How to be a MOnster

[Mira]

Ahhh it is a breakout of a close with momentum!

[nat]

not sure if my levels are right,(daily chart) but it looked like it could go either way to me. I dont know the little hints to look for yet tho

either-or.png (25.48 KiB) Viewed 4133 times

[Mira]

not sure if my levels are right,(daily chart) but it looked like it could go either way to me. I dont know the little hints to look for yet tho

either-or.png

Nat! How are you?
I'd like to hear from MO too.

Anyway i THINK that we need more discipline considering targets (and opposite entries), i mean, looking at the "zones" there are always two possible outcomes. The fact that i'm (we are?) still not a good chart reader as the other guys on the board is another story..
I quote MO "[...] The real entry is the #3 point, the #2 has actually been used for many years as a place to take partial profits (Joe Ross, etc) & you
can see that there is still profit taking at the #2 when you look at this chart: [...]"

Maybe it's time to take profits when it's time to take profits lol, i.e.:

1-2-3.png (14.65 KiB) Viewed 4108 times

It works, it MUST work.

[MightyOne]

I think that you started off good but somehow managed to find the other side of the hill

You can't jump in after price has gone nowhere for 18 hours and call a blip a 1-2-3.
If anything the #2 point is at the last 3rd of the prev. day and your blip is a breakout...
the only problem with that is that none of the candles from the prev. day look like a
breakout bar so all that you are really left with is a price range.

The older that data that is being used the larger the chart that you are trading.

for_Mira.png (35.43 KiB) Viewed 4342 times

[Jalarupa]

cones work great in a ranging market...

cones work great in a trending market...

I guess what I'm trying to say is...

[Mira]

I think that you started off good but somehow managed to find the other side of the hill

You can't jump in after price has gone nowhere for 18 hours and call a blip a 1-2-3.
If anything the #2 point is at the last 3rd of the prev. day and your blip is a breakout...
the only problem with that is that none of the candles from the prev. day look like a
breakout bar so all that you are really left with is a price range.

The older that data that is being used the larger the chart that you are trading.





for_Mira.png

Thank you MO!
How can you say that it's not a breakout but a "blip"?

That red bar is bigger than the last n bars and it's a close under the previous extreme, what is telling you that is still part of the range?

Thanks

[MightyOne]

Thank you MO!
How can you say that it's not a breakout but a "blip"?

That red bar is bigger than the last n bars and it's a close under the previous extreme, what is telling you that is still part of the range?

Thanks

EURGBPH1.png (38.41 KiB) Viewed 4310 times

[MightyOne]

If we were sitting in the coffee shop together and I was showing you how to trade then we would go in this order:

Using a napkin:
1) position sizing and how it relates to space
2) restoring space after a loss

Tearing the napkin into strips:
3) money/line management
4) setting specific achievable dollar/percent goals
5) OPM, stacking, & why it is not optional

Drawing line charts:
6) strategy & how to increase your success rate & profits

KISS:
7) everything is patterns, breakouts, & zones.

Extra
8) ideas/nuances that guide my decision making

[MightyOne]

How much can you make on $100 of initial risk? Thousands!

If you are going to risk a lot of money then make sure that it belonged to someone else

for_Mira.png (51.76 KiB) Viewed 4195 times

[tom7ak]

I think that you started off good but somehow managed to find the other side of the hill

You can't jump in after price has gone nowhere for 18 hours and call a blip a 1-2-3.
If anything the #2 point is at the last 3rd of the prev. day and your blip is a breakout...
the only problem with that is that none of the candles from the prev. day look like a
breakout bar so all that you are really left with is a price range.

The older that data that is being used the larger the chart that you are trading.





for_Mira.png

Thank you MO!
How can you say that it's not a breakout but a "blip"?

That red bar is bigger than the last n bars and it's a close under the previous extreme, what is telling you that is still part of the range?

Thanks

Hi Mira,

Its not exactly clear to me what MO is showing, but referring to this `blip` - I think u were looking at wrong TF. Momentum candle on LTF can become a wick on HTF. I dont think i would be selling a retracement to a pin bar.