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Up and under price pattern

  • #3,321
  • Nov 9, 2020 2:57am Nov 9, 2020 2:57am
Quoting tommydoginti
{quote} If I were you and had checked the chart sometime during the second right dotted line, and saw a retest close to QM zone and not hitting my order (the last spike up before your entry), I would have cancelled the order and waited for the next opportunity. Sometime the retests are not going back to QM zone, and still the QM zone should be considered “voided” as the price are more likely not respecting the level again. Its my observation
Thanks Tommy, i will include this filter in future.
  • #3,322
  • Nov 9, 2020 2:58am Nov 9, 2020 2:58am
Quoting Inthebox
{quote} general sharing of opinion. the following does not concern pending trades (as one unable to see any price action). if there is h1 red candle reaction to qm zone, take note of size of candle, whether engulf, pin, 3 bar reversal, etc ....... i can only see 2 red candles. go to m5 or m15 and wait for pullback. then apply following filters for entry: upward sloping trend line break, and/or macd or rsi below zero or 50 line. i reckon that the filters would have kept out any selling trades. {image}
Thanks Inthebox, do you take entry using the supply zone in M5/M15 when price pulls back to them?
  • #3,323
  • Nov 9, 2020 4:05am Nov 9, 2020 4:05am
Quoting rmchokku
{quote} Thanks Inthebox, do you take entry using the supply zone in M5/M15 when price pulls back to them?
at any higher time frame support/resistance, supply/demand, quasimodo, first/second time back, double/triple top, etc etc .......
these are just locations marked out to take our trades. just like getting properties, most important is location, location, location.
of course success is greater with trend. upon seeing a good size candle reaction, switch to

lower time frame and watch the pullback, using filters to gauge when it ends.

that's in a nutshell for my trading.

i think you are using pending orders, not able to watch price action. in that case, better to use monthly, weekly and daily charts.
ITB - Seeing Orderliness amongst 'Randomness'
  • #3,324
  • Nov 9, 2020 4:12am Nov 9, 2020 4:12am
Quoting Inthebox
{quote} at any higher time frame support/resistance, supply/demand, quasimodo, first/second time back, double/triple top, etc etc ....... these are just locations marked out to take our trades. just like getting properties, most important is location, location, location. of course success is greater with trend. upon seeing a good size candle reaction, switch to lower time frame and watch the pullback, using filters to gauge when it ends. that's in a nutshell for my trading. i think you are using pending orders, not able to watch price action. in...
I select higher timeframe zone (currently H1, H4), look for QM within the zone and going for limit entry. As of now, I'm not taking a entry based on lower timeframes once price arrives to the Zone. Since the trades are being looked at in higher timeframe zone, it mostly ends up as counter trend but location wise its good.
  • #3,325
  • Nov 9, 2020 4:21am Nov 9, 2020 4:21am
Quoting rmchokku
{quote} I select higher timeframe zone (currently H1, H4), look for QM within the zone and going for limit entry. As of now, I'm not taking a entry based on lower timeframes once price arrives to the Zone. Since the trades are being looked at in higher timeframe zone, it mostly ends up as counter trend but location wise its good.
if your trade taken below d1, do you do set and forget trade?
or watch the candles every hour close?
only then one will know when to get out or continue by knowing h1 candle reaction.
ITB - Seeing Orderliness amongst 'Randomness'
  • #3,326
  • Nov 9, 2020 4:59am Nov 9, 2020 4:59am
Quoting Inthebox
{quote} if your trade taken below d1, do you do set and forget trade? or watch the candles every hour close? only then one will know when to get out or continue by knowing h1 candle reaction.
I couldn't interpret your question fully but how i'm approaching QM setup is given below;

I select a higher timeframe zone is based on strong buying or selling that occurred. I drill down the same zone in lower timeframe to see whether there was a fresh QM present within it. All these happen even before price return back to the zone. If there is a fresh QM, a limit order is placed.

