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ReadtheMarket - Supply and Demand with Price Action

  • #4,221
  • Jun 19, 2018 10:27pm Jun 19, 2018 10:27pm
Quoting hendzwoter
Hi mica, If I already bought there. So it just found it's first target. Can't think more. And I am not 3 Drives believer. But may be the price will reverse there so take a half then {image}
Hendz,

It has reached a legit target, however it has no signal to tell you to exit yet. For now all it can tell it has violated that left flag.
When checking 30 min on the current level, obviously a base is forming.
Would look at how it behaves. A drop from the base would not necessarily bring you out, unless it is confirmed
Attached Image (click to enlarge)
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  • #4,222
  • Jun 19, 2018 11:27pm Jun 19, 2018 11:27pm
Quoting mica
{quote} Hendz, It has reached a legit target, however it has no signal to tell you to exit yet. For now all it can tell it has violated that left flag. When checking 30 min on the current level, obviously a base is forming. Would look at how it behaves. A drop from the base would not necessarily bring you out, unless it is confirmed {image}
Yeah. Just same as your thinking.
It's first target so cut a half as usual.
RIP RTM
  • #4,223
  • Jun 21, 2018 1:09am Jun 21, 2018 1:09am
Ummm....
May be this
Attached Image (click to enlarge)
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RIP RTM
  • #4,224
  • Jun 21, 2018 11:28am Jun 21, 2018 11:28am
Monthly chart is up
Weekly chart is up
Therefore on daily, I entered on the 2 demand zones formed. Both times it resulted in loss. Please help me out with this.
Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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  • #4,225
  • Jun 21, 2018 11:45am Jun 21, 2018 11:45am
Sorry.
I don't know how to help you.

But.
First the engulf south was found it's target already. So there is 50% chance price will go north.
Second look left. If this is DM you are okay. If this QM. I don't know.

I guess you are not RTMer ......
RIP RTM
  • #4,226
  • Jun 21, 2018 12:21pm Jun 21, 2018 12:21pm
Thanks Hendzwoter for the reply

Not sure if it is an engulfing candle since the close of the candle was not below the top green candle (Only the open was above the green of the candle). Please let me know if that is correct.

What is DM & QM ?

Yes bro, I am not a RTMer, though I am trying to level best to learn demand and supply trading.

Thanks for the help
  • #4,227
  • Jun 21, 2018 2:54pm Jun 21, 2018 2:54pm
Quoting hendzwoter
Hi mica, If I already bought there. So it just found it's first target. Can't think more. And I am not 3 Drives believer. But may be the price will reverse there so take a half then {image}
Gents, may I contribute to this post?

I'm actually trading the pull back off a key weekly level, which is also supported by News due Friday afternoon.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD_weekly_21June2018.PNG Size: 41 KB
Trade Safe!
  • #4,228
  • Jun 21, 2018 7:42pm Jun 21, 2018 7:42pm
Quoting fxinvestfund
{quote} Gents, may I contribute to this post? I'm actually trading the pull back off a key weekly level, which is also supported by News due Friday afternoon. {image}
Absolutely, fxin. It is weekly key level. There must be some heavy movement at those levels.
Can you please mark your chart why you made sell at what point? I tend to buy/sell when there is confirmation, because at key level, the price might behave violently and make me nervous. As per last trade, my buy position is still open almost for a month, so far I don't see confirmation to get out. I also have 1.33864 on my watch list.
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  • #4,229
  • Jun 21, 2018 10:46pm Jun 21, 2018 10:46pm
Quoting mica
{quote} Absolutely, fxin. It is weekly key level. There must be some heavy movement at those levels. Can you please mark your chart why you made sell at what point?
Okay cool - Looking at the Weekly you will notice a previous sell-off occurred from this level, so my basic thinking tells me that the buyers will careful to push price beyond this level quickly unless driven by economic conditions, which it is not. In fact, the news due for today favor a bearish move on this pair. Dropping down to the Daily it will become more clear that this is a sell for the day. The Hourly charts are to noisy so I don't look at them for entries, but will use them for fine tuning my SL sometimes.

