok then there is the part of “recognising that the bullish move was a pullback and not a trend change”...
But that’s not so easy, not for me.

I thought that a Higher High, above the last lower high and lower low is a bullish trend change.
Well it doesn't work like this from what I see :lol:


Ah, the old, ''when is a change in direction, just a hesitation and not a full blown about face?'' question.

For the answers to the big questions and overall moves, I will look at major S+D. In my mind, anything inside the boundaries of those ones are likely to be temporary. I could include Daily Wick Zones in that as well.

I have just closed out a set on AJ (and one on XNGUSD but that was a sideshow) and it looked like I may have got it wrong.

I was in long at a 50-level and price dropped back below (turns out there was actually a Supply Zone just above on the m1 holding just enough weight to turn me at first). However, I stuck it out, as I saw price had a pretty solid (very solid, in fact) Demand Zone not far below on the m5, the chart I was managing things on. I faded the drop, including a double-pop on the third of three entries - and sure enough, price dipped into the Demand Zone and bounced right back up and out, going for 12 pips in a single 5 min candle, with another couple on the next to the high.


I don’t get this part.. do you mean that price will try to escape from the zone?

Thanks [-o<


In effect, yes. The lower and lower you get down the time frames, the more fragile - and as I said earlier, ephemeral - so if they are tested multiple times, they will eventually (usually) fail. They will always try to get to the major zone above (Supply) or below (Demand).

Remember, pros will be trading as price moves to the zones, not (just) away from them.

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Re: How to be a MOnster

Postby LeMercenaire » Tue Jan 22, 2019 9:43 pm

Yep - tried to add an even slightly inked one and no go. So you definitely will have to try and figure it out.

As I said, ignore the first level - different pair - and the last entry was double-strength.

AJ-PinBall M5 Jan22nd19 trade detail-crop-chart-b.jpg
AJ-PinBall M5 Jan22nd19 trade detail-crop-chart-b.jpg (62.68 KiB) Viewed 145 times


AJ-PinBall M5 Jan22nd19 trade detail-crop_LI-TradeInfo-b.jpg
AJ-PinBall M5 Jan22nd19 trade detail-crop_LI-TradeInfo-b.jpg (44.97 KiB) Viewed 145 times


It occurs to me that I have had to crop it so tight, you can't see the price level info on the right, so effectively rendering these pointless, lol.

Ho hum.

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