MightyOne wrote:...Are you saying that with this "new" space methodology that you really don't use much of the ideas from that thread?
The reason to enter and exit need some charting skills I would think.
Your technical skills need only extend so far as to recognize when a candle closes over or fails to close over something.
When I initiate a trade, I am placing a stop that holds the potential of every chart at which the stop can be seen at an extreme.
When I increase my position size then I am trailing my stop closer to the current price to normalize risk.
If I trail my stop to the middle of the weekly bar then I no longer have weekly potential; I have reduced my staying power and must now either re-position or look for an exit.
I always remember that I am trading a large chart:
small charts accumulate size, large charts use size to fill your pockets with money.
If I were to stay in a small chart mentality then I would miss out on epic windfalls.
When I trade large charts I am only doing so until a %target; it is more of a feint than actually trading the chart.
While the chart below is good for a space grab, just imagine how awesome that same chart would be if it were a weekly or monthly chart!
Seek out long term potential and remember that it is a large chart; that you usually have plenty of time to increase your lot size before it does its thing.
Don't worry about winning or losing, focus on
short term and long term goals.
What else can I say, I really don't use anything that I haven't already shown you...
...I will recognize and respect cones, but that is as 'advanced' as I get these days.
So your trading has reverted from Picasso to child finger painting
Well it does fulfill one of your ideas you have been preaching for years.
"Don't be overly technical"
Step one find High Timeframe extreme
Step two look for Breakout away from extreme (BOx)
Step three enter at better price
Step four ADD and normalize risk
Step five ADD and make big gains (%target)
Step six take big gains and start at step one
If someone new comes into the trading game and learns only this, they
could be successful. Trying to unlearn and use this method could be a
BTW...BOx is a ZL