Never Lose Again

[prochargedmopar]

Here's an example of how important it is to understand profit targets and in general taking profits when you can.

The last post analyzed how price makes new highs/lows using pivot S1/R1 as a bias.

Here's a weekly chart. This week, price broke the previous low...so check mark...S1 is less than previous high, edge is low greater than previous low. Unfortunately, this pair, GBPCAD, opened and traded rather quickly toward that objective. Even though the previous low was broken, we're currently painting a bullish candle. This can be translated to the complaint people have about the wick zone, that it reverses.

My next "edge" is S1 and R1 as targets. Again, this can be replicated on daily, and even smaller timeframes. Even hourly, which I don't use since I tend to be away from my computer most of the time.

The second edge has more variables that can't be seen by the analyzer but in essence, price can reverse and hit R1 or S1 which are really far apart. So take profits when you can. Especially if trading the daily tf. These settings also point toward the "wicks" show loss idea from MO. This picture shows a wick breaking previous week low, but the bar didn't close below it, it closed higher.

I left the Level 3zz on it, even though its "bearish" you always have to have the mentality of "will it be a breakout or is it a swing reversal?" I'm sticking to a "breakout" and targeting the R1 weekly. This meshes together the previous post and this new post. If curious, I've seen price respect the S1 and R1 levels to the pip. If I'm trading the daily, I place my profits exactly on the lines or a few pips before. If a pair has crossed either S1 or R1, I dont trade it since R1 and S1 being crossed is not seen as often (think range).

Are these the indicators you use to trade?

[BambinoFlex]

Here's an example of how important it is to understand profit targets and in general taking profits when you can.

The last post analyzed how price makes new highs/lows using pivot S1/R1 as a bias.

Here's a weekly chart. This week, price broke the previous low...so check mark...S1 is less than previous high, edge is low greater than previous low. Unfortunately, this pair, GBPCAD, opened and traded rather quickly toward that objective. Even though the previous low was broken, we're currently painting a bullish candle. This can be translated to the complaint people have about the wick zone, that it reverses.

My next "edge" is S1 and R1 as targets. Again, this can be replicated on daily, and even smaller timeframes. Even hourly, which I don't use since I tend to be away from my computer most of the time.

The second edge has more variables that can't be seen by the analyzer but in essence, price can reverse and hit R1 or S1 which are really far apart. So take profits when you can. Especially if trading the daily tf. These settings also point toward the "wicks" show loss idea from MO. This picture shows a wick breaking previous week low, but the bar didn't close below it, it closed higher.

I left the Level 3zz on it, even though its "bearish" you always have to have the mentality of "will it be a breakout or is it a swing reversal?" I'm sticking to a "breakout" and targeting the R1 weekly. This meshes together the previous post and this new post. If curious, I've seen price respect the S1 and R1 levels to the pip. If I'm trading the daily, I place my profits exactly on the lines or a few pips before. If a pair has crossed either S1 or R1, I dont trade it since R1 and S1 being crossed is not seen as often (think range).

Are these the indicators you use to trade?

They are. In order of importance:

1. HL5 (orange and yellow) - Let's me see yesterday and the wick zones. I use this to see the previous day high and previous day low.
2. Pivots - I use this to filter my trades and set targets/stop losses.
3. The weekly M-Candles - So I can see where we are in the weeks range.
4. 3 Level ZZ - I use this to catch the #3 in the 1-2-3 pattern as long as everything else aligns with the daily bias. The picture shows what I mean. I prefer the hourly, 4hr and daily to match up.

[BambinoFlex]

Also, keep in mind that I'm still learning as well. Slowly, my trading plan is becoming more concrete and I'm always in the business to improve. MO's stacking idea really creates a huge improvement in the numbers. It really would make it difficult to lose if you have a solid strategy. There's also the psychological, something that I'm also becoming better at. Not trading every day, or even not trading for a few days. This last trade I posted might be only trade for the week.

[BambinoFlex]

Here's a nice opportunity with EU. I highlighted the future 4hr pivot. This is what I mean I use pivots for range purposes. It seems that 8pm - 12am central US time...I'm guessing 9pm - 1am NY time offers a nice idea into the coming London range which fits into the new 4hr candle that will start to form. I've briefly read on here how some people use the Asian range and do some stuff to guess London's and NY range. Maybe this is a different way of seeing it?

