Never Lose Again

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shreddr
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Postby shreddr » Mon Mar 23, 2009 7:00 am

Hi all,
I've been following TRO's NLA thread starting with the one on BP, and finally here I am. Took me days to read until the last page, but it worth every bit of my time, You guys are helping me alot to open my eyes about trading

Right now i'm still struggling to fully understand the Mighty Zone, although by re-reading couple of MO's & ES' posts the image is getting more & more clearer

Here is my recent trade, the mighty zone short setup seems to be perfect,
but looking at how the candles are right now, I really can't tell whether it turns out to be profitable or not.
what do you guys think??

Regards,

Ryan
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MightyOne
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Postby MightyOne » Mon Mar 23, 2009 7:12 am

All that I am saying is that this would be one tough short:
I don't trade the EURJPY I am just giving it a once over to
respond to the post.

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MightyOne
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Postby MightyOne » Mon Mar 23, 2009 7:54 am

Instead of flooding the forum with posts I think I am going to try and put together an e-book :idea:

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MightyOne
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Postby MightyOne » Mon Mar 23, 2009 8:15 am

This is a classic scalp trade for this type of PA:

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MightyOne
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Postby MightyOne » Mon Mar 23, 2009 8:25 am

My advise is to not get your self locked into one time frame.

I look at a minimum of 6 different time frames before I place a trade.

It could be:

5, 10, 15, 50, 100, 150

or

3, 8, 13, 30, 80, 130

or

2, 7, 12, 20, 70, 120

or

whatever set you desire (preferably 3 small and 3 that are 10x or greater).

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shreddr
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Postby shreddr » Mon Mar 23, 2009 8:34 am

the way it is now
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guess i'll stay for a while

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MightyOne
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Postby MightyOne » Mon Mar 23, 2009 8:44 am

shreddr wrote:the way it is now
Image
guess i'll stay for a while


If you place a trade and a candle closes against you then you should be thinking about break even as if it were the best thing since sliced bread.

Now if instead of BE you find your self up +15-20 pips then you should be filled with tears of joy and accept esp since the trade was unfavorable toward you to begin with.

shreddr
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Postby shreddr » Mon Mar 23, 2009 8:55 am

MightyOne wrote:My advise is to not get your self locked into one time frame.

I look at a minimum of 6 different time frames before I place a trade.

It could be:

5, 10, 15, 50, 100, 150

or

3, 8, 13, 30, 80, 130

or

2, 7, 12, 20, 70, 120

or

whatever set you desire (preferably 3 small and 3 that are 10x or greater).

thanks for the advice, usually i'm looking at 5, 15, 30 and 60 only

but honestly i don't quite know what i'm supposed to do by doing that, is it so i know where my position is on the higher TF while trade at smaller TF?

let's say i spot a setup for long on m5 chart, but the h1 says that it's on downtrend at the time, so i'll just scalp some pips because it's not sync with higher TF, OR just wait for other setup?

edit: sorry for the noobish questions because i AM a noob :(
Last edited by shreddr on Mon Mar 23, 2009 9:02 am, edited 1 time in total.

Humble
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Postby Humble » Mon Mar 23, 2009 8:56 am

MO in relation to your last chart (and my delayed understanding of z lines),

In relation to the red bar from which you have drawn a zone, I gather it's the body of the bar that has to 2+ the size of the previous body and not the bar has to be 2+ the previous bar.

Again in relation to the red bar from which you have drawn a zone, when does the wick disqualify the bar from being a momentum bar?

Thank you for the time your are devoting to this.
Is price closing higher or lower than something? Simple yet powerful question. ..MO

shreddr
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Postby shreddr » Mon Mar 23, 2009 9:17 am

MightyOne wrote:
shreddr wrote:the way it is now
Image
guess i'll stay for a while


If you place a trade and a candle closes against you then you should be thinking about break even as if it were the best thing since sliced bread.

Now if instead of BE you find your self up +15-20 pips then you should be filled with tears of joy and accept esp since the trade was unfavorable toward you to begin with.

out with +6 pips :) guess i'm a bit lucky

just want to make sure, by ur saying unfavorable is because there is an opposite colored candle closed by breaking the mighty zone?
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