How to be a MOnster

[Mira]

The entry was late but it was ok, closed at the screen.

EU.png (10.31 KiB) Viewed 5171 times

[Mira]

MO, is there a way to 'stack' with EIGHTS? If i add up when my trade is still open how do i keep count of the lines that i'm making/losing?

Thank you much!

'Adding' to a trade confuses a lot of people and that is why I would recommend that you just take profit and then adjust your position size;
but all that you are really doing is turning a dial which narrows the lines and one of those lines will rest on your last entry price:

you risk 2 lines, price moves up 1.5 lines, you add size, the lines become narrower, and it is 3.5 narrower lines until you lose 2 lines of your risk box.

Taking partial profits does the opposite, you are turning the dial and making the lines wider: you are up 3.5 lines, you take partial profit, the lines become wider, one of the lines rests on your last exit price, and now it is 3.5 wider lines to a stop of -2 lines.

What I would like to see you do is to either get out and adjust or reposition trades without adjusting; once you are comfortable repositioning your trades then adding size as price breaks below a pivot will be your next step.

To reposition you simply exit and then reenter as price breaks long.

for_Mira.png

Thanks MO
I'm trying to figure out how I can reposition trades without missing the real move.

[aliassmith]

MO, is there a way to 'stack' with EIGHTS? If i add up when my trade is still open how do i keep count of the lines that i'm making/losing?

Thank you much!

'Adding' to a trade confuses a lot of people and that is why I would recommend that you just take profit and then adjust your position size;
but all that you are really doing is turning a dial which narrows the lines and one of those lines will rest on your last entry price:

you risk 2 lines, price moves up 1.5 lines, you add size, the lines become narrower, and it is 3.5 narrower lines until you lose 2 lines of your risk box.

Taking partial profits does the opposite, you are turning the dial and making the lines wider: you are up 3.5 lines, you take partial profit, the lines become wider, one of the lines rests on your last exit price, and now it is 3.5 wider lines to a stop of -2 lines.

What I would like to see you do is to either get out and adjust or reposition trades without adjusting; once you are comfortable repositioning your trades then adding size as price breaks below a pivot will be your next step.

To reposition you simply exit and then reenter as price breaks long.

for_Mira.png

Thanks MO
I'm trying to figure out how I can reposition trades without missing the real move.

You "can" reposition in a trade without taking off your full position then adding on a pullback. I have done it that way. If it takes off you are still in. If it pulls back you get averaged in at a better price considering you took profit off the table.

[Mira]

'Adding' to a trade confuses a lot of people and that is why I would recommend that you just take profit and then adjust your position size;
but all that you are really doing is turning a dial which narrows the lines and one of those lines will rest on your last entry price:

you risk 2 lines, price moves up 1.5 lines, you add size, the lines become narrower, and it is 3.5 narrower lines until you lose 2 lines of your risk box.

Taking partial profits does the opposite, you are turning the dial and making the lines wider: you are up 3.5 lines, you take partial profit, the lines become wider, one of the lines rests on your last exit price, and now it is 3.5 wider lines to a stop of -2 lines.

What I would like to see you do is to either get out and adjust or reposition trades without adjusting; once you are comfortable repositioning your trades then adding size as price breaks below a pivot will be your next step.

To reposition you simply exit and then reenter as price breaks long.

for_Mira.png

Thanks MO
I'm trying to figure out how I can reposition trades without missing the real move.

You "can" reposition in a trade without taking off your full position then adding on a pullback. I have done it that way. If it takes off you are still in. If it pulls back you get averaged in at a better price considering you took profit off the table.

Thanks Alias!

I’m trying to do the same closing half of the position after I reached the minimum target but usually I’m never able to add back

[Mira]

B/E

I don’t know if I should consider it as a mistake or not.

I saw price wicking my line and making some drop on smaller timeframes, then price closed above (without momentum) so I waited for a return to my entry and I closed at B/E.

D0AF7849-0AD0-4CE5-8D0F-624898F61F8C.png (62.13 KiB) Viewed 5075 times

[MightyOne]

USDCADH4.png (23.73 KiB) Viewed 5081 times

[MightyOne]

USDCADM30.png (34.75 KiB) Viewed 5040 times

[Mira]

USDCADM30.png

100% accuracy

Thanks MO, your charts never cease to amaze me!

[MightyOne]

I thought that this fractal was interesting...

USDCADM30.png (31.41 KiB) Viewed 5137 times

[Mira]

I thought that this fractal was interesting...

USDCADM30.png

Fractals are still a mistery for me
I see them on your charts but they are invisible on mine

Now I’m trying to optimise my time looking for patterns around big charts closes but I have some doubt.. are ALL the closes good for finding patterns?

Thanks for helping MO!