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  • #721
  • Aug 28, 2017 6:00am Aug 28, 2017 6:00am
Quoting wjason777
What would be a good way to determine a good TP area, should you always go for 100pips when trading the daily?
Hi. I usually set up my TP's one of three ways;

 

  1. Either spot a supply/demand area or KSR of any kind and wait for price to reach it.
  2. Use a fixed 30/50/100 pip target depending on what kind of range price is in - 100 for HIN or "exotic pairs" (GJ, GA, EA, GCad etc.), 30-50 for EU-GU-EJ.
  3. Find a possible liquidity area that price will try to reach and claim, such as a clean level where stops are resting for instance, and where we'd expect a turn-around.

  • #722
  • Edited 6:19am Aug 28, 2017 6:01am | Edited 6:19am
Quoting marcnathan88
{quote} Supply and Demand trading is a subject that I'm still interested in despite me giving up on it because I'm having a hard time how to exactly identify an S&D area. I just tell myself this may not be something that will work for me. But I'm still interested in it. So I'd like to ask how exactly do you identify an exact supply and demand area. What exactly does one have to look for in order to determine an exact and precise S&D area. What is the exact and precise thought process that goes into your mind when looking for an exact and precise...
Hello man, see this post where I explain how to find S/D. (click on the quote to see it in full)

Quoting WDays
{quote} Perfect! You're getting the hangs of it ) Just one thing, that area you marked as supply on your H4 chart is not necessarily supply. This is what it should look like. And be careful, on USDCAD supply levels come from a daily chart on two occasions. What's more, CAD is very much correlated with Oil. So often times you'll see it behaving in a more specific way in terms of breaking out, because of that correlation. {image} {image}
If it doesn't clear it up, let me know.

Also, see this example of a tested demand area coming from way back in April this year.
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  • #723
  • Aug 28, 2017 6:06am Aug 28, 2017 6:06am
Quoting Zekiefx
{quote} Yes thanks for your time man. What I am actually struggling with is identifying those daily Bias. Real trend trend on the daily chart. Market direction on that daily chart. I do get the 4hr and 1hr Chart where I will have to identify zones so I can be able to enter on 15m chArt. But still struggling with Daily chart.... I went through the video and I did read these thread for several time but I can get to understand how you see those daily candles direction. If I can get that daily candle where exactly it's going. Then I am good. That's...
Alright. I expect you read this post here:

Quoting WDays
A recap on higher timeframe analysis (or in other words, our preparation work): Using our higher timeframes, we try to determine a bias. To do that, and starting on a daily chart, we look left to see where price has been, denote key levels, mark supply & demand zones in our most recent price action. To determine the trend: we want to see price make Higher Highs, Higher Lows in a rally; lower lows, lower highs in a decline - pretty basic stuff. What's more, we want to see resistance being broken and support holding in a rally and vice versa in a...
If you have, then let me try to shed some light. What we want to do is, based on defining market structure, key levels that may act as support or resistance and supply and demand levels, we want to establish an idea about where price may go next. I believe I've also shown a live example on how I do it. I will try to conjure up another live example soon, because right now it would be a hindsight example that nobody wants to see

When you're performing HTF analysis, you want to try and think like a market moving entity. Think liquidity or lack thereof, think stops laying around the map. If it were you, where would you push price next? It takes a lot of practice and noting down your analysis over time. You will eventually train your eye so much so that you'd be able to spot those things without giving it too much thought. Don't worry about it, it just takes time.
  • #724
  • Aug 28, 2017 6:13am Aug 28, 2017 6:13am
Even if you are a longer term trader, using the smaller timeframes can be pure gold in terms of entry accuracy. Doing it allows for much tighter stops at the very least. When you're done analysing your higher timeframes (which would in this case probably be weekly-daily-h4), look for the "area within the area", try to be as precise as you can be in entering so that you avoid getting a stop hit. Don't be in a rush to lock breakeven, give price some time to move.

Of course, all that being said, I really don't advise trading forex in a longer term, since swap rates and other commissions your broker may take will eat up your gains. I personally believe in a steady but small pip rake every day or every couple of days rather than holding on to a position that may eventually cost me money just for having kept it open so long in the eventuality of a breakeven stop being hit. I find there are much better instruments that cost a lot less to keep in your longer term portfolio - such as stocks or options or even CFD's.
  • #725
  • Aug 28, 2017 7:14am Aug 28, 2017 7:14am
Quoting WDays
{quote} Hello man, see this post where I explain how to find S/D. (click on the quote to see it in full) {quote} If it doesn't clear it up, let me know. Also, see this example of a tested demand area coming from way back in April this year. {image}
Thanks WDays. Appreciate this a lot. I'll read and study all your previous post where you marked and identify an S&D area. I'll also be looking forward to your future post. I'd like to learn how you identify these levels on the chart.
Patience and Discipline, these are the Holy Grail.
  • #726
  • Aug 28, 2017 10:37am Aug 28, 2017 10:37am
Quoting WDays
{quote} Alright. I expect you read this post here: {quote} If you have, then let me try to shed some light. What we want to do is, based on defining market structure, key levels that may act as support or resistance and supply and demand levels, we want to establish an idea about where price may go next. I believe I've also shown a live example on how I do it. I will try to conjure up another live example soon, because right now it would be a hindsight example that nobody wants to see When you're performing HTF analysis, you want to try...

