MightyOne wrote:You should start by clicking from MN to your lowest chart, say M5.
Why do we do this?
Because we are placing and trailing a stop loss ('position') on the largest chart of which we have position at an extreme.
I don't know why people don't get this: you are always trading your largest chart.
You can trade the short term chart against the long term chart but at the end of the day(s) one of two things must happen:
1. the large chart complies and bends to you.
2. you comply and bend to the large chart.
No matter what: you are [eventually] always trading your largest chart.
If you were sitting there looking at only the daily chart then how would you trade it?
Guess which extreme you would choose (direction of loss)?
When people argue against extremes I just laugh, the absurdity of the argument is too much for my mind to handle; as If I were one to strive for something in vain, as if there were another path that I am just not seeing.
Trade without the extreme!
Place your stop randomly, according to your entry, within the short term range!
Aim for 1.5:1, and dream of 4:1!
I know your type, you're nothing but fodder; I will eat of the meat you create & get fat on your profits.
When you find a truth hold onto it, dig a moat and guard it, for seeing the way is the holy grail.
Feeling poetic I see!
I tend to favor the ZL after the extreme and lean
on both. Just about every time i put my postion
inside the extreme it would get cracked often.