How to be a MOnster

[Mira]

I'm looking for the next GU bullish setup.. this is what i'm seeing:

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GU 2.png (22.92 KiB) Viewed 3314 times

GU 3.png (20.76 KiB) Viewed 3314 times

I drew that red line on the last bearish momo (RANGE MIDPOINT) for a conservative target, but i'd try to short a little higher (25% RET).


p.s. I excluded a pullback around 75 RET just because it's not fresh and because confluence brought me a little lower.

[Jalarupa]

NICE!....Now will you trade down to it?

[Mira]

NICE!....Now will you trade down to it?

I don't know if i understood your question (Sorry, language problem )
Btw i'm waiting for price to reach the zone because of that support before my price level..


Thanks Jala

[Jalarupa]

I'm saying that if you waiting for it to come to you... why don't you trade it to your level?



Remember these levels are like magnets....

[MightyOne]

Thanks MO
I didn't get what you're saying about position sizing
...

I marked this 30 minute chart for you Mira.

The idea is simple, the older the data the larger the chart & the larger the chart the wider the lines.

Your entry line on the H1 zone could be one H1 line below the H4 zone and that would look good.

Be ever mindful of the sum of your risk-box and how many segments that you are putting at risk; if you can
do this one thing then you can risk your money however you see fit.

EIGHTS tricks you to managing your money well:
Before you might have risked 2% per trade but the risk-box forces you to break it up into say 8 segments of .25% of which you will risk around
2 segments or .5%
Before you might have spread your risk over 10 pips but the segments force you to trade a width based on price movement and age of data.
Before you might have took partial profits at 2.5 pips where as now you look at it as 2.5/10 pips or 25% of your zone (.5 lines)

for_Mira.png (44.09 KiB) Viewed 3431 times

If you feel that you could write a book on how to use pitchforks then by all means use them, but if you are just learning then I would suggest that you stick to horizontal lines and focus on managing your money.

Would I have put this magic angle on my chart? Sexy as it is, no I would not.
& there are a great many ideas from the past that I have set aside in favor of T-R-O.

for_mira2.png (40.42 KiB) Viewed 3431 times

[Mira]

I'm saying that if you waiting for it to come to you... why don't you trade it to your level?



Remember these levels are like magnets....

Thank you

I'm waiting for a pullback now!
I spend many time waiting for price but I need to remember that stacking is what really matters

[Mira]

Thanks MO
I didn't get what you're saying about position sizing
...

I marked this 30 minute chart for you Mira.

The idea is simple, the older the data the larger the chart & the larger the chart the wider the lines.

Your entry line on the H1 zone could be one H1 line below the H4 zone and that would look good.

Be ever mindful of the sum of your risk-box and how many segments that you are putting at risk; if you can
do this one thing then you can risk your money however you see fit.

EIGHTS tricks you to managing your money well:
Before you might have risked 2% per trade but the risk-box forces you to break it up into say 8 segments of .25% of which you will risk around
2 segments or .5%
Before you might have spread your risk over 10 pips but the segments force you to trade a width based on price movement and age of data.
Before you might have took partial profits at 2.5 pips where as now you look at it as 2.5/10 pips or 25% of your zone (.5 lines)

for_Mira.png

If you feel that you could write a book on how to use pitchforks then by all means use them, but if you are just learning then I would suggest that you stick to horizontal lines and focus on managing your money.

Would I have put this magic angle on my chart? Sexy as it is, no I would not.
& there are a great many ideas from the past that I have set aside in favor of T-R-O.

for_mira2.png

NO, I can't write a book on how tu use pitchforks
I'm removing angles from my charts for now, thank you.

Very nice explanation MO.

When you say "partial profits" what do you mean?
25% of the zone doesn't cover your segment of risk.. what is the edge?

Thanks

[v8power]

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[v8power]

Keeping It simple paid off, over and over.

[v8power]

Keeping it simple day trade, possibly turn into long term trade.

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gbpusd-d1-oanda-division1.png (42.84 KiB) Viewed 3406 times