I stay away from pairs that moved a lot since the pivot lines will also reflect the large moves, making my stop losses larger taking into account those larger ranges.

Also note that if I'm bullish, I want to buy at the pivot or below. This fits into the previous posts and the numbers the price analyzer shows.

[prochargedmopar]

How do you feel about 1.5000?

all warm and fuzzy????????????

lol

not sure?

trying to figure out why you boxed in that zone

i was looking higher based on just what i know

what is that zone based on?

Bottom zone is a M-Lisa style from the opens zone and the top is from the close of the momentum on the base time frame.

This zone applies the support becomes resistance concept:

What you would do is draw a line from the open of a down momo candle and then try and find an up momo candle that places another line as close as possible to the first (creating a zone).
You do the same with the from the close line placement style...

SON OF A BIT$H

I missed that 12 years ago!!!!!!!

[aliassmith]

all warm and fuzzy????????????

lol

not sure?

trying to figure out why you boxed in that zone

i was looking higher based on just what i know

what is that zone based on?

Bottom zone is a M-Lisa style from the opens zone and the top is from the close of the momentum on the base time frame.

This zone applies the support becomes resistance concept:

What you would do is draw a line from the open of a down momo candle and then try and find an up momo candle that places another line as close as possible to the first (creating a zone).
You do the same with the from the close line placement style...

SON OF A BIT$H

I missed that 12 years ago!!!!!!!

Go back to what you was/are doing. Nothing to see here

[prochargedmopar]

Bottom zone is a M-Lisa style from the opens zone and the top is from the close of the momentum on the base time frame.

This zone applies the support becomes resistance concept:

What you would do is draw a line from the open of a down momo candle and then try and find an up momo candle that places another line as close as possible to the first (creating a zone).
You do the same with the from the close line placement style...

SON OF A BIT$H

I missed that 12 years ago!!!!!!!

Go back to what you was/are doing. Nothing to see here

LOL
I was google searching "Mighty Zone" trying to find out when I first referenced it.
The ZL was defined by ICT as something very close to this.
I see what I see.
It's the STACKING calculator that I'm looking for to make it easier adjust lot size on the fly. WITHOUT THOUGHT.

[LeMercenaire]

all warm and fuzzy????????????

lol

not sure?

trying to figure out why you boxed in that zone

i was looking higher based on just what i know

what is that zone based on?

Bottom zone is a M-Lisa style from the opens zone and the top is from the close of the momentum on the base time frame.

This zone applies the support becomes resistance concept:

What you would do is draw a line from the open of a down momo candle and then try and find an up momo candle that places another line as close as possible to the first (creating a zone).
You do the same with the from the close line placement style...

SON OF A BIT$H

I missed that 12 years ago!!!!!!!

Nice find!!!!

[prochargedmopar]

M.O.,
Can we still place our regular trades while waiting on price to move back toward the line?
Also, Once the candle closes can we wait for a couple pip retrace of price to get into the position?
When can we stop out if needed? M15 avg. candle size?
I'll try it out tomorrow morning and when I get back out of bed tomorrow night. I stunk it up today after 5 really good days.
Pro

My very first question after the Challenge was presented.

Wow. no wonder.

[prochargedmopar]

MightyOne Challenge
Eur/Jpy line at 117.24 at 5:30pm.

First trade:
B 117.285-117.336 19:15-19:16 = +5.1

Second trade:
S 117.226-117.141 19:21-19:21 +8.5

I will not post any more till the end of the week as not to overload the thread. I had open/diff and tro_modified candle color on my chart but will use the tro-"black" candles only template tomorrow.

I had a bad day this morning trading because I broke a few rules and when I went to bed my wife said:
If you don't follow the rules you'll be a maintenance man for the next 20yrs.
Today when I got up I printed out a sheet of paper and posted it right on the wall in front of my trading desk.
It says;

Not Following Rules=
20 more years as a Maintenance Man

And that right there during Asia was over 2.5 LINES
Sheeesh. What was I (NOT) thinking.