How to be a MOnster

[Mira]

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[off topic ]

MightyOne, isn't the TICK the closest "price" to the reality, to the present? Why are the big charts to dictate rules?
Isn't the Monthly the past? How could the past dictate rules?

But the price is the same on every time frame ( ) so, what is the TRUTH?

[Mira]

How i'm seeing Zs tonight:

I took wicks, bodies, "areas"/"averages".. let's say that i worked with a little fantasy
What i wanted to see was a pattern and a breakout.

Examples:

1) A close below an extreme (it creates my line) - at least one opposite wick (the line "holds") - a close above that line
2) A close price of a bar - one opposite wick - an opposite body/close over

THE RULE: stop loss at the most recent pivot extreme.

Take reversals when there are fails.
Try to sell in the higher 50% of the range and to buy in the lower one.
Don't be too severe when you are drawing lines, but be severe respecting THE RULE.

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[MightyOne]

for_Mira.png

[off topic ]

MightyOne, isn't the TICK the closest "price" to the reality, to the present? Why are the big charts to dictate rules?
Isn't the Monthly the past? How could the past dictate rules?

But the price is the same on every time frame ( ) so, what is the TRUTH?

A daily bar is important because just about every intraday trader has cast their vote & the resulting bar, when compared to past
results, tells you a lot about market sentiment.

When you look at a single monthly bar you are seeing twenty-odd days so each bar has the gravity of a full blown 'trend'.

If you watch a minute chart for an hour then you might see that price is going down but you are going to be surprised when price suddenly
runs away from a large order.

What is the truth?

As a microorganism we could examine many fractals and assume that the truth looks like everything which we can perceive, but if the truth looks like a tree then how can we comprehend it without much growth on our part?

If in 2017 we are still researching the properties of water then what does anyone really know?

[forexjpn]

Took a loss here.. I closed when that big bullish momentum closed against me.

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Mira,
Be careful when your signal candle (whether it be the break in candle or Momo) itself reaches a z-line it will often bounce off and continue in its original direction or at least make another extreme... this was a problem for me in the past..... or check if it is already very close to the Zline, in which case price often continues without retracing, tags the z-line and then retraces closing beyond your entry. One more thing to look out for are 'ledges' hidden on the other side of WRB/momo's.....price will often bounce off those ledges even though a nice reversal pattern had formed making it look like it would Zline to the top of the Momo but instead hits the ledge and continues in the original direction...... sorry for babbling, I'll try to post charts that show what I am explaining when I have time

[forexjpn]

Took a loss here.. I closed when that big bullish momentum closed against me.

IMG_1385.PNG

Let's start with the chart u posted, look at your signal candle.
Look to the left, you'll see that it closed right at the small white candle, zeroing out profit.... IMHO, your signal candle has already fulfilled its purpose and so price will reverse from there and usually make a new extreme and then maybe have another go at reversing.

[Mira]

Took a loss here.. I closed when that big bullish momentum closed against me.

IMG_1385.PNG

Let's start with the chart u posted, look at your signal candle.
Look to the left, you'll see that it closed right at the small white candle, zeroing out profit.... IMHO, your signal candle has already fulfilled its purpose and so price will reverse from there and usually make a new extreme and then maybe have another go at reversing.

Thanks forexjpn!
Any help/suggestion is well accepted

Anyway I'm not following
Are you referring to targets?

[Mira]

What is the truth?

As a microorganism we could examine many fractals and assume that the truth looks like everything which we can perceive, but if the truth looks like a tree then how can we comprehend it without much growth on our part?

That makes sense

thanks MO

[forexjpn]

No, I'm assuming in the trade you posted, you entered based on price closing over and under the bottom red line. Your signal candle reached the small white candle 4 candles earlier - which is a (minor) Z-line and very often results in a rebound back into the original direction.

[Mira]

No, I'm assuming in the trade you posted, you entered based on price closing over and under the bottom red line. Your signal candle reached the small white candle 4 candles earlier - which is a (minor) Z-line and very often results in a rebound back into the original direction.

Ahhhh ok, sorry!
Now I'm following

Thanks!

Is it because there is a sort of chronological order?

[Mira]

Lately I'm feeling that it's just a matter of stop loss placement..

At a top price can do 2 things: to drop or to raise, but at a "pivot" you have the possibility to keep a small risk.
When you are right you try to make a big win, when you are wrong you take a small loss.

It's defining when you are right and when you are wrong or pattern and breakout.