Hi Tj1,
How many pairs do you watch?
Do you look it from monthly until M1 timeframe for all pairs?
How many pairs do you watch?
Do you look it from monthly until M1 timeframe for all pairs?
RIP RTM
ReadtheMarket - Supply and Demand with Price Action
- #3,625
- Oct 14, 2017 4:55am Oct 14, 2017 4:55am
Hi,
I want to share my failed trades at friday.
Maybe you guys can tell me where i were wrong.
It is AUDUSD chart. I guess there supposed to be at least a bounce?
We engulfed the zone, then price were retracing to QM and at its way up it also made an engulf down.
So QM should hold price at those levels, doesn't it ?
I want to share my failed trades at friday.
Maybe you guys can tell me where i were wrong.
It is AUDUSD chart. I guess there supposed to be at least a bounce?
We engulfed the zone, then price were retracing to QM and at its way up it also made an engulf down.
So QM should hold price at those levels, doesn't it ?
h
- #3,628
- Oct 14, 2017 6:06am Oct 14, 2017 6:06am
Never trade if you dont know what is hapening in Montly chart.....and never trade if you dont know what is hapening in Montly and Weekly chart... and never trade if you dont know what is hapening in Montly Weekly and Daily chart
AUDUSD weekly chart. It seems to me that price is coming to a FL. So on the bigger scale we are moving upwards to a montly/weekly FL.
But on the smaller scale we could expect something in the FL at smaller scale.
Or was all smaller scale FL doomed to fail couse we have a FL of higher scale above these smaller scale FL ?
Or maybe I saw it wrong and it was and engulf upwards?
h
- #3,631
- Oct 16, 2017 5:05pm Oct 16, 2017 5:05pm
Gentlemen, this is a very interesting thread, thank you very much for all the posts. It took me almost 2 weeks to finish reading the entire thread. I have been a student of trading for almost two years, learned everything from Support/Resistance to Elliot Waves to Supply/Demand to Harmonic to Steve Mauro's Market Makers Method. But since recently, looking at IF's and Mertch's charts has been a true revelation to me. I am going to put this method to test on Forextester 3.
Before I start FT3 however, I hope to get a bit help regarding the principle/concept of drawing flag limit (FL). Because from what I have seen so far, the fundamental to everything is to correctly identifying and drawing flag limits. So please allow me to ask a very stupid question, using the following charts:
As you can see from above chart, I consider FL#1 (Green) important because it broke all time high. Then I also consider FL#2 (purple) important because it held price multiple times (see orange circles). And finally, FL#3 (black) is the one that broke FL#2. So next chart, we get a closer look at area around FL#3, below is the WEEKLY chart, notice that I did not draw FL#2 because FL#2 has been removed by FL#3.
Now when I look at FL#3, one question comes to mind: Is FL#3 a reaction to something to the left? So then I try to search for this something, and the only thing I can find is this FL, which I am not sure if is correct:
FL#3 seems to be a reaction to FL#4, but how do we justify the creation of FL#4? The only reason I can find is that FL#4 is created by breaking a Demand zone to the left (D#1) which held price at least twice so I consider it as an important level.
So my question is, can I use D#1 to justify the creation of FL#4? Or I have completely misinterpret the entire RTM concept?
Appreciate any comment/feedback/answer.
Tibetian
(yes, I am indeed from Tibet!)
Before I start FT3 however, I hope to get a bit help regarding the principle/concept of drawing flag limit (FL). Because from what I have seen so far, the fundamental to everything is to correctly identifying and drawing flag limits. So please allow me to ask a very stupid question, using the following charts:
As you can see from above chart, I consider FL#1 (Green) important because it broke all time high. Then I also consider FL#2 (purple) important because it held price multiple times (see orange circles). And finally, FL#3 (black) is the one that broke FL#2. So next chart, we get a closer look at area around FL#3, below is the WEEKLY chart, notice that I did not draw FL#2 because FL#2 has been removed by FL#3.
Now when I look at FL#3, one question comes to mind: Is FL#3 a reaction to something to the left? So then I try to search for this something, and the only thing I can find is this FL, which I am not sure if is correct:
FL#3 seems to be a reaction to FL#4, but how do we justify the creation of FL#4? The only reason I can find is that FL#4 is created by breaking a Demand zone to the left (D#1) which held price at least twice so I consider it as an important level.
