Never Lose Again

[monolisa]

Hi MO,

The 5 bars box are used because of a previous momo breakout of equal time period (ie. 5 bars)? I note that the box is placed at the highest high of the range - you are looking for a correction/breakout away from the box?

Thanks for the "story". It's like watching a chess game unfolds

Lis

[MightyOne]

Momentum post box breakout is what I am looking for:



Ranging markets can be fun to trade

You just follow the pattern:

UP DOWN UP DOWN

if it goes

UP DOWN UP UP

then you trade DOWN and follow the prev. pattern.

3 same colored candles and the range is either broken and price is trending or price is ranging diagonally in which case you trade the range toward the bias.

Hi MO,

The 5 bars box are used because of a previous momo breakout of equal time period (ie. 5 bars)? I note that the box is placed at the highest high of the range - you are looking for a correction/breakout away from the box?

Thanks for the "story". It's like watching a chess game unfolds

Lis

[monolisa]

Hi MO,

I have a go at the EJ chart (attached).

First there was a breakout/momo (upward arrow). Counting from the pre-momo candle there was 4 bars to the highest high point. Custom candles were draw using 4 bars (yes it's a H4 chart but with a specific starting point). Next 2 H4 candles lacked momo (downward thumb). The 3rd one (bearish) has momo and broke the lowest point of the previous 2 H4 candles. My short limit order would be near the thick yellow line, trading toward the zero line @ 135.100. I do note that the thick yellow line got wicked a few times before the downward trend occured.

Your comment is appreciated. Thanks.

Lis

[monolisa]

Hi MO,

I was writing the EJ post and missed your explanation on the 5 bar box.

I presume you start the box after the momo candle, but why choose 5 bars?

Great advice on ranging market trades. Thanks.

Lis

[MightyOne]

It is based on THE LAW OF THE CHARTS by Joe Ross

The box starts with the first overlapping candle that closes within the range of a prev. candle and ends when all the rules are met.

Hi MO,

I was writing the EJ post and missed your explanation on the 5 bar box.

I presume you start the box after the momo candle, but why choose 5 bars?

Great advice on ranging market trades. Thanks.

Lis

[monolisa]

GJ trade. Blue shaded area was the ranging box. Looking for a breakout of the box. Price eventually broke to the downside.

I used a 15 bars custom candle.

Lis

[MightyOne]

That works

GJ trade. Blue shaded area was the ranging box. Looking for a breakout of the box. Price eventually broke to the downside.

I used a 15 bars custom candle.

Lis

[prochargedmopar]

super deluxe.

Good info.

Thanks M.O.


Good to have es/pip back in the house too.
His charts always make trading look so simple.

Keeps my motivation up to some day have easy pip day after easy pip day.

[MightyOne]

Thanks for making this indi known to me monolisa

Give me some time to put some charts together.

Thanks, MO. Here's the indicator I am using...

Lis

[MightyOne]

Now we just have to figure out how to add time shift to these indi.

MQL Service Shop is one idea.