buyin seen at basket rebalancing pt.. 146.20s
DislikedYou need to see the bigger picture. Go up a time frame and zoom out. You'll see the euro has been ranging and has reacted to the upper level so you would have been in the move down from where price acted at the supply level at the extreme highs of this range.Ignored
DislikedHere's a very good video that explains it. It's long but very worth your time
DislikedHi Porkie, good to see some examples...wasnt able to trade today myself...
DislikedBased on short term supply /demand levels and not fully compliant with wmd's method
A - continuation of yesterdays move - entry at the 'spike-base'. No key demand level yet hit for this move so 2nd entry on pull-back.
B - Bounce off a key demand level clearly seen on Hourly chart. Target for A
C- Momentum of medium trend is still short so looking for signs of weakness at C minor supply level. Got stopped out as I had my stop just above the spike at A but jumped in again. Target the origin and small gap of the previous up thrust at D.
Thanks for that very complete explanation.
I now have a better understanding of what to look for.
This looks like it is going to be a great thread with explanations like this it will be easier for us newbies to follow and understand much quicker.Ignored
DislikedMy style is a bit more agressive than wmd but I think wmd is much safer in terms of how he picks his levels. I don't want to hijack his thread with my view points. His thread has opened my eyes wider so I wait to read more from the master .Ignored
DislikedA supply level is a resistance level. so if eurusd was bearish at that level it is because supply is greater than demand at that level. Sellers have waited at that area to sell because that area was a good area for selling before. Sellers see that the euro is expensive at that point compared to the dollar for example.
The euro in the euro usd pair is the commodity if you like. When sellers come in, as the price moves down the euro becomes cheaper and therefore there are more euros to the dollar.
The supply of the euro is therefore greater...Ignored
DislikedI'm pleasantly surprised at the huge response this thread is having. Great threads are the result of those who contribute. So its all down to you folks.
Thanks to Porkpie, 007 and others for keeping the fire burning.
For newbies on the thread, dont be shy. Search your charts, find your levels and post them here for confirmation. Its the best way to learn.
Sharing is caring.Ignored