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  • #4,501
  • Jul 27, 2010 5:19pm Jul 27, 2010 5:19pm
Sho, I am very thankful to you. Your all posts are great all charts are excellent and full of knowledge but your post#2058 in main thread is wonderful.
http://www.forexfactory.com/showpost...postcount=2058
  • #4,502
  • Jul 28, 2010 1:50am Jul 28, 2010 1:50am
Quoting priceaction
EU lost momentum and after a series of lower lows and 2 x IBs, the opportunity to short presented itself.

Often I trail the stops at the other end of the previous 15 min pin but with the volatility seen this week and news out in 45 mins, I played safe and banked 25 pips.

I wasn't quick enough to take a screenshot during the trade so I've added lines below to show the entry and exit points.

Rob
Hi Rob.

It is very humbling to see that you still find the time to help people even tough you are a sucsefull trader yourself.

Thank you very much for keeping this thread a place of learning and encouragement.

I really learn a lot from you.

Keep on posting and may the pips keep following you.

  • #4,503
  • Jul 28, 2010 1:55am Jul 28, 2010 1:55am
Quoting 786 trading
Hi Rob,
First I want to thank you for all your effort. We are learning a lot from you guys. It is a daily EJ chart, Did I spot the demand/supply level correctly?
As price is rejecting on that now so should we consider it as supply level now? Please explain it if I am wrong. I am trying to understand demand/supply level.
Thanks.
Hi 786,

Thanks for your kind words.

With regards to the EJ chart you posted; as AJ mentioned, the likes of Sam Seiden say not to cut through candles and I would have been keeping the red circle (in AJ's chart) in mind as it was previous supply. However, whilst previous supply and demand zones give us clues, they are often broken so it's important to base trades on more than just these areas alone.

If I see momentum and it's heading straight up through a previous supply zone, I will go with it (with care). I want to go where price is "actually going", not where I think it's going. As the old saying goes; "trade what you see, not what you think".

This week we've seen EJ & GU disrespect previous supply levels. It's easy to fall into the trap of getting blinded into the notion that "price will probably reverse because it's approaching a previous supply or demand zone". I prefer to keep these zones in mind and trade between them, but trade off price action itself. Using 15 min bars and Sho's basic method helps me do this with minimal risk.

In earlier years I would put so much faith in extreme levels of support & resistance (I didn't understand supply & demand then) and daily pin bars, that I would allow 100 pip draw-downs. I learned that that was a mug's game and that the most important thing was to minimise risk. There was a Russian guy on Wall Street Warriors who was a very successful day trader. He didn't have a losing month in several years and his advice was; "focus on minimising your risk - your profits will take care of themselves". Even if he only made 1 cent at the end of a month, he never had a losing month, and he was very wealthy. Blown accounts are caused by large losses; not small profits. Heck I'm rambling sorry!

Read Sho's posts on "Zone Attack". Here's one. And his first post in the education thread here.

Also for an excellent description of supply & demand read this by Sam Seiden and if you go to Sho's educational thread, you will find a lot of videos also by Sam Seiden that I posted a while ago. They are all on the most recent page. Spend time studying those to get a better understanding of supply & demand. Sho has also posted many charts which show supply and demand. Take some time and study these too then start plotting them on your charts and observe them.

The important thing to remember is that S & D levels don't predict the future, but they are another tool that we can use to improve our trading edge.

Rob
  • #4,504
  • Jul 28, 2010 2:07am Jul 28, 2010 2:07am
Quoting matlobien
Hi Rob.

It is very humbling to see that you still find the time to help people even tough you are a sucsefull trader yourself.

Thank you very much for keeping this thread a place of learning and encouragement.

I really learn a lot from you.

Keep on posting and may the pips keep following you.

Matt thanks for your note. I'm pleased my posts help.

I still have so much to learn and am learning every day from people like Sho, City and others. I am so very grateful to all these people.

I think it's good that when we have some knowledge that we "pay it forward" (did you see the movie?). Every trader goes on a tough journey and any trader that is still around after a number of years knows how painful that journey can be. Helping people who share similar aspirations (to be a successful trader) is great.

It's funny but when I was younger I was an international champion in sport. I got far more satisfaction out of coaching tomorrow's champions than I did from picking up my own trophies.

Rob
  • #4,505
  • Jul 28, 2010 2:25am Jul 28, 2010 2:25am
Quoting priceaction
Hi 786,

Thanks for your kind words.

With regards to the EJ chart you posted; as AJ mentioned, the likes of Sam Seiden say not to cut through candles and I would have been keeping the red circle (in AJ's chart) in mind as it was previous supply. However, whilst previous supply and demand zones give us clues, they are often broken so it's important to base trades on more than just these areas alone.

