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Price is everything

  • #15,861
  • Apr 14, 2011 7:23am Apr 14, 2011 7:23am
I have been recently messing with and using trend lines and diagonals with different currencies and found them remarkably accurate...especially on breaks and retests in combination with MAs and supply/demand zones...does anyone know what causes them to work...is it because millions of people use them and react to it or is there some underlying concept?

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  • #15,862
  • Apr 14, 2011 7:28am Apr 14, 2011 7:28am
Quoting Ifmyante
Let's hope I did something right today
Stopped for a few pips profit

Trying to break the RN, ignored my exit signal.

Trying to keep all trades tight today though, as I'm not on top form
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  • #15,863
  • Apr 14, 2011 7:34am Apr 14, 2011 7:34am
doesn't matter.. profit is profit

give nothing back..

Quoting Ifmyante
Stopped for a few pips profit

Trying to break the RN, ignored my exit signal.

Trying to keep all trades tight today though, as I'm not on top form
  • #15,864
  • Apr 14, 2011 7:35am Apr 14, 2011 7:35am
Quoting BrunargarFx
Hi guys

Needless to say I followed my thoughts and shorted this. closed at 1.63 and shorted again at 1.632.
Anybody looking at gu now?
B, just my cents. In my opinion GU has turn from bear into bull again as h4 already closes above 20 and 50 sma. It is okay for a short scalp. I would be looking for long at 627-628 area or above supply 637 area
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  • #15,865
  • Apr 14, 2011 7:44am Apr 14, 2011 7:44am
Quoting nebuman213
I have been recently messing with and using trend lines and diagonals with different currencies and found them remarkably accurate...especially on breaks and retests in combination with MAs and supply/demand zones...does anyone know what causes them to work...is it because millions of people use them and react to it or is there some underlying concept?

http://img146.imageshack.us/img146/5493/euj2.gif

Uploaded with ImageShack.us


its a huge subject what you have just asked - but if you take it from a supply demand concept - a down trendline will ONLY BE RESPECTED IF ON THE LEFT YOU CAN IDENTIFY A SUPPLY CLUSTER, its not the trendline that turns price its the inbalance of sellers to buyers


for example, lets say you had a supply cluster on the left - but you removed it from the charts so there is no supply cluster now - no trendline will turn price @ that level because there is no indication sellers exceed buyers ........ the trendline happens to just fit, its quite amazing really but you will see if you look to the left WHY PRICES TURNED - there will be some demand or supply reason, news can screw it up from time to time. Many times a trendline will get whipsawed before it turns because prices have not reached the supply or demand level .. look hard enough through the tfs and you will see why prices turn when they do, its profound stuff and never ceases to surprise me how it can be constructed in this manner - recently been studying fib price coupled with fib time and thats just profound too, not only does price create geometry but takes a certain time to do it too, just off the wall stuff
  • #15,866
  • Apr 14, 2011 7:49am Apr 14, 2011 7:49am
Quoting redsword11
its a huge subject what you have just asked - but if you take it from a supply demand concept - a down trendline will ONLY BE RESPECTED IF ON THE LEFT YOU CAN IDENTIFY A SUPPLY CLUSTER, its not the trendline that turns price its the inbalance of sellers to buyers


for example, lets say you had a supply cluster on the left - but you removed it from the charts so there is no supply cluster now - no trendline will turn price @ that level because there is no indication sellers exceed buyers ........ the trendline happens to just fit, its quite amazing...

Ahh that reply was simple...of course sellers must exceed buyers or vice versa for price to reverse. It is quite amazing how the levels very often coincide with these trend lines. The price geometry stuff you have talked about in the past posts is quite interesting too...I have tried to look into that myself but don't have the necessary skills to go in depth with it lol. I will stick with this stuff for now though since it works like a machine!

Thanks for your response!
  • #15,867
  • Apr 14, 2011 7:50am Apr 14, 2011 7:50am
What I see on AU
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  • #15,868
  • Apr 14, 2011 8:01am Apr 14, 2011 8:01am
great explanation red. i was playing lately with a new trick. i don't know why it works (more of a warning actually), it probably has something to do with s/d as well.....

so if you draw trendlines, it doesn't matter up/down/sideways (and they don't have to be from absolute highs/lows... you can take the wicks out) that have been touched THREE times (not two, three is critical for this)... then you take the intersection of any two of them and that is a POTENTIAL turn in the market. Again, i don't trade them, just use them as a warning....

here's a chart. see the vertical lines....


