Fxtraveller wrote:Es/pip
You asked me what is the MightyZone.
In my understanding, it is the zone where the traders with held profit are zeroed out (by putting b/e or move stop losses) and the pullback stops, and then price continues in the direction of initial momo candle.
Hope i havent been learning the concept with wrong understandings.
Funny, but your sell targets on the chart below coincide with where I would go long. in both cases with possible profit, but very dangerous. At least I feel I can identify the zones of retracements somewhat better.
Now
I need to identify the right direction.
Thank you very much for (quote):
"basically you want movement/momo in order to even consider trading
then you want to trade in the direction of the momo
targeting other traders that are holding onto their profit "
simple enough to understand. hope I'll be able to put it into practice.
p.s. so do are you always present at the moment of trade entry? no "limit order with set SL and TP and go away" ?
ALl the best, have a good WE.
FxT
well that is what a mz means but you didn't mark it correctly
might zone= 50% of a closed body that is 2x the previous bars body, then any line inside of the mz can be a valid zl
"Now
I need to identify the right direction."
----- momo shows that to you
"Funny, but your sell targets on the chart below coincide with where I would go long. in both cases with possible profit, but very dangerous. At least I feel I can identify the zones of retracements somewhat better."
but the momo is down so you should be shorting and targeting not looking to go long
momo is the key-- it is the truth---it shows the way
p.s. so do are you always present at the moment of trade entry? no "limit order with set SL and TP and go away" ?
i am always here on the entry, if it doesnt go my way i want to know why and be able to get out before my stop is hit. I am almost always here on the trade duration. The only times i will set a tp and stop and not watch, is if i am already up a good amount of pips for the day, and have a trade on that i am in decent profit. If i want to go to sleep or if i need to run out and do something i will do that---- but i rarely do that. Some times a trade will get withinn 5-10 pips of my target and reverse so i want to be here so i can close it immediately.
i use limit orders and i also use market orders----- its dif every time. Sometimes you just need to get in and hit the market. Sometimes i am not using limit orders and watching the PA and just get in---- its always different
Bend over and assume the position for another 4 years of hope and change.