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ReadtheMarket - Supply and Demand with Price Action

  • #7,781
  • Apr 28, 2023 6:01pm Apr 28, 2023 6:01pm
hope this helps someone
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD.proM15.png Size: 22 KB
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  • #7,782
  • Apr 28, 2023 11:22pm Apr 28, 2023 11:22pm
Quoting slowsteady
hope this helps someone {image}
Definitely it does. Thank you!
  • #7,783
  • Apr 29, 2023 12:22am Apr 29, 2023 12:22am
Quoting slowsteady
hope this helps someone {image}
EU Monthly. Same idea
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.proMonthly.png Size: 19 KB
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  • #7,784
  • Apr 29, 2023 12:33am Apr 29, 2023 12:33am
Quoting slowsteady
{quote} EU Monthly. Same idea {image}
Furthermore
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.proDaily.png Size: 21 KB
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  • #7,785
  • Apr 29, 2023 12:33am Apr 29, 2023 12:33am
Quoting slowsteady
{quote} EU Monthly. Same idea {image}
I would expect price to reach upper QM level and drop.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2023-04-29 at 11.00.04 AM.png Size: 102 KB


But, if we consider the very high scale, price is coming up from a very good QM level, visible in 12 month chart. So price can go up and up breaking all these levels too.
  • #7,786
  • Apr 29, 2023 12:41am Apr 29, 2023 12:41am
Quoting fdx
{quote} I would expect price to reach upper QM level and drop. {image} But, if we consider the very high scale, price is coming up from a very good QM level, visible in 12 month chart. So price can go up and up breaking all these levels too.
Likely. I expect it to continue going up to atleast hit the last high on the Monthly. And I don't see an engulf down.
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  • #7,787
  • Apr 29, 2023 12:59am Apr 29, 2023 12:59am
Quoting slowsteady
{quote} Likely. I expect it to continue going up to atleast hit the last high on the Monthly. And I don't see an engulf down.
Oh ok.. I thought you wanted to mark this as engulf.
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  • #7,788
  • Apr 29, 2023 4:44am Apr 29, 2023 4:44am
Quoting fdx
{quote} Oh ok.. I thought you wanted to mark this as engulf. {image}
My view is that price hits its target there, faked out below the kink and now reversing. I don't see a lower kink that can serve as a target if that is an engulf.
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  • #7,789
  • Apr 29, 2023 6:24pm Apr 29, 2023 6:24pm
Still on EU
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.proM5.png Size: 25 KB
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  • #7,790
  • Apr 30, 2023 7:35am Apr 30, 2023 7:35am
Next week there is FOMC & ECB meeting and then on Friday NFP release too, so very high volatility and lots of fundamental moves, so any tight stops can get broken.
  • #7,791
  • May 1, 2023 5:20am May 1, 2023 5:20am
I would suggest looking for shorts on GBPJPY and CHFJPY, because the Yen moved (too) much last Friday, if you consider having positions before the red news this week.
  • #7,792
  • Edited 5:56am May 1, 2023 5:26am | Edited 5:56am
GBPJPY already came off over 100 pips, so shorting CHFJPY now is more preferable (for me). So I would suggest from monthly chart and 1H chart that somewhere a minor low for 151.25 to 151.50 should be reached in the next days. The stop could be somewhere over the top of 153.40, but this is up to everyone. 6:1 RRR potential.
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  • #7,793
  • Edited 10:13am May 1, 2023 9:46am | Edited 10:13am
It took a bit longer than expected but I think CHFJPY is ready for a drop now. Last chances for a good short entry, if you want to consider positions early this week.
All the Yen pairs are overvalued short term now, my opinion. Even AUDJPY with strong momentum still, GBPJPY is also ready now. But for me CHFJPY is best, then GBPJPY second, then AUDJPY and maybe EURJPY too. So about ca. 1% to drop from here is my base profit target. Then I will take some profits here. I have only a small position here as it is bit risky before the important meeting this week. If anyone could make a full RTM detailed chart on CHFJPY and maybe other Yen symbols, thanks.
  • #7,794
  • May 1, 2023 10:25am May 1, 2023 10:25am
Quoting fdx
{quote} Hi Amart83, Kink is anything which has the following shape. So what you marked is a kink and also FLs are also kinks. {image} One question though.. How do you know that the left FL you have marked is a FL? Price must hit a opposite FL in order for that kink to be a FL
Hi fdx, I follow your posts and know you are familiar with rtm stuff.
Would you elaborate more on your question ("Price must hit a opposite FL in order for that kink to be a FL")?
If possible to draw on Amart83's chart, thank you.
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  • #7,795
  • May 1, 2023 11:15am May 1, 2023 11:15am
Quoting frwrd
{quote} Hi fdx, I follow your posts and know you are familiar with rtm stuff. Would you elaborate more on your question ("Price must hit a opposite FL in order for that kink to be a FL")? If possible to draw on Amart83's chart, thank you. {image}
It is as it is said in the text, it must be V shape that kink and flag is valid, a \ is not enough, it must be \ + / so V in total for a complete kink and other flags here.
  • #7,796
  • May 1, 2023 2:08pm May 1, 2023 2:08pm
Quoting TrAndy1
{quote} It is as it is said in the text, it must be V shape that kink and flag is valid, a \ is not enough, it must be \ + / so V in total for a complete kink and other flags here.
On the picture this kink broke a high and I thought it is considered a flag after that and it is drawn v shape too, as you said.
  • #7,797
  • May 1, 2023 2:30pm May 1, 2023 2:30pm
Quoting frwrd
{quote} On the picture this kink broke a high and I thought it is considered a flag after that and it is drawn v shape too, as you said.
Well you cannot say if kink broke former high by 1 pip or 2 points it is broken, so you need some room for market to have a breath. So I would not be too strict here.
  • #7,798
  • May 1, 2023 9:54pm May 1, 2023 9:54pm
Quoting slowsteady
hope this helps someone {image}
nice and simple. you can also tighten up the entry a bit if you were feeling adventerous (although in this case you'll have to zoom in to make sure)

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RIP RTM - long live Nonsense Trading
  • #7,799
  • May 1, 2023 10:05pm May 1, 2023 10:05pm
Quoting fdx
{quote} I would expect price to reach upper QM level and drop. {image} But, if we consider the very high scale, price is coming up from a very good QM level, visible in 12 month chart. So price can go up and up breaking all these levels too.
i have something similar. although there is a level below that may very well work. The reaction from the bottom has been very strong, might only be good for a bounce. we'll see how it approaches
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Attached Image (click to enlarge)
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RIP RTM - long live Nonsense Trading
  • #7,800
  • May 2, 2023 7:31am May 2, 2023 7:31am
I am already up +2% this month. Started trading today for the hedge fund account and made a daytrade. Hope this month will be an excellent one for me. Let's see.
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