sold ej 11672
could be good for 40-70 pips.
hopefully
very important level right now indeed.
major supply zone.
was a sticky one in the past as well.
just to give a heads up !
jonas
Hero calls followed by margin calls...
- #18,201
- May 19, 2011 7:10am May 19, 2011 7:10am
- Joined Aug 2010 | Status: Tööröh | 14,292 Posts
very important level right now indeed.
major supply zone.
was a sticky one in the past as well.
just to give a heads up !
jonas
- #18,202
- May 19, 2011 7:12am May 19, 2011 7:12am
- Joined Aug 2010 | Status: Tööröh | 14,292 Posts
Hero calls followed by margin calls...
- #18,206
- May 19, 2011 8:16am May 19, 2011 8:16am
- Joined Sep 2008 | Status: Trader | 1,364 Posts
Yeah sorry. Somehow chart bugged. I think Orbital wanted the lower demand level because price tested upper demand level 4 times.
Attachment
I'm asking this because I have still problems with the valuation of s&d zones.
- #18,207
- May 19, 2011 8:27am May 19, 2011 8:27am
Yes but when the chart was posted touch number 2 was actually happen.
I'm asking this because I have still problems with the valuation of s&d zones.
You already know where was the first test of the demand level. Also you can see the second (white point) and it moved up a bit then 2 candles later ( the big one) just went down like a train. If I were trading this I would thought demand consumption. Probably Orbital assumed the same. But then 3 candles later engulfing one came and thats where the buy started so the situation is all about trader discretion. Some will take it some wont. Better ask Orbital himself. He knows the answer why he didnt take it lol
- #18,208
- May 19, 2011 8:38am May 19, 2011 8:38am
Sorry..I didnt notice your post
that tl will be a bit tough.
I would be looking at X for my short entry targeting 4150
Yup the movement looks ok now...sorry for the silly charting..was scare shit by recent movement...took your advice, enter 4234, exit 4254...
cheers bro
- #18,212
- May 19, 2011 9:45am May 19, 2011 9:45am
- | Commercial User | Joined Feb 2010 | 1,267 Posts
Hello !
Thanks for asking. And sorry for the late response, I'm not trading today, so was away a bit.
My answer might disappoint you from a technical point of view.
1) I took several longs from levels below, closed every time cause profit is profit and the H4 / Daily TF were not clearly readable.
2) The two trades I took there were because of two things.
a) We were stalling below supply and there was no clear rejection. This is often a signal that a break out is preparing. As Red often says, price thinks ahead of time. So at that point my strategy was to play the break out. So I took one with a small stop.
b) Crude inventories news came up, and of course, helped to break out. I entered the second long as soon as I saw the price jump up on M1, and there it went through supply. Then as you saw, I took some profit at M30 supply level (as expected, it stalled there a bit), and enjoyed the rest of the ride afterwards.
3) the thing with crude (and i've just been trading it for one week) is that it is so damn quick that you can trade M1 time frame as it was M15 for a currency pair. When it goes, it goes, and often it move by more than 50 pips in less that 10-15 minutes. If you see you're in the right direction and the momentum is strong, throw another trade in the middle of the move and take some more pips. You can see that I did it on one of my last charts.
Hope it will help a bit. Enjoy your trading and be safe
Thanks for asking. And sorry for the late response, I'm not trading today, so was away a bit.
My answer might disappoint you from a technical point of view.
1) I took several longs from levels below, closed every time cause profit is profit and the H4 / Daily TF were not clearly readable.
2) The two trades I took there were because of two things.
a) We were stalling below supply and there was no clear rejection. This is often a signal that a break out is preparing. As Red often says, price thinks ahead of time. So at that point my strategy was to play the break out. So I took one with a small stop.
b) Crude inventories news came up, and of course, helped to break out. I entered the second long as soon as I saw the price jump up on M1, and there it went through supply. Then as you saw, I took some profit at M30 supply level (as expected, it stalled there a bit), and enjoyed the rest of the ride afterwards.
3) the thing with crude (and i've just been trading it for one week) is that it is so damn quick that you can trade M1 time frame as it was M15 for a currency pair. When it goes, it goes, and often it move by more than 50 pips in less that 10-15 minutes. If you see you're in the right direction and the momentum is strong, throw another trade in the middle of the move and take some more pips. You can see that I did it on one of my last charts.
Hope it will help a bit. Enjoy your trading and be safe
Hi,
I have attached a picture which shows where I see problems. Looking forward for a reply.
Hello.
- #18,213
- May 19, 2011 9:49am May 19, 2011 9:49am
- Joined Feb 2010 | Status: Inactive | 6,482 Posts
Sell commodities, buy dollar!
Now the market is going to prove me wrong
- #18,214
- May 19, 2011 9:55am May 19, 2011 9:55am
- | Commercial User | Joined Feb 2010 | 1,267 Posts
Hello.
- #18,218
- May 19, 2011 10:17am May 19, 2011 10:17am
- Joined Nov 2008 | Status: Mmmm.. | 1,322 Posts
Yo Myrza,
Ya it takes me quite a while but i do see the reaction at X...looks like a breakout formation.. wat do u think...,
I sold it. Closed 1 lot and 1 running.
It looks like a fake out to the top
- #18,220
- May 19, 2011 10:29am May 19, 2011 10:29am
- | Commercial User | Joined Feb 2010 | 1,267 Posts
Hello.