You're on the right track!
Nice work
Nice work
ReadtheMarket - Supply and Demand with Price Action
That's all too vague for me to understand. Which RS has been broken? What trade opportunity are you seeing, and why?
So there was a FL below that DBR.
And on the right side, there is QM. Thats my reason, IF.
Um... How about that IF?
RIP RTM
- #3,492
- Sep 12, 2017 12:39pm Sep 12, 2017 12:39pm
I marked this AUD/JPY Weekly chart early this month and notice that there was a possible engulf down.
Last Sunday, I remark H4 TF chart. It seem that price wanna go lower.
So, when price came back to the upper FL, I happily took it. Then price went down and hit QM level in M15. I knew price would bounce in that level. But how far, I can't tell, so I closed my position.
Then as you can see, price shoot up and broke that FL. My scenario failed. As price going up with cp, there is a possibility that it makes a cancan. Or, I simply just make mistake in reading price at HTF.
So far, I find myself still struggling to determine proper FL and -of course- it's engulf. Sometimes (or many times), I think price has engulf, but what price actually did was hit a better level at lower/higher price of my marking FL. And most of the time, that better level hidden in lower TF. Another my recurring problem is, when I notice a good level but price approach it with a single long candlestick, I will lost the nerve to trade that level. Then price just turn as expected. One of IT's trick and I still fall for it.
But I think I'm making a bit progress. I noticed that several RBR/DBDs are simply meant to be broke, price will not respect that area on return (this is where simple S/D failed). Now, I knew one of the reason why that area failed to hold price: no order left. Thanks to IF for answered my question on NU chart last week.
There is still many many things to learn and I will not give up
Last Sunday, I remark H4 TF chart. It seem that price wanna go lower.
So, when price came back to the upper FL, I happily took it. Then price went down and hit QM level in M15. I knew price would bounce in that level. But how far, I can't tell, so I closed my position.
Then as you can see, price shoot up and broke that FL. My scenario failed. As price going up with cp, there is a possibility that it makes a cancan. Or, I simply just make mistake in reading price at HTF.
So far, I find myself still struggling to determine proper FL and -of course- it's engulf. Sometimes (or many times), I think price has engulf, but what price actually did was hit a better level at lower/higher price of my marking FL. And most of the time, that better level hidden in lower TF. Another my recurring problem is, when I notice a good level but price approach it with a single long candlestick, I will lost the nerve to trade that level. Then price just turn as expected. One of IT's trick and I still fall for it.
But I think I'm making a bit progress. I noticed that several RBR/DBDs are simply meant to be broke, price will not respect that area on return (this is where simple S/D failed). Now, I knew one of the reason why that area failed to hold price: no order left. Thanks to IF for answered my question on NU chart last week.
There is still many many things to learn and I will not give up
- #3,493
- Sep 12, 2017 1:32pm Sep 12, 2017 1:32pm
Guys,
Since no one replied to my previous post I decided to give it one more try. Below you will find recent examples of major R/S breach and creation of two Flag Limits/FTR (it depends which TF we choose). I assume in that case LTF is of more importance since it truly reveals the real FTR after the R/S break - am I right ? Taking that into account we shouldn't look for shorts higher , be it around QM/higher FTRs (which would be the case if that level really broke) 
Since no one replied to my previous post I decided to give it one more try. Below you will find recent examples of major R/S breach and creation of two Flag Limits/FTR (it depends which TF we choose). I assume in that case LTF is of more importance since it truly reveals the real FTR after the R/S break - am I right ? Taking that into account we shouldn't look for shorts higher , be it around QM/higher FTRs (which would be the case if that level really broke)
- #3,495
- Sep 12, 2017 3:20pm Sep 12, 2017 3:20pm
- | Membership Revoked | Joined Nov 2010 | 3,072 Posts
Guys, Since no one replied to my previous post I decided to give it one more try. Below you will find recent examples of major R/S breach and creation of two Flag Limits/FTR (it depends which TF we choose). I assume in that case LTF is of more importance since it truly reveals the real FTR after the R/S break - am I right ? Taking that into account we shouldn't look for shorts higher , be it around QM/higher FTRs (which would be the case if that level really broke){image}{image}{image}
Hi guys, An FL of daily RS has been engulf, The red box which is fresh LTF FL/FTR has not been hit by few pips, hence a better price for IT. Should i look for short entry at the red box or should i look at the top of the blue box of daily chart. Its quite confusing for me to understand how to find the source of an engulf of FL or in this case the source of the down move. Hope that i am on the right track.
Daily
Daily