Then we have to assume that anything can happen during the news release later hence the SL, which I will move to BE once I'm 30 or 40 pips in profit. My guess is if the news favor CAD it might push the price down to the lower Daily Support just below 1.32000...
Attached Image(s) (click to enlarge)
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Trade Safe!
  • #4,230
  • Jun 22, 2018 1:02am Jun 22, 2018 1:02am
in long term it may go for completing 3rd Impulse wave
Attached Image (click to enlarge)
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  • #4,231
  • Jun 22, 2018 7:40pm Jun 22, 2018 7:40pm
Quoting fxinvestfund
{quote} Okay cool - Looking at the Weekly you will notice a previous sell-off occurred from this level, so my basic thinking tells me that the buyers will careful to push price beyond this level quickly unless driven by economic conditions, which it is not. In fact, the news due for today favor a bearish move on this pair. Dropping down to the Daily it will become more clear that this is a sell for the day. The Hourly charts are to noisy so I don't look at them for entries, but will use them for fine tuning my SL sometimes. Then we have to assume...
Thanks, fxin. will keep watching the levels.
  • #4,232
  • Jun 22, 2018 7:40pm Jun 22, 2018 7:40pm
Quoting quantom238
in long term it may go for completing 3rd Impulse wave {image}
Right. Something is cooking at this level
  • #4,233
  • Jun 22, 2018 7:46pm Jun 22, 2018 7:46pm
Today, USD/CAD position all closed.
- watching 1.33864 level ( should not be a line, but a range) and price did a typical behaver to shake out sell first then buys - broke down the last base it created
- time to close buy position
- without any indication and confirmation, will stay put or even better stay away from screen for one day or two
Attached Image (click to enlarge)
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  • #4,234
  • Jun 26, 2018 1:00pm Jun 26, 2018 1:00pm
Questioning myself why RTMer do touch trading?? Is it worth it?
RIP RTM
  • #4,235
  • Jun 27, 2018 11:19pm Jun 27, 2018 11:19pm
Quoting hendzwoter
Questioning myself why RTMer do touch trading?? Is it worth it?
Hendz,

Can you please show a chart where you intend to touch and explain why so?
In my oppinion and observations, touch is actually doable, but has to be watched closely to be able to cut loss if price goes against you. Here is E/U trade still running;

- they were failed touches, even if it turns into a winning trade with huge draw down and extremely painful watch - so called max pain what came true

So with confirmation, it is more comfortable and confidant
Attached Image (click to enlarge)
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  • #4,236
  • Jun 27, 2018 11:39pm Jun 27, 2018 11:39pm
now use usd/gbp as an example for touch trade and why confirmation is good
still running and no sign to exit
Attached Image(s) (click to enlarge)
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  • #4,237
  • Jun 27, 2018 11:42pm Jun 27, 2018 11:42pm
Hi mica,
I guess IF's methodology is getting fine tuned time by time.
It's just makes me confused.
But if my understanding has been prove well. I will show it right on the chart.

I still trying and seeking.
RIP RTM
  • #4,238
  • Jun 27, 2018 11:45pm Jun 27, 2018 11:45pm
Quoting mica
now use usd/gbp as an example for touch trade and why confirmation is good still running and no sign to exit {image} {image}
I like this....
RIP RTM
  • #4,239
  • Jun 28, 2018 1:56am Jun 28, 2018 1:56am
I don't know Mica,
Somehow you teach me how to touch trade even you give me charts that not what it is.

But I already blown my account LOL.

May be next time when I trade live account again.

I will post charts someday
RIP RTM
  • #4,240
  • Jun 28, 2018 2:45am Jun 28, 2018 2:45am
Flag limit in EURUSD 1 mint has failed right ?
Attached Image (click to enlarge)
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