So disheartening to see people who don't invest their life and energy for at least to study the whole material but aspiring to be a trader. Hmm 5% will continue till the market exist no doubt about that.
ReadtheMarket - Supply and Demand with Price Action
- #4,742
- Feb 25, 2019 2:21pm Feb 25, 2019 2:21pm
- Joined Dec 2006 | Status: Backtest is meaningless (to me) | 2,176 Posts
Thanks brother, i did overlook that black level...
it is GJ in 2010
it is GJ in 2010{quote} Hi Charvo , i dont know which year is this. i Marked few things on the chart. If the Eng coming from Red FL , same time it was reacting to the green zone . Thats what i mean {image}
- #4,745
- Edited 4:15pm Feb 25, 2019 3:55pm | Edited 4:15pm
Thanks for participating guys, great responses! I just wanted to highlight one thing in particular but I'll try to incorporate everyone's comments and responses as well. Its great to see everyone going out to the HTF, but this one was tricky, we had to go low =)
As some of you noted, price engulfed down in the HTF (1). We also see some symmetry going on here, and it looks like price may want to go back to at least the QM level. (2) The level higher is a good spot as well for a target (2a), we'll have to watch PA.
Usually we have to be a bit careful going against a strong trend. But as most of you pointed out, we have an engulf of the flip level (3), along with a trick level for entry (4) and ok approach (5). We have a lot going, its worth the risk. I put a pending order right at the mpl/trick level, my target at the qm level (6), and price reacts very strongly to my zone. Ok, everything is great so far.
So then I dig around the pole some more in the m1 and I find what I would consider true supply hiding there (7)! Notice how it's created right after the engulf of the low to the left. (This is why I asked you guys not to use my chart, because it was invisible there) We can also see price bounce off it a couple of times but doesn't break (8). So to me, we have some conflicting signals, and I wouldn't consider it an engulf up. This is what I wanted to highlight, when looking for FLs in poles, always check the LTF for something hidden, even when it looks pretty obvious (like it did here). But I stayed in the trade because I had nice reaction PA, and move my stop down to below the hidden FL and go to bed.
The next morning, we can see price did indeed engulf the hidden FL, but it breaks my entry zone on return. But that's okay because our trade is already closed =). This is somewhat expected since there are more good zones under my entry zone for orders to be picked up (9). We get our first signal that price wants to go up again (10) so I enter long again and go to bed (11). A bit high since we have a nice mpl at the origin (12) (note to self, need to start leaving pending orders in the mpl). I've taken half just in case since i couldn't watch the reaction, and we'll let the rest ride to the QM level, watch PA from there.
As some of you noted, price engulfed down in the HTF (1). We also see some symmetry going on here, and it looks like price may want to go back to at least the QM level. (2) The level higher is a good spot as well for a target (2a), we'll have to watch PA.
Usually we have to be a bit careful going against a strong trend. But as most of you pointed out, we have an engulf of the flip level (3), along with a trick level for entry (4) and ok approach (5). We have a lot going, its worth the risk. I put a pending order right at the mpl/trick level, my target at the qm level (6), and price reacts very strongly to my zone. Ok, everything is great so far.
So then I dig around the pole some more in the m1 and I find what I would consider true supply hiding there (7)! Notice how it's created right after the engulf of the low to the left. (This is why I asked you guys not to use my chart, because it was invisible there) We can also see price bounce off it a couple of times but doesn't break (8). So to me, we have some conflicting signals, and I wouldn't consider it an engulf up. This is what I wanted to highlight, when looking for FLs in poles, always check the LTF for something hidden, even when it looks pretty obvious (like it did here). But I stayed in the trade because I had nice reaction PA, and move my stop down to below the hidden FL and go to bed.
The next morning, we can see price did indeed engulf the hidden FL, but it breaks my entry zone on return. But that's okay because our trade is already closed =). This is somewhat expected since there are more good zones under my entry zone for orders to be picked up (9). We get our first signal that price wants to go up again (10) so I enter long again and go to bed (11). A bit high since we have a nice mpl at the origin (12) (note to self, need to start leaving pending orders in the mpl). I've taken half just in case since i couldn't watch the reaction, and we'll let the rest ride to the QM level, watch PA from there.
RIP RTM - long live Nonsense Trading
{quote} ah sorry, forgot your other questions 2. Correct, if its engulf it should go to at least the next FL, which is also a shoulder level (which you have marked) 3. Hmmm its a bit hard to describe, price was softening coming down then it's almost like a 3drive the way they were pushing price in the m1 into the zone. 4. Mm again i'm not really good at using ignored levels. The QM level looks like an ok spot to enter if we have good approach, although I would pull my stop down lower because it can FO deeper into the original MPL. Same approach...
Yes, the left FL held the price up till it got broken. will watch this one moving....
- #4,751
- Feb 25, 2019 8:46pm Feb 25, 2019 8:46pm
Thanks for participating guys, great responses! I just wanted to highlight one thing in particular but I'll try to incorporate everyone's comments and responses as well. Its great to see everyone going out to the HTF, but this one was tricky, we had to go low =) As some of you noted, price engulfed down in the HTF (1). We also see some symmetry going on here, and it looks like price may want to go back to at least the QM level. (2) The level higher is a good spot as well for a target (2a), we'll have to watch PA. Usually we have to be a bit careful...
By the way i am finished answering the last 3 questions. can you please check my answers out?
Why the FL is significant
Where is the better zone
Where to put target (pink rectangle on the left)
Im not sure if i got them correctly but i couldnt find any other reasons for them.