So my question is, can I use D#1 to justify the creation of FL#4? Or I have completely misinterpret the entire RTM concept?
Appreciate any comment/feedback/answer.
Tibetian
(yes, I am indeed from Tibet!)
- #3,637
- Oct 20, 2017 3:21am Oct 20, 2017 3:21am
Hi Vinsanity, that sure looks like a QM, but IMHO the MPL is a little higher. Please take a look at my chart below. I use orange boxes to represent FLs that hold price down, and blue boxes to represent FLs that hold price up. Further, I use 'triangle' to represent compression zone. (I know RTM uses dotted lines, but I think dotted line on tradingview looks ugly, so I prefer to use triangle). I didn't draw ALL the FLs that I saw because it will make the chart unreadable. I just use this to highlight the most important part of my thinking:
The HH of your QM broke into the CPAZ, so while I also believe that the engulf you have labeled is a legit one, we need to be prepared and expect price to rally up to make a diamond at the real MPL above.
Best regards
T
The HH of your QM broke into the CPAZ, so while I also believe that the engulf you have labeled is a legit one, we need to be prepared and expect price to rally up to make a diamond at the real MPL above.
Best regards
T
Guys, I've been trying to get a grasp of HTF using RTM methodology. Since I'm mainly focusing on Crude/Brent (btw anyone trading those using RTM approach ? These contract rollovers are messing up the engulfs - just check Tradingview and compare futures feed with CFD). Nevertheless I want to share with you chart with CL continuous contract (I assume the most reliable one) Am I correct with my assumption that we might visit lower levels around 48.xx area ? {image}
- #3,638
- Edited 11:04am Oct 20, 2017 10:21am | Edited 11:04am
Hello IF et al! To say that my journey in trading has been typical is an understatement, although I haven't blown an account yet! My trading has been inconsistently BE, if there's even a term for that. I was a member of RTM when it was a couple of years old and for some reason, it didn't resonate with me. Maybe because of all the homework
. And maybe because I didn't know myself what I was looking for. Now after spending time and money in other trading pursuits, I've found RTM again. Having just read the entire thread, my mind is a little overwhelmed AGAIN! But I think that's a good thing. I seem to have a good sense of where the market wants to go but don't seem to be able to place my stops at the correct level. Does that sound familiar? I could just 'widen(my stops) and reduce(my size)', as the saying goes, but I'm looking to become more professional and consistent. My strength and salvation has been strict money-management techniques. I'm able to hold positions and I'm patient enuf to wait for my setups. But something is still missing. I believe RTM provides a road map of how the market works and how to decipher it. I'm going to try and wrap my head around this stuff on my own for now, but will certainly join RTM again if I feel I need to. Most likely will join if I can generate some profits as I believe in what IF stands for in terms of RTM and PaleBlueDot. There's a HUGE rabbit-hole regarding the banks and the Fed one can go down if you're willing to take the blue pill. That's for another thread, not here on FF.
So I begin my journey down the RTM path AGAIN
Wish me luck!
. And maybe because I didn't know myself what I was looking for. Now after spending time and money in other trading pursuits, I've found RTM again. Having just read the entire thread, my mind is a little overwhelmed AGAIN! But I think that's a good thing. I seem to have a good sense of where the market wants to go but don't seem to be able to place my stops at the correct level. Does that sound familiar? I could just 'widen(my stops) and reduce(my size)', as the saying goes, but I'm looking to become more professional and consistent. My strength and salvation has been strict money-management techniques. I'm able to hold positions and I'm patient enuf to wait for my setups. But something is still missing. I believe RTM provides a road map of how the market works and how to decipher it. I'm going to try and wrap my head around this stuff on my own for now, but will certainly join RTM again if I feel I need to. Most likely will join if I can generate some profits as I believe in what IF stands for in terms of RTM and PaleBlueDot. There's a HUGE rabbit-hole regarding the banks and the Fed one can go down if you're willing to take the blue pill. That's for another thread, not here on FF.So I begin my journey down the RTM path AGAIN
Wish me luck!
Karma is a bitch, so play nice w/her