Okay I've spent the last 2 days pinpointing this and I think I almost have it. I assume the 2 small black lines located tightly to the bars are your short term LRs and the wider coloured dashes are your mid-term LRs, in which case what are the contiguous coloured dashes? Those are the only ones I haven't done, I'm not sure if those were meant for me, since you said you have too many LRs.
HI MA
That looks better.
Yes I am always trying new settings and trying to delve more into understanding wave structures using LR's - but normally 6 to 9 LRs are fine - I might test up to 12 and then drop 3 or more depending on the pair and the sessions.
Now - get this set up on say 3 or 4 pairs - - not to trade them simultaneously - but looking for some type of correlation - ie for example if at 8 30 am on Monday morning you see on the EU the quick LRs going under price and PA giving a HH and HL on the one min- its a scalp buy - that will move up either breaking through R areas from LR's or interim levels or fizzle out after 3 to 7 pips.
You will need a few days and weeks to watch and understand how the set ups come about - and to understand how you might buy for a gain of 12 pips whilst in a very bearish set up that suggests over the next few hours the price might drop 50 pips.
Remember we will be working of initial stops of say 5 -7 pips max - so a 10 pip move is good. You will overtime sense if your entry is spot on - or to exit and try again from another price 6 pips away etc
If you are happy with say 25 pip stops and don't want to two way scalp etc - the 3 longer LRs will give you more of the direction bias - sometimes 25 pip stops are not big enough - sometimes you might need 40+ pips - and for me I would be thinking if this pair is possibly going 40 pips against the intraday bias - I want 25 -35 pips of it on the wrong way - and then same again when it joins the intraday bias again - ie 50 -70 pips there rather than just hoping you don't get taken out.
Its worth asking some of the other guys - other than Major M how they are getting on with their set ups and understanding how to use them in time windows for best effect - ie dearlife / Fx works / etc.
I think with MM its took him time to fully understand the effect of every LR setting and match it with TW's and PA and trendlines and interim levels - etc etc
But in the long run - as MM has convincingly shown - it does work - and no 2 ways about it - used correctly - it will make you nice green pips.
GL and no problem with more questions etc as you progress
Regards
F