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Quoting redsword11
its a huge subject what you have just asked - but if you take it from a supply demand concept - a down trendline will ONLY BE RESPECTED IF ON THE LEFT YOU CAN IDENTIFY A SUPPLY CLUSTER, its not the trendline that turns price its the inbalance of sellers to buyers


for example, lets say you had a supply cluster on the left - but you removed it from the charts so there is no supply cluster now - no trendline will turn price @ that level because there is no indication sellers exceed buyers ........ the trendline happens to just fit, its quite amazing...
  • #15,869
  • Apr 14, 2011 8:06am Apr 14, 2011 8:06am
Quoting attila

so if you draw trendlines, it doesn't matter up/down/sideways


Attachment
Might work really well

But I almost contracted epilepsy from your chart
  • #15,870
  • Apr 14, 2011 8:11am Apr 14, 2011 8:11am
Shorted at 135.912...i'm just scalping..few pips with high leverage at almost confirmed 5 pips turning area...only with ecn broker you can do this.
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  • #15,871
  • Apr 14, 2011 8:11am Apr 14, 2011 8:11am
Quoting attila
great explanation red. i was playing lately with a new trick. i don't know why it works (more of a warning actually), it probably has something to do with s/d as well.....

so if you draw trendlines, it doesn't matter up/down/sideways (and they don't have to be from absolute highs/lows... you can take the wicks out) that have been touched THREE times (not two, three is critical for this)... then you take the intersection of any two of them and that is a POTENTIAL turn in the market. Again, i don't trade them, just use them as a warning....

here's...

yes - it can get to a level that as traders the closer we look we get more profound - but simply put


DEMAND ZONE ANY PAIR ANY TF - PRICES CAN NOT RALLY WITHOUT BULLISH ENGUILFING OF SOME MANNER, LETS SAY YOU SAY A 30MIN HAMMER, ON LOWER TFS THAT WILL BE CONSTRUCTED OF BULLISH ENGUILFING ....... BUT THERES THE THING, MAKE SURE WHAT CONSTRUCTS THAT HAMMER IS NOT COMPRESSED RALLIES ON LOWER TFS - WILL FAIL


SUPPLY ZONE ANY PAIR ANY TF - PRICES CAN NOT DROP WITHOUT BEARISH ENGUILFING OF SOME MANNER



......... the charts and tfs described - a single peice of thread and create a complete piece of cloth when weaved in the right manner .......
  • #15,872
  • Apr 14, 2011 8:13am Apr 14, 2011 8:13am
Quoting Ifmyante
Might work really well

But I almost contracted epilepsy from your chart
hahaha. i'm sure you would collapse if you saw my other charts. not the s/d, the s/r ones....
  • #15,873
  • Apr 14, 2011 8:14am Apr 14, 2011 8:14am
Only now i know that eur dollar moves snail slow when compared to gbpjpy
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  • #15,874
  • Apr 14, 2011 8:20am Apr 14, 2011 8:20am
Quoting redsword11
ON LOWER TFS THAT WILL BE CONSTRUCTED OF BULLISH ENGUILFING ....... BUT THERES THE THING, MAKE SURE WHAT CONSTRUCTS THAT HAMMER IS NOT COMPRESSED RALLIES ON LOWER TFS - WILL FAIL
in an up trend, for a turn.....

just wanna make sure i get it right.... you mean the hammer (or some other bearish candle) on a higher TF should be constructed from a bearish engulfing/and not compressed rallies on a lower TF to be valid?

i think it's right. thanks.
  • #15,875
  • Apr 14, 2011 8:25am Apr 14, 2011 8:25am
Point and figure charts remove the time ellement out of trendlines. Amazing how they often work out, and formed off of support and resistance or supply and demand only.

Note the false sell signal at demand in the chart sucking sellers in, only to be reversed shortly after. That's why I ignore sell signals at support/demand.

