Maxell46, question for you...
Do you use any additional criteria besides Monk's signals to decide to enter or exit a trade? I looked at that chart in light of Monk's system, and I see why you entered where you did, but I also see some other points one might have followed Monk's system into the market. You also don't seem to exit based on Monk's system (exits are very subjective in his system IMO).
Obviously, we can't really discus this in detail without getting into the details of Monk's system (which I totally understand why we can't and support not doing). My claim is that if you use Monk's system in a purely mechanical way it's not much better than break-even (based on my back-testing). However, if you start adding to his system with either additional criteria or more subjective things, I think you can be successful. The couple people I know who I genuinely believe are consistently successful with his system are doing just this (adding some additional criteria--often subjective). However, I think there is a fairly large and silent group of people that are not doing nearly as great with his system on an on-going basis (because of this subjective element, which is very difficult to teach just because it is so subjective).
Anyway, just my opinion, but I would be interested in your take on this if you feel you can answer honestly without betraying any trust or giving anything away. Thanks.
News 
Market Data 
Discover 