However, if the higher timeframe zone is too big, then i await a new QM to be formed in lower timeframe and take an entry based on that.
  • #3,327
  • Nov 9, 2020 5:13am Nov 9, 2020 5:13am
Quoting rmchokku
{quote} I couldn't interpret your question fully but how i'm approaching QM setup is given below; I select a higher timeframe zone is based on strong buying or selling that occurred. I drill down the same zone in lower timeframe to see whether there was a fresh QM present within it. All these happen even before price return back to the zone. If there is a fresh QM, a limit order is placed. However, if the higher timeframe zone is too big, then i await a new QM to be formed in lower timeframe and take an entry based on that.
what i mean is do you still monitor your trade from entry onwards till end or on every one hour monitor once or you do not move your stop loss or take profit?
in the latter case, it's set the entry TP SL and forget about the whole thing until either SL or TP is hit.
ITB - Seeing Orderliness amongst 'Randomness'
  • #3,328
  • Nov 9, 2020 7:17am Nov 9, 2020 7:17am
Quoting Inthebox
{quote} what i mean is do you still monitor your trade from entry onwards till end or on every one hour monitor once or you do not move your stop loss or take profit? in the latter case, it's set the entry TP SL and forget about the whole thing until either SL or TP is hit.
I currently manage the trade after it achieves 1:1. I aim for 1:2 in trades. Until 1:1, I set & leave the SL and TP as it is. However, this discipline gets violated at times.
  • #3,329
  • Nov 9, 2020 7:51am Nov 9, 2020 7:51am
from asian session.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #3,330
  • Nov 9, 2020 8:10am Nov 9, 2020 8:10am
Quoting Inthebox
from asian session. {image}
Dow Jones pierced through the Bearish QM in Daily chart, leaving the trap traders trapped! https://www.tradingview.com/x/dtnGIs1Q/
  • #3,331
  • Nov 9, 2020 8:42am Nov 9, 2020 8:42am
Quoting rmchokku
{quote} Dow Jones pierced through the Bearish QM in Daily chart, leaving the trap traders trapped! https://www.tradingview.com/x/dtnGIs1Q/
something to watch out for.
if this week candle ends up as a pin bar, means that candle has smaller body than previous week. momentum is slowing down.
if trend line broken along with support, means that there will be double bearish divergence. it's probably time to get out of equities.
Attached Image
ITB - Seeing Orderliness amongst 'Randomness'
  • #3,332
  • Nov 9, 2020 9:33pm Nov 9, 2020 9:33pm
Gold, H4 Bearish QM:
Having price tested the traditional supply zone that was close to the QM zone, is this short-sell trade from QM Zone to be put aside? https://www.tradingview.com/x/ZoSMTcLn/
  • #3,333
  • Nov 9, 2020 10:24pm Nov 9, 2020 10:24pm
One win One Miss One loss yesterday.

I place limit orders and TP at nearest swing, middle of wicks. Can't be too greedy as I don't manage the trades if they are in. As long as >1:1 I would place them. Lazy me hah!

And yes I miss a lot of QMs as you may spot in my charts, mostly due to too lazy to check chart frequently. But overall I am in profit in this strategy and I am happy with it. There are always chances in the market.

~+0.15% yesterday. Small wins are better than loss.

GU: If the retest did not reach QM zone, I just cancel the orders. In hindsight I think those zones had >50% chance not being respected and would be lost trades if I stayed. Not greedy means lower RR but more peace of mind (~1.15 R after spread)
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GJ: Who would expect the JPY tanked that suddenly and GJ exploded up? -1R.
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  • #3,334
  • Nov 10, 2020 1:18am Nov 10, 2020 1:18am
This is QM
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  • #3,335
  • Nov 10, 2020 5:40am Nov 10, 2020 5:40am
Quoting rmchokku
Gold, H4 Bearish QM: Having price tested the traditional supply zone that was close to the QM zone, is this short-sell trade from QM Zone to be put aside? https://www.tradingview.com/x/ZoSMTcLn/
d1 might help to see better..
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ITB - Seeing Orderliness amongst 'Randomness'
  • #3,336
  • Nov 10, 2020 5:47am Nov 10, 2020 5:47am
quasimodo pattern as a zone, not a line.

https://forums.babypips.com/t/the-quasimodo-zone/229605
ITB - Seeing Orderliness amongst 'Randomness'
  • #3,337
  • Nov 10, 2020 6:18am Nov 10, 2020 6:18am
example of m5 qm with h4 supply zone.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #3,338
  • Nov 10, 2020 8:14am Nov 10, 2020 8:14am
Aww my sell limit order missed the QM retest by <1pip!!

Could have hit TP in 30min and got >1.5R after spread. But it is what it is, just move on.
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I just started adapting this strategy since mid Oct, and is forward testing with demo and/or TradingView chart. So far with 5 pairs spotted and "traded" ~38 times. Win rate is 60% with +10R in total. I hope I have found a strategy for my manual trading with minimal chart check.
  • #3,339
  • Nov 10, 2020 8:44am Nov 10, 2020 8:44am
Quoting Inthebox
quasimodo pattern as a zone, not a line. https://forums.babypips.com/t/the-quasimodo-zone/229605
Thanks Inthebox, interesting perspective that i need to work on. i was drawing it as a distance between High to Higher High or Low to Lower Low. It offers tight SL but then it leads to missed trades and also SL hits especially when price already reacted from the body to wick area (i.e. when QM drawing is little extended to be like traditional zone).
  • #3,340
  • Nov 10, 2020 4:09pm Nov 10, 2020 4:09pm
what do you think?
Attached Image
ITB - Seeing Orderliness amongst 'Randomness'
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