TheRumpledOne wrote:MightyOne wrote:Trade in the direction of the bias, entering after price crosses the '1.2% space' of your choosing, and exit after price moves one space on the monthly chart (28.8%, 24 lines of 1.2%).
Edit: You want a trade setup? There is no trade setup!
Trade away from a bleeping line in the direction of the bias. I don't have anything else to tell you.
This is a perfect example of why I do not "get it"!
"Trade in the direction of the bias, " - DEFINE BIAS
"entering after price crosses the '1.2% space' of your choosing" - WHAT EXACTLY IS 1.2% SPACE?
"exit after price moves one space on the monthly chart " - ??
If I understood exactly what the jargon meant (need a dictionary), then I think I would finally GET IT! I need it all in one place/document so I can read it and understand it.
Something like this:
DRAIN THE BANKS - LIKE A RAT
1) price within 20 pips of the CURRENT daily low - that is OPPORTUNITY
2) red candle closes
3) green candle closes - note the high price of the green candle.
4) enter long at the green candle's high price
5) STOP LOSS IS 10 PIPS
6) Take whatever profit you can.
7) If the rules do not mention it, then it is of no concern.
I will admit some people still have/had questions about those rules, too. That's why I started making videos. Seems to help some traders.
Thanks again, MO.
M.O.'s bias ( the direction that price is clearly moving in) is from a monthly chart.
As for the 8's and 24's. take a fib tool and add a line at every 12.5% line ( mark them 1-8) . Then take another and put lines at every 1.5625%. apply the 1st fib to the monthly range. then take the 1.5 fib and put it between 00 and your first 12.5 line.
once bias and grid ( the eights template. the fib analogy hopefully gives a since of what is happening mathematically) are established we will drop to a short term chart and look for entry (use rat rules maybe)
then as the chart starts going in your biased direction add at 1.5 then add at 1.5 then at 1.5. (look back a few pages for m.o.'s chart where he is adding 1/3's
its not football its music.