MightyOne wrote:v8power wrote:Ok, I lied. Were gonna look at some HTF charts. But that's just to show how you take a day trade and turn it into a DWM trades. Your gonna love the charts I post tomorrow.
Taking SIZE for a ride is one of the fundamental tenets of making money.
I can't tell you how many times I've said "had I only looked at the H4/D/W/M..."
Short-term, if your entry area looks like a used coloring book then you should rethink your entry.
If you are going to trade from the middle then decide which way you are going and enter on the silver line;
same thing with trading away from an open price, wait for price to move in the opposite direction of your bias
and then use the open price as a trigger with x number of lines as a stop loss.
If you were just looking at the M15 then you had no idea when price would continue to decline but had you looked at the
H4 then there were a few clues.
USDJPYM15.png
"Taking SIZE for a ride is one of the fundamental tenets of making money."
Your telling me. But if you use multiple positions and break up those positions into parts of a position, then its not to hard to trade hundred and even thousands of lots for hundreds or even thousands of pips.
I like these price levels you are talking about now.
On the 15m charts I just marked off the ledge formations (marked by the small boxes), a fake out with a close under/over line, then the whole price movement was just a rectangle. Looking at the 1hr chart you can see a pin bar/wick doll you can enter at the top of the rectangle for min risk and max gains and then after the break out of the ledge. Then if you scroll left you can see where you profit taking area is.
All cuz of u. Eventually on to futures, then options. 9 zeros or broke.