How to be a MOnster

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LeMercenaire
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Re: How to be a MOnster

Postby LeMercenaire » Thu Dec 05, 2019 2:53 pm

Mira wrote:
LeMercenaire wrote:
Mira wrote:I wasn't able to trade fx for all the week.
The move started too fast and for most of my pairs it was a breakout, so i "experimented" different markets with success but it's tricky and complicated..
I didn't like that BTC trade for example, it took too much time (and focus). Price did nothing for more than a day, NOTHING :shock:
GOLD instead worked more similarly to fx pairs..

this is just my impression.. maybe i just should stay away from "exotics" :lol:


I'd stay away from Butt-Coin for a start. Joke market. Gold is fine and can in fact be a scalper's paradise.


I don’t know why I had a problem posting the charts last night.

However I’ll stay away from crypto, joke market is the right name lol.
About holidays.. yes I know, but I’m in that phase that I can’t stay away from charts.
Testing, experimenting and improving all the time.. #-o #-o


I get that. Just remember to temper that with the knowledge that the markets don't perform in the same way they would normally.

Would you test down jackets in the middle of summer? Horses for courses and all that :D

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Mira
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Re: How to be a MOnster

Postby Mira » Fri Dec 06, 2019 2:40 pm

Right idea, bad execution.
Magenta line was a H4 zline, then price bounced on it and formed a zone.. the mistake was that i held over the first target (lower dashed line) trying to reach the second one.

I closed the trade when the market zeroed me out because my stop and position size were based on the lower time frame.
Do you (anyone online lol) think i should base the sl on the HTF or is it just a matter of profit-taking? Thank you!

SL EURCADM30.png
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Mira
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Re: How to be a MOnster

Postby Mira » Fri Dec 06, 2019 2:43 pm

LeMercenaire wrote:
Mira wrote:
LeMercenaire wrote:
I'd stay away from Butt-Coin for a start. Joke market. Gold is fine and can in fact be a scalper's paradise.


I don’t know why I had a problem posting the charts last night.

However I’ll stay away from crypto, joke market is the right name lol.
About holidays.. yes I know, but I’m in that phase that I can’t stay away from charts.
Testing, experimenting and improving all the time.. #-o #-o


I get that. Just remember to temper that with the knowledge that the markets don't perform in the same way they would normally.

Would you test down jackets in the middle of summer? Horses for courses and all that :D


LOL thanks LeM, it makes sense.
I see that markets are doing nothing for hours and then they explode up and down.. low liquidity everywhere.
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Re: How to be a MOnster

Postby Mira » Fri Dec 06, 2019 6:06 pm

Reading through the various posts I see differences about stop management.
Traders as MO or PTG say to keep a protective stop out of the actual activity, others as V8 or Dragon33 explained how they tuned the stop loss on a lower time frame..

:-k
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Re: How to be a MOnster

Postby Mira » Fri Dec 06, 2019 6:11 pm

The same happened on XAUUSD.
The blue line is a H4 zline, dropped to H1 and traded away from the higher red one (first arrow), price stopped me out at the second arrow even if the price level was still valid on H4..

And then.. straight to the target

5CFFD7F5-1B4E-4AAC-A0FE-FA27A34AFE08.png
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Re: How to be a MOnster

Postby LeMercenaire » Fri Dec 06, 2019 8:40 pm

Mira wrote:Reading through the various posts I see differences about stop management.
Traders as MO or PTG say to keep a protective stop out of the actual activity, others as V8 or Dragon33 explained how they tuned the stop loss on a lower time frame..

:-k


It depends on whether you are looking at using a stop as a disaster-event stop (to save your whole account going down the toilet due to some ultra-fast move off the back of some unforseen event) or as a part of an active trade management strategy.

You can do both by having a fixed Dead Man's Stop but also have a dynamic mental stop (which you nonetheless treat as if it is carved in stone should price cross it against you).

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Re: How to be a MOnster

Postby LeMercenaire » Fri Dec 06, 2019 8:43 pm

Mira wrote:The same happened on XAUUSD.
The blue line is a H4 zline, dropped to H1 and traded away from the higher red one (first arrow), price stopped me out at the second arrow even if the price level was still valid on H4..

And then.. straight to the target

5CFFD7F5-1B4E-4AAC-A0FE-FA27A34AFE08.png


In that example any stop I would have had would have been based on what was going on up at H4.

I instead will use the lower time frame to add in to the position as price pulls back against the direction of my initial entry and also include trading those pull backs as mini-hedge plays.

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Re: How to be a MOnster

Postby Mira » Fri Dec 06, 2019 11:16 pm

LeMercenaire wrote:
Mira wrote:The same happened on XAUUSD.
The blue line is a H4 zline, dropped to H1 and traded away from the higher red one (first arrow), price stopped me out at the second arrow even if the price level was still valid on H4..

And then.. straight to the target

5CFFD7F5-1B4E-4AAC-A0FE-FA27A34AFE08.png


In that example any stop I would have had would have been based on what was going on up at H4.

I instead will use the lower time frame to add in to the position as price pulls back against the direction of my initial entry and also include trading those pull backs as mini-hedge plays.


Got it! It gives me a lot to think about, thank you Lem!!
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Re: How to be a MOnster

Postby buffalo » Sat Dec 07, 2019 4:03 am

you could a use a close over/under as a "soft stop", but you gotta have the will-power to actually close the trade if for example a 5 min candle closes against you

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Re: How to be a MOnster

Postby Mira » Sat Dec 07, 2019 9:30 am

buffalo wrote:you could a use a close over/under as a "soft stop", but you gotta have the will-power to actually close the trade if for example a 5 min candle closes against you


Yes that’s what I’m doing.. in both the charts (below) the red line shows the LIS (line in the sand) aka the “kill the trade if price close over this line”.

I’m sorry for posting them from the phone.

BDD49F56-66C0-4D53-8AC5-3115E2C1A876.png
BDD49F56-66C0-4D53-8AC5-3115E2C1A876.png (200.01 KiB) Viewed 396 times


DBCC0879-EDAA-4C9B-866D-79234497890E.png
DBCC0879-EDAA-4C9B-866D-79234497890E.png (206.32 KiB) Viewed 396 times


The hard stop was a bit above / below those pivots and the position sizing was based on those stops.

However I THINK, after that post from LeM of yesterday, that if I base my entry on the Lower time frame then the target should be based on the same chart period.. since I’m trading the idea given by the HTF and targeting HTF lines then I should base my stop (hard/mental/LIS etc) on H4

Then I don’t understand what is the edge doing this LOL
I thought that the advantage was given by reducing the stop (increasing size) and trading away/to HTF Lines..
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