Ask, and it is given. Every single time, no exceptions.
- #4,752
- Feb 25, 2019 9:08pm Feb 25, 2019 9:08pm
- Joined Dec 2006 | Status: Backtest is meaningless (to me) | 2,176 Posts
No, we owe you!
{quote} You don't worry . I owe you.You will hear me soon when the time comes.
{quote} Thanks a lot Ahdat, those numberings are very helpful! i can clearly understand your story. By the way i am finished answering the last 3 questions. can you please check my answers out? Why the FL is significant {image} Where is the better zone {image} Where to put target (pink rectangle on the left) {image} Im not sure if i got them correctly but i couldnt find any other reasons for them.
Oh you're missing the best question: "There's a reason why your zone was faked out here, Go to the m1 here for further analysis." There's a 60-70R trade in there.
Why the FL is significant
- also check out m15
Where is the better zone
- close, try again. look under your red zone, in the m1. Think about how the ITs can take out your trade.
Where to put target (pink rectangle on the left)
- you already had most of the targets marked up. Now think about why they would be good targets? If you move to lower timeframes, each target will become more obvious. Remember, be tight with your entries, but loose with your targets. Sometimes it seems like we predict our trades 100%. Well, maybe some people can, 99.99% of the traders can't. I certainly can't. I can predict SOME big R trades which high certainty because it just sets up perfectly. But a large majority is alot of trade management. Now think about how you would have traded at each potential target? Would you have closed some to collect some profits? Would you wait for reversal PA first? What would you have looked for exactly? That all depends on you as a trader, find out what works best for you.
RIP RTM - long live Nonsense Trading
- #4,754
- Feb 25, 2019 10:20pm Feb 25, 2019 10:20pm
My next try for the second one (significant FL).
Ah you are right, i completely forgot about that 1 question. Will try to answer the 3 left one by one later.
Im still having difficulties understanding the multi timeframe concept. It is easier when i got the clue on which timeframe to look for. But without guidance i am completely lost trying to figure out which TF i should look next. Example: okay there is an FL on H4 that is engulfed, but apparently there is an M1 FL lurking above the H4 FL. Do i have to mark every FLs down to the M1? i tried that once but then it got very crowded and confusing?
Ah you are right, i completely forgot about that 1 question. Will try to answer the 3 left one by one later.
Im still having difficulties understanding the multi timeframe concept. It is easier when i got the clue on which timeframe to look for. But without guidance i am completely lost trying to figure out which TF i should look next. Example: okay there is an FL on H4 that is engulfed, but apparently there is an M1 FL lurking above the H4 FL. Do i have to mark every FLs down to the M1? i tried that once but then it got very crowded and confusing?
{quote} Hey bud, some notes for you: Oh you're missing the best question: "There's a reason why your zone was faked out here, Go to the m1 here for further analysis." There's a 60-70R trade in there. Why the FL is significant - also check out m15 Where is the better zone - close, try again. look under your red zone, in the m1. Think about how the ITs can take out your trade. Where to put target (pink rectangle on the left) - you already had most of the targets marked up. Now think about why they would be good targets? If you move to lower timeframes,...
Ask, and it is given. Every single time, no exceptions.
My next try for the second one (significant FL). Ah you are right, i completely forgot about that 1 question. Will try to answer the 3 left one by one later. Im still having difficulties understanding the multi timeframe concept. It is easier when i got the clue on which timeframe to look for. But without guidance i am completely lost trying to figure out which TF i should look next. Example: okay there is an FL on H4 that is engulfed, but apparently there is an M1 FL lurking above the H4 FL. Do i have to mark every FLs down to the M1? i tried that...
Yea working between tf's is one of the most difficult things to learn in rtm. It took me a very long time to get the hang of it, and this is with the help of journals. Hmm i'm wondering if i'm make things more confusing for you by doing this at this stage.
RIP RTM - long live Nonsense Trading
{quote} bro i actually considered that FL before going with the final answer! but i cannot see what that FL do, it does not remove any other FL nor R/S, even though i noticed that it held price strongly after so many touch, thats why i thought maybe there is some other explanation to it. I think im still very weak determining FLs even on 1 TF. No, you are not confusing me, but i guess this is too high leveled for me now. i would like to practice marking FLs correctly on 1 TF first. is this possible? then maybe i can work my way up marking LTF and...
Hmm its definately worth a practice but in the long run I think actually starting high and going down is easier, because you'll know what to look for. There are things all over the m1, and if you don't have a HTF guide, then its hard to tell what is important and what is not.
RIP RTM - long live Nonsense Trading
{quote} bro i actually considered that FL before going with the final answer! but i cannot see what that FL do, it does not remove any other FL nor R/S, even though i noticed that it held price strongly after so many touch, thats why i thought maybe there is some other explanation to it. I think im still very weak determining FLs even on 1 TF. No, you are not confusing me, but i guess this is too high leveled for me now. i would like to practice marking FLs correctly on 1 TF first. is this possible? then maybe i can work my way up marking LTF and...
RIP RTM - long live Nonsense Trading
- #4,759
- Feb 26, 2019 12:50am Feb 26, 2019 12:50am
{quote} here's a quick flip exercise. remember that the last FL before price reverses is usually pretty important flip FL. go ahead flip this one through and watch what happens to price. Start at the blue box. {image}
Thanks for the exercise, bro. Price now between the trick zone and upper FLs.
Ask, and it is given. Every single time, no exceptions.