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- Joined Jun 2012 | Status: Trader , Analyst and Mentor | 5,189 Posts
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DislikedMGC 3 minute chart The blue rectangle most would agree represents demand. However I would say it representED demand. I don't assume that this area will perform as demand if and when price engages it...no matter how juicy it looks. In the context of a 3 minute chart I consider this "zone" as distant. The brownish-yellow rectangle highlights a "tail". It is not a single bar tail but multi-bar tail. When price took it out to the downside it represented a reversal of bullish effort. It actually represents a swap from demand to supply. Price however...Ignored
Disliked{quote} Awesome thread! Keep it up! So I don't completely understand how did you draw the zones here. Don't you use the 25% of the WRB candle?Ignored
Disliked{quote} Hello Surfac and welcome. I'm not sure I'll be able to answer your question with certainty. Traditionally s/d traders meticulously defined s/d "zones". While I'm not opposed to calling s/d areas "zones" I don't necessarily identify "zones" discretely. I personally use WRBs as markers of of the presence supply/demand. And yes I do draw rectangles from about the upper/lower 1/4 to 1/3 of the WRBs. My rectangles are probably misleading as they may be suggestive of absolute areas to enter. And to be sure my entries are often in the rectangle....Ignored
DislikedThank you for very concise and distilled description of your method. Today is my first trade on EU. Explanation: Red line Supply, pretty old for this TF, so we need to see reaction. Bar 1 - first bearish WRB, let see how it car resist previous bull power (in last big green bar) Bar 2 - bulls reacted, but no progress vs previous one, let see how it goes Slow going down after. Bar 3 - another try to go north, supply base is confirmed Bar 4 - Entering here, after Bar3 was eaten. {image}Ignored
DislikedThanks for your comment, looks like it was not a perfect enter, but damn lucky From my side, I'm trying to remove any subjective part from decision making, thats why I added this white dots on some of the bars with condition like body (close-open, not high-low) of the bar will be bigger vs bodies of last 3 bars. If you don't mind, one more question to your retracement, why it is from last demand (base of bullish WRB), not supply (base of bearish WRB around 1.1895). Previous demand zone was punctured, so should be cancelled, no ?Ignored
DislikedOK here's some food for thought. Forgive me if this is already obvious. Price has moved down big time. A lot of traders who got short are in profit and don't want to lose that profit. Where are their stops? Hmmmm. A stop to protect a sell is a buy. Just something to think about after today's frenzy. {image}Ignored