Looks like a nice pullback on the NZDUSD, see how it turns out.
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(binned per thread starter’s request) Supply and Demand, Price
- #363
- Feb 12, 2021 12:16pm Feb 12, 2021 12:16pm
Two trades today. the first, of opportunity with a large batch, up to sma 200 in both TP. 1.5 pts.
The second, while the 1h general view was downtrend, when he bounced off the 200, then ranged, and canceled the bearish power, we were long, by 5pts.
In the charts I try to present the logic behind the trade. TF 5M and 3M
Greetings.
The second, while the 1h general view was downtrend, when he bounced off the 200, then ranged, and canceled the bearish power, we were long, by 5pts.
In the charts I try to present the logic behind the trade. TF 5M and 3M
Greetings.
- #365
- Feb 14, 2021 4:06pm Feb 14, 2021 4:06pm
- Joined Mar 2009 | Status: Hobby Trader | 4,477 Posts
Looks like a nice pullback on the NZDUSD, see how it turns out. {image}
In the chart below the "big" trend swings are marked with green. As one can see there are smaller trends/swings marked off in different colors.
The red trend lines show the big swings in the big green trend and roughly measure the size of the big green swings.
When price falls away dramatically creating supply and then returns dramatically one must be cautious in assuming that the supply will again behave as supply. In this case some kind of confirmation will save the frustration of having price blow through as it did here.
Here is an example from my Friday trading. I trade GBPUSD around the US open - the vertical brown line is when I start looking at charts. Here is what I saw:
1. Preceding market structure showed a down-trend (LH/LL). At around 14:00 on my chart (7 am EST) it looked like a higher low had formed (HL#1) and this was a signal that the trend may be reversing. Price formed a new structure high at 14:45 (7:45 am EST) which was a confirmation of the change in trend.
2. Then I wait for a price retracement and the next higher low (HL#2 in this case).
3. A WRB formed at 15:45 (8:45 EST), on a very bullish candle. The first entry opportunity was the second candle after the WRB when priced touched the 50% edge of the WRB (note: I use 50% and not 30% like Winston).
4. A WRB Gap formed at 16:30 (9:30 EST). The second entry was on the first (or third) candle after the WRB Gap again when price touched the Gap. (note: for WRB Gap candles I may use the gap as my zone, especially if the candle and gap are large).
5. Both these trades yielded 3:1. (I put my SL beneath the WRB and WRB Gap zone).
So I, map market structure, read price action and use WRB and WRB gap candles as zones for entry, usually on the next few candles.
Hope that helps. 
1. Preceding market structure showed a down-trend (LH/LL). At around 14:00 on my chart (7 am EST) it looked like a higher low had formed (HL#1) and this was a signal that the trend may be reversing. Price formed a new structure high at 14:45 (7:45 am EST) which was a confirmation of the change in trend.
2. Then I wait for a price retracement and the next higher low (HL#2 in this case).
3. A WRB formed at 15:45 (8:45 EST), on a very bullish candle. The first entry opportunity was the second candle after the WRB when priced touched the 50% edge of the WRB (note: I use 50% and not 30% like Winston).
4. A WRB Gap formed at 16:30 (9:30 EST). The second entry was on the first (or third) candle after the WRB Gap again when price touched the Gap. (note: for WRB Gap candles I may use the gap as my zone, especially if the candle and gap are large).
5. Both these trades yielded 3:1. (I put my SL beneath the WRB and WRB Gap zone).
So I, map market structure, read price action and use WRB and WRB gap candles as zones for entry, usually on the next few candles.
Hope that helps.
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- #373
- Feb 15, 2021 7:27pm Feb 15, 2021 7:27pm
- Joined Mar 2009 | Status: Hobby Trader | 4,477 Posts
Follow up of a trade I posted on the website earlier.
- #375
- Edited 6:56am Feb 16, 2021 6:40am | Edited 6:56am
- Joined Mar 2009 | Status: Hobby Trader | 4,477 Posts
- #378
- Feb 18, 2021 3:03pm Feb 18, 2021 3:03pm
- Joined Mar 2009 | Status: Hobby Trader | 4,477 Posts
I missed this for a few pips, but I wanted to confirm how important RR 1:3 is (as Winston keeps telling us). Of course the price could easily drop further but personally I prefer not to risk too much. {image}
I like how this pair is trending.
