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Price is everything

  • #17,781
  • May 9, 2011 5:57pm May 9, 2011 5:57pm
Quoting frankkn
Me neither.

On this topic of not waiting for PA confirmation, how does everyone feel about using oscillators (being OB/OS) as confirmation for strong levels when you want to get in at a better price than confirmation has to offer?

Or is not waiting for PA too much risk for you?

If you like PA, what is your favorite? ie. compression/engulfing/rejection wicks/all of the above?

[This question is directed towards everyone]
I never use confirmation. I rely on the quality of the level. I would rather risk the trade not working out than wait for confirmaion and get in later and end up with a potentially larger risk to reward. It just means I will probably have fewer trades than some of the others here. I sometimes use market orders to confirm a trade with a less quality level using volume/price, or a bounce into and then out of the level but its always close to the zone.
  • #17,782
  • May 9, 2011 5:57pm May 9, 2011 5:57pm
Dollar index 4h nearing supply
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  • #17,783
  • May 9, 2011 5:59pm May 9, 2011 5:59pm
Quoting Porkpie
I never use confirmation. I rely on the quality of the level. I would rather risk the trade not working out than wait for confirmaion and get in later and end up with a potentially larger risk to reward. It just means I will probably have fewer trades than some of the others here. I sometimes use market orders to confirm a trade with a less quality level using volume/price, or a bounce into and then out of the level but its always close to the zone.
Interesting to hear. Can you elaborate on the underlined, I'm not sure I follow.
  • #17,784
  • May 9, 2011 6:03pm May 9, 2011 6:03pm
Another question for everyone.

EU is coming off of major weekly supply. There were some crazy sharp down moves Thursday showing lots of sellers up there.

We've approached daily/4h demand, and right now we're coming up to 15m supply.

I'm going to be watching the reaction here (4391) and I'll post it

Edit:

Forgot the question part

What is your response to this?

Orbital is dealing with the conflicting levels by switching to smaller time frames and looking for strong levels there, how is everyone else dealing with this?

Me, I'm looking for strong 15m levels south because of the weekly supply and our reaction to it.
  • #17,785
  • May 9, 2011 6:08pm May 9, 2011 6:08pm
Sure, If the zone is lesser quality then I like to see price coming deeper into the zone and then rejection back out of it for entry. It has to prove to me first that there are buyers or sellers within the zone even though it had to dig deep. I typically enter as price moves back out, even if the other side of the zone has been breached (sometimes as stop hunting) which I often see on GU.
  • #17,786
  • May 9, 2011 6:10pm May 9, 2011 6:10pm
Here is a chart of what I mentioned previously

On the left is weekly supply, on the right is 4h demand
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  • #17,787
  • May 9, 2011 6:11pm May 9, 2011 6:11pm
Quoting Porkpie
Sure, If the zone is lesser quality then I like to see price coming deeper into the zone and then rejection back out of it for entry. It has to prove to me first that there are buyers or sellers within the zone even though it had to dig deep. I typically enter as price moves back out, even if the other side of the zone has been breached (sometimes as stop hunting) which I often see on GU.
Crystal
  • #17,788
  • May 9, 2011 6:21pm May 9, 2011 6:21pm
Quoting frankkn
Another question for everyone.

EU is coming off of major weekly supply. There were some crazy sharp down moves Thursday showing lots of sellers up there.

We've approached daily/4h demand, and right now we're coming up to 15m supply.

I'm going to be watching the reaction here (4391) and I'll post it

Edit:

Forgot the question part

What is your response to this?

Orbital is dealing with the conflicting levels by switching to smaller time frames and looking for strong levels there, how is everyone else dealing with this?

Me, I'm looking...

Good question. For day trading I like to be trading in the direction of the daily trend (bounce). So my bias is to trade lower time frame levels in that direction until proven wrong or until reaching Daily supply. However, because the direction is counter to the weekly trend I reduce position size until the weekly trend resumes or weekly supply is breached.
  • #17,789
  • May 9, 2011 7:39pm May 9, 2011 7:39pm
closed with few.. didn't do my thang..

Quoting KennyZ
bought uj @80.24.. manual stop atm.. tg1 around 80.50
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  • #17,790
  • May 9, 2011 7:45pm May 9, 2011 7:45pm
Quoting KennyZ
closed with few.. didn't do my thang..
It's seems trapped below daily roll...

I kinda fell outa love with this one last week...

Still got it on watch, but haven't touched it in a few days...
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #17,791
  • May 9, 2011 7:47pm May 9, 2011 7:47pm
morning.
bull bias gu,au,nu today
eu..not yet..not until 4385 is taken by h4
  • #17,792
  • May 9, 2011 8:14pm May 9, 2011 8:14pm
Quoting Myrza
morning.
bull bias gu,au,nu today
eu..not yet..not until 4385 is taken by h4
AU sure is trying to keep the ups in up...
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #17,793
  • May 9, 2011 8:19pm May 9, 2011 8:19pm
Quoting Magix
AU sure is trying to keep the ups in up...

that tl do holds since yesterday. bought it at 764.
on h4 ,we are looking at 860 for tp
  • #17,794
  • May 9, 2011 8:22pm May 9, 2011 8:22pm
au, gu buy
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  • #17,795
  • May 9, 2011 8:51pm May 9, 2011 8:51pm
svr at demand.
h4 yet to test 39
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  • #17,796
  • May 9, 2011 9:01pm May 9, 2011 9:01pm
loony
fridays daily inside pin failure. caught in range. bull is loosing balls to push this further up
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  • #17,797
  • May 10, 2011 12:52am May 10, 2011 12:52am
taken this long on e/u.

2min on left , 15 min on right.
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  • #17,798
  • May 10, 2011 1:15am May 10, 2011 1:15am
EG closing in to daily and weekly demand confluence
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  • #17,799
  • May 10, 2011 1:19am May 10, 2011 1:19am
where do you guys think best sl point for EJ?
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Verily, in every difficulties there is relief
  • #17,800
  • May 10, 2011 1:25am May 10, 2011 1:25am
Quoting primzvicious
where do you guys think best sl point for EJ?
I recommend that you don't use any stop losses and use maximum number of lots, that way you will double your account very fast and you will get rich quick and make a lot of money.
https://diamondmanagedfx.com/prop-firm-passing-service/
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