If I see momentum and it's heading straight up through a previous supply zone, I will go with it (with care). I want to go where price is "actually...

very nice post, Rob!
You're really hitting the nail on its head..i'm sure Sho will move it to the first thread because of its great educational value for everyone here.. thank you!
  • #4,506
  • Jul 28, 2010 2:39am Jul 28, 2010 2:39am
  •  Xpsb
  • | Joined Mar 2010 | Status: That's a Gate ahead not a Wall | 36 Posts
Quoting Xpsb
Hi Guys,

Having completed reading Sho's...
Quoting 786 trading
Sho, I am very thankful to you. Your all posts are great all charts are excellent and full of knowledge but your post#2058 in main thread is wonderful.
http://www.forexfactory.com/showpost...postcount=2058
Indeed an excellent, insightful review of my trade Sho. Many thanks. Interesting to see how much easier it is to focus on the PA without additional indicators on the chart.
  • #4,507
  • Jul 28, 2010 2:54am Jul 28, 2010 2:54am
Quoting priceaction
Matt thanks for your note. I'm pleased my posts help.

I still have so much to learn and am learning every day from people like Sho, City and others. I am so very grateful to all these people.

I think it's good that when we have some knowledge that we "pay it forward" (did you see the movie?)....
Wise words.

Thanks

  • #4,508
  • Jul 28, 2010 4:18am Jul 28, 2010 4:18am
Quoting priceaction
Matt thanks for your note. I'm pleased my posts help.

I still have so much to learn and am learning every day from people like Sho, City and others. I am so very grateful to all these people.

I think it's good that when we have some knowledge that we "pay it forward" (did you see the movie?). Every trader goes on a tough journey and any trader that is still around after a number of years knows how painful that journey can be. Helping people who share similar aspirations (to be a successful trader) is great.

It's funny but when I was younger...
Hi Rob,
I love sport so I am interesting what sport you have done?Sorry for for little bit of topic guys and girls
FX
  • #4,509
  • Jul 28, 2010 4:20am Jul 28, 2010 4:20am
Quoting priceaction
However, whilst previous supply and demand zones give us clues, they are often broken so it's important to base trades on more than just these areas alone.
I was these days thinking about that. Why do some areas break and others don't. I think an important clue (besides PA) can give use the time of the day, or the session we are in. London tends to break levels more than it respects them, whereas low volume session such as late ny and asian session maybe tend to respect levels more.

So, maybe we don't need as much (or any) PA confirmation during low volume sessions, and a lot of PA confirmation during london.

What do you guys think? would be a great discussion point in my opinion.

cheers
  • #4,510
  • Jul 28, 2010 6:30am Jul 28, 2010 6:30am
Folks,

I'm heading off on a holiday so I wish you all safe and successful trading.

Back online August nine.

Rob
  • #4,511
  • Jul 28, 2010 6:36am Jul 28, 2010 6:36am
Quoting priceaction
Folks,

I'm heading off on a holiday so I wish you all safe and successful trading.

Back online August nine.

Rob
Have an awesome week Rob!
  • #4,512
  • Jul 28, 2010 6:50am Jul 28, 2010 6:50am
Quoting priceaction
Folks,

I'm heading off on a holiday so I wish you all safe and successful trading.

Back online August nine.

Rob
Have a great and safe holiday!!! Have funs!!!
  • #4,513
  • Jul 28, 2010 7:15am Jul 28, 2010 7:15am
Hey guys,

Watch out and dont risk anymore on US pairs.

See you guys later as times to home.

Play safe!!
City
  • #4,514
  • Edited 8:45am Jul 28, 2010 8:28am | Edited 8:45am
Short UJ

UPDATE: Out +9
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-07-28_0927_UJ.png Size: 81 KB
  • #4,515
  • Jul 28, 2010 8:37am Jul 28, 2010 8:37am
Quoting priceaction
Hi 786,

Thanks for your kind words.

With regards to the EJ chart you posted; as AJ mentioned, the likes .....
Thanks Rob, you explained it in very simple way. Have a wonderful vacation.
  • #4,516
  • Jul 28, 2010 10:25am Jul 28, 2010 10:25am
2 short on this, 1st with 11 then quit, could be more!! Not fast enough to closed the 2nd one then negative a bit, got 2nd chance to quit with 5 only. Well that's my play.
Attached Image
  • #4,517
  • Jul 28, 2010 11:37am Jul 28, 2010 11:37am
The 114.000 sure is holding. I think move to the short side may be comming

Quoting Buildcity
2 short on this, 1st with 11 then quit, could be more!! Not fast enough to closed the 2nd one then negative a bit, got 2nd chance to quit with 5 only. Well that's my play.
  • #4,518
  • Jul 28, 2010 11:43am Jul 28, 2010 11:43am
Always wonder whether this moment (NY 12:40 noon) is the lunch break of US market, slow motion................, though I know the London market is closed.
  • #4,519
  • Jul 28, 2010 11:51am Jul 28, 2010 11:51am
Quoting Buildcity
Always wonder whether this moment (NY 12:40 noon) is the lunch break of US market, slow motion................, though I know the London market is closed.
Hey City,

Thanks for your trade timings. Can you shed a little light in terms of the actual trade hours in GMT ?
  • #4,520
  • Jul 28, 2010 11:51am Jul 28, 2010 11:51am
Let see....., but always wait for PA confirmation on this stalling case

Quoting TheRoper
The 114.000 sure is holding. I think move to the short side may be comming
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-07-29_0045_001.png Size: 63 KB
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