Closed half of this trade 1.44296.
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  • #15,876
  • Apr 14, 2011 8:25am Apr 14, 2011 8:25am
Quoting redsword11
yes - it can get to a level that as traders the closer we look we get more profound - but simply put


DEMAND ZONE ANY PAIR ANY TF - PRICES CAN NOT RALLY WITHOUT BULLISH ENGUILFING OF SOME MANNER, LETS SAY YOU SAY A 30MIN HAMMER, ON LOWER TFS THAT WILL BE CONSTRUCTED OF BULLISH ENGUILFING ....... BUT THERES THE THING, MAKE SURE WHAT CONSTRUCTS THAT HAMMER IS NOT COMPRESSED RALLIES ON LOWER TFS - WILL FAIL


SUPPLY ZONE ANY PAIR ANY TF - PRICES CAN NOT DROP WITHOUT BEARISH ENGUILFING OF SOME MANNER



......... the charts and tfs described...
Redsword11...you must be a multimillionaire by now..i want to be able to say...i am a currency trader! Any advise for me redsword11? What do you think of using high leverage? How many percent do you usually use when entering a trade? Is 10 percent ok?

All in all, you have opened my eyes even more of the supply and demand levels. I know it exist but never believed it. Thank you so much. I started studying forex last july..haven't been a year yet but surely this is the toughest endeavour i have ever been in. I am just fascinated with the market. Also am passionate enough to study the chart for countless of hours...i will succeed no matter what it takes!! God wills.
  • #15,877
  • Apr 14, 2011 8:27am Apr 14, 2011 8:27am
Quoting attila
in an up trend, for a turn.....

just wanna make sure i get it right.... you mean the hammer (or some other bearish candle) on a higher TF should be constructed from a bearish engulfing/and not compressed rallies on a lower TF to be valid?

i think it's right. thanks.

thats a little mixed ...... its easier to describe if the trend continues


AN UPTREND WILL REMAIN AS AN UPTREND IF THE DEMAND ZONES ARE RESPECTED, LETS SAY YOU HAVE A 4HR DEMAND ZONE, WHERE ON THE LEFT YOU HAVE CLEAR BULLISH ENGUIFING on 4HR - YOU ARE LOOKING FOR ENTRY NORTH AND YOU SPOT A BULLISH HAMMER ON 30MIN, LOOK INTO WHAT CONSTRUCTS THAT HAMMER, MAKE SURE ITS NOT CONSTRUCTED OF COMPRESSED RALLIES ON LOWER TFS BECAUSE IT WILL LIKELY FAIL SINCE PRICES ARE COMPRESSED
  • #15,878
  • Apr 14, 2011 8:29am Apr 14, 2011 8:29am
Quoting redsword11
thats a little mixed ...... its easier to describe if the trend continues


AN UPTREND WILL REMAIN AS AN UPTREND IF THE DEMAND ZONES ARE RESPECTED, LETS SAY YOU HAVE A 4HR DEMAND ZONE, WHERE ON THE LEFT YOU HAVE CLEAR BULLISH ENGUIFING on 4HR - YOU ARE LOOKING FOR ENTRY NORTH AND YOU SPOT A BULLISH HAMMER ON 30MIN, LOOK INTO WHAT CONSTRUCTS THAT HAMMER, MAKE SURE ITS NOT CONSTRUCTED OF COMPRESSED RALLIES ON LOWER TFS BECAUSE IT WILL LIKELY FAIL SINCE PRICES ARE COMPRESSED

excellent. got it now. thanks a lot.
  • #15,879
  • Apr 14, 2011 8:32am Apr 14, 2011 8:32am
Quoting Dishwasher
Point and figure charts remove the time ellement out of trendlines. Amazing how they often work out, and formed off of support and resistance or supply and demand only.

Note the false sell signal at demand in the chart sucking sellers in, only to be reversed shortly after. That's why I ignore sell signals at support/demand.

Closed half of this trade 1.44296.

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its low risk sclaps in both directions but l am flat, not taking anything just now
  • #15,880
  • Apr 14, 2011 8:34am Apr 14, 2011 8:34am
Quoting s1quash
Redsword11...you must be a multimillionaire by now..i want to be able to say...i am a currency trader! Any advise for me redsword11? What do you think of using high leverage? How many percent do you usually use when entering a trade?...

just go through the info here in thread, how you manage your funds in the manner of leverage and risk is not for anyone to say - ITS YOURS SO YOU DECIDE


best regards
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