Mira wrote:I believe you MO, but I think that my targets are TOO close I traded long from the top of the zone (+ spread and some pip since I looked for momentum on a 5 min chart) to the magenta line.
I'm not looking for pips.. but do you usually try to hold if price gives signs (?) of continuation?
Thanks
Let's look at a larger picture:
What would happen if your first objective of the day was to absorb 2 lines?:
Day 00: $25/line ($200 in the box) Day 01: $31 ($250) Day 02: $39 ($312) Day 03: $48 ($390) Day 04: $61 ($488) Day 05: $76 ($610) Day 06: $95 ($762) Day 07: $119 ($953) Day 08: $149 ($1192) Day 09: $186 ($1490) Day 10: $232 ($1862) Day 11: $291 ($2328) Day 12: $363 ($2910) Day 13: $454 ($3637) Day 14: $568 ($4547) Day 15: $710 ($5684) Day 16: $888 ($7105) Day 17: $1110 ($8881) Day 18: $1387 ($11102) Day 19: $1734 ($13877) Day 20: $2168 ($17347) And that is just stacking the first trade of the day! Who knows how many lines you made on trades 2+
The question that should come to mind is "what about margin?"
$2168/line is only $19.63/pip on the monthly chart compared to $314/pip on the hourly chart. Each time you move to a larger chart you halve your position size and double the width of the lines to make the same amount of money over larger bar ranges.
Now as the money trickles in on the monthly chart you are going to find that you have enough money to drop down to the weekly chart and then the daily chart and so on and the speed at which you make 'x' doubles all the way down to the hourly.
The decision to hold is always based on the belief that H4+ will make a significant move. How do you know that? You don't, but you highly suspect it from time to time
MightyOne wrote:You give it more thought than I do... wherever you would place your stop on a daily chart is the same extreme that you should trade away from on a smaller chart.
The money is in managing your risk-box, not in holding for pips.
If you lose then you restore your lines to 8 total and trade at $18 or you stick it out with 6 lines. If you stuck it out with 6 and lose 3 then you might raise it to 4.5 and $16.50 per line.
Unless your position size is so small that it cannot be reduced, you will never blow up your risk-box unless risking it all is something that you have decided to do.
AUDNZDH4.png
MO, I know your a gambling aficionado.
Question: Do you know of a MM system that would allow me to flip a coin each trade yet still prosper?
dchappy told a story years ago where a guy used 10sl/20tp and most times ended the session profitable. 2:1, but how could thos be maximized without thought, ONLY rules?
MightyOne wrote:You give it more thought than I do... wherever you would place your stop on a daily chart is the same extreme that you should trade away from on a smaller chart.
The money is in managing your risk-box, not in holding for pips.
If you lose then you restore your lines to 8 total and trade at $18 or you stick it out with 6 lines. If you stuck it out with 6 and lose 3 then you might raise it to 4.5 and $16.50 per line.
Unless your position size is so small that it cannot be reduced, you will never blow up your risk-box unless risking it all is something that you have decided to do.
AUDNZDH4.png
MO, I know your a gambling aficionado.
Question: Do you know of a MM system that would allow me to flip a coin each trade yet still prosper?
dchappy told a story years ago where a guy used 10sl/20tp and most times ended the session profitable. 2:1, but how could thos be maximized without thought, ONLY rules?
Pro, I don't know if it can help but this thread (link from V8) could be a way.. I found that 10-15 pages of reading are enough
MightyOne wrote:You give it more thought than I do... wherever you would place your stop on a daily chart is the same extreme that you should trade away from on a smaller chart.
The money is in managing your risk-box, not in holding for pips.
If you lose then you restore your lines to 8 total and trade at $18 or you stick it out with 6 lines. If you stuck it out with 6 and lose 3 then you might raise it to 4.5 and $16.50 per line.
Unless your position size is so small that it cannot be reduced, you will never blow up your risk-box unless risking it all is something that you have decided to do.
AUDNZDH4.png
MO, I know your a gambling aficionado.
Question: Do you know of a MM system that would allow me to flip a coin each trade yet still prosper?
dchappy told a story years ago where a guy used 10sl/20tp and most times ended the session profitable. 2:1, but how could thos be maximized without thought, ONLY rules?
Pro, I don't know if it can help but this thread (link from V8) could be a way.. I found that 10-15 pages of reading are enough
1) Price closes above an extreme and creates a new high extreme 2) Price closes below and extreme and creates a new low extreme
SL is placed at those new extremes, the zone in the middle is where we take our trades from. Direction is a choice made by us but price can only go up or down and with MOMENTUM, if it's not closing over a line then it's simply not going in that direction.
IS A LIE__________
