MightyOne wrote:v8power wrote:Here is a super easy trade (that also shows what MO preaches). Blue box was a double failure. Also price had made monthly and yearly high (what does MO and TRO always say). Then I just held to I zlined the profits of all the longs at the red line. That trade alone almost added a zero to my account.
Why did I hold for so long. Because there is only one yearly high and Im not about to sell it for less then its worth. Also I remember MO saying a yearly candle will normally fill its range in 5 months (or 7). So after priced dropped for 4 weeks straight I had a perfect exit at the zline.
Nope trades don't happen like this often. But hey this 1 trade was almost worth 1 zero to my account. I only need one of those a year (maybe two G/J was down almost 2,000 pips from Jan 3).
I no longer trade yearly candles, but it is nice to see someone taking the reins.
Its not so much I trade yearly candles. Its just nice to have the idea/concept in the back of my mind to hold a trade for longer. Its nice to let a long term trade make money so I don't have to get up at 2am to trade everyday and have no life.