Thanks man
Will look into it, will give it more Practice

And looking forward to the new video.
  • #727
  • Aug 29, 2017 6:28am Aug 29, 2017 6:28am
Hi All,

I do understand the support and resistance trading, and feel it as one of the best approaches when combined with price action.

I try to trade Daily and 4 hr charts. One thing that confuses me it that we have Daily and 4 hourly Support and Resistances, and we also have similar structures on lower timeframes.

For a a trader of higher timeframe (say daily), how should one deal with S&R on lower timeframes. Should they be ignored, or should we be concerned about them and book profit on them and then take and entry again.

I need an approach that a higher timeframe trader must follow.

Thanks for any help
  • #728
  • Aug 29, 2017 7:02am Aug 29, 2017 7:02am
Quoting maxleecool
Hi All, I do understand the support and resistance trading, and feel it as one of the best approaches when combined with price action. I try to trade Daily and 4 hr charts. One thing that confuses me it that we have Daily and 4 hourly Support and Resistances, and we also have similar structures on lower timeframes. For a a trader of higher timeframe (say daily), how should one deal with S&R on lower timeframes. Should they be ignored, or should we be concerned about them and book profit on them and then take and entry again. I need an approach that...
High time-frames tell you what to do - low time-frames tell you when to do it.
  • #729
  • Aug 30, 2017 4:15am Aug 30, 2017 4:15am
Quoting maxleecool
Hi All, I do understand the support and resistance trading, and feel it as one of the best approaches when combined with price action. I try to trade Daily and 4 hr charts. One thing that confuses me it that we have Daily and 4 hourly Support and Resistances, and we also have similar structures on lower timeframes. For a a trader of higher timeframe (say daily), how should one deal with S&R on lower timeframes. Should they be ignored, or should we be concerned about them and book profit on them and then take and entry again. I need an approach that...
Hello.

Well obviously higher timeframes will be more reliable, but that doesn't mean small tf S/R are to be neglected. Like I said in one of my previous posts, look for the area within the area. Here's an example on USD-CAD :
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  • #730
  • Sep 8, 2017 4:15am Sep 8, 2017 4:15am
Quoting WDays
{quote} Alright. I expect you read this post here: {quote} If you have, then let me try to shed some light. What we want to do is, based on defining market structure, key levels that may act as support or resistance and supply and demand levels, we want to establish an idea about where price may go next. I believe I've also shown a live example on how I do it. I will try to conjure up another live example soon, because right now it would be a hindsight example that nobody wants to see When you're performing HTF analysis, you want to try...
hi WDays!
man I am getting better and better days by day by practicing these method!

now I want to you something regarding the Fibonacci!

do we draw it on the Higher to Lower of the Asian session only before London opens?
  • #731
  • Sep 9, 2017 4:40am Sep 9, 2017 4:40am
Quoting WDays
{quote} Hello. Well obviously higher timeframes will be more reliable, but that doesn't mean small tf S/R are to be neglected. Like I said in one of my previous posts, look for the area within the area. Here's an example on USD-CAD : {image} {image}
WDays,


Firstly thank you so much for sharing your strategy, it takes you a lot of your time and we all should respect you for that !

I hope that I will also be successful like you

Success is my obsession so I will try to be involved in your thread.

Best Regards
  • #732
  • Sep 9, 2017 10:27am Sep 9, 2017 10:27am
Quoting Fxpat2000
{quote} WDays, Firstly thank you so much for sharing your strategy, it takes you a lot of your time and we all should respect you for that ! I hope that I will also be successful like you Success is my obsession so I will try to be involved in your thread. Best Regards
the Guy is the Ish!

highly Respect him!
He gave me something I will never forget!
  • #733
  • Sep 11, 2017 4:31am Sep 11, 2017 4:31am
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  • #734
  • Sep 21, 2017 4:36am Sep 21, 2017 4:36am
Well I've been waiting for a euro drop all week and kept getting stops hit until it finally happened without me on board yesterday. I did get 100 pips on Ucad, though.
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  • #735
  • Sep 21, 2017 11:55am Sep 21, 2017 11:55am
Liquidity filling.
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  • #736
  • Sep 21, 2017 4:57pm Sep 21, 2017 4:57pm
Closing the trade due to unsettling circumstance seen on the daily and m30 charts... tomorrow is a new day.
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  • #737
  • Edited 6:23am Sep 22, 2017 5:47am | Edited 6:23am
I closed manually the bigger part of the position last night and let the rest run to its 40 pip TP.
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  • #738
  • Sep 25, 2017 4:22am Sep 25, 2017 4:22am
Hello
Excuse Can you edit this EA add stop loss
https://drive.google.com/open?id=0B1...2ZvWlVJNFVrWjA
Thank you
ZZZZZZZZZZ
  • #739
  • Sep 25, 2017 6:31am Sep 25, 2017 6:31am
Hi W! What is your thoughts about the Stop Loss? How do you use it?

Its been very hard for me to use a more wide stop loss (psycological effects) but at the end and after lookin to my journal I see that some losses could be winners
  • #740
  • Sep 25, 2017 3:44pm Sep 25, 2017 3:44pm
Trying to understand something here

so i draw my levels on the daily chart, now i'll wait for price to reach those areas, can i not trade off that same daily chart?
when i go to lower time frames, it just gets confusing as i keep saying different patters/trends/candle sticks on lower tfs
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