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Romancing the Price

  • #461
  • Jul 31, 2011 11:38am Jul 31, 2011 11:38am
Thanks Kenny for your wise lesson


I'd like some learners' opinions on possible outcomes for SMI.
The next few days' movements, I believe, will be textbook trading.

I've put a few tools on the chart which may be of use.

Orbital owes me €5, and I'll get him to turn that into cupcakes for the supplier of the best prediction
Attached Image (click to enlarge)
Click to Enlarge Name: a.jpg Size: 123 KB
  • #462
  • Jul 31, 2011 11:43am Jul 31, 2011 11:43am
Quoting Ifmyante
Thanks Kenny for your wise lesson


I'd like some learners' opinions on possible outcomes for SMI.
The next few days' movements, I believe, will be textbook trading.

I've put a few tools on the chart which may be of use.

Orbital owes me €5, and I'll get him to turn that into cupcakes for the supplier of the best prediction
You will have to excuse my ignorance...what is SMI? semiconductors?
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #463
  • Jul 31, 2011 11:46am Jul 31, 2011 11:46am
Quoting Rufus
You will have to excuse my ignorance...what is SMI? semiconductors?
No worries Rufus

It's the Swiss Market Index. But, a chart is a chart is a chart

Best

If
  • #464
  • Jul 31, 2011 8:45pm Jul 31, 2011 8:45pm
i was right thanks





Quoting KennyZ
here is the full chart from Red...

you can still add your comments..

idea is to get you traders into discussion.. learning from each other.. remember there is no advance single right or wrong when it comes to markets..

i welcome those traders who have the time and balls to add their own views here instead of nick-picking....
Trading is all about probability, low risk/high reward ,buy low/sell high
  • #465
  • Aug 1, 2011 9:54am Aug 1, 2011 9:54am
Hello,

I'm a shadow learner and ifmyante is my tutor so I decided to answer to kennyZ's chart and future outcome as I see it.

Here we go:

Attached Image (click to enlarge)
Click to Enlarge Name: rtp_work_full_jul_d001.jpg Size: 134 KB


Cheers
  • #466
  • Aug 1, 2011 10:19am Aug 1, 2011 10:19am
Quoting KennyZ
lets talk about the chart below.. it's one of Red's chart..

can you read the future pa from what you see on this chart... would you buy or sell from what you see.. if so why and where?

i cut out time, price and pair info as they are not really important when it comes to reading pa

as Red says, any time.. any price.. any instrument...

ps/. it would be nice and clear if you could put your comments on the chart with pointers etc.
I don't understand why someone would go long on a chart like this. We are at a clear supply zone... Can you explain why you like a long entry here kenny?
What is any ocean but a multitude of drops?
  • #467
  • Aug 1, 2011 11:26am Aug 1, 2011 11:26am
Quoting Xhale12
I don't understand why someone would go long on a chart like this. We are at a clear supply zone... Can you explain why you like a long entry here kenny?
Here is what I see: The price dropped another time after a double top bear flag but the last leg showed messy and low momentum. Then accumulation build a base and buyers came in. Price left the zone with good mometum. When the price reached the supply zone the third time there appeared 2 pins but they weren't strong enough to drop the price. This is a hint that supply was consumed. The next strong hint was given when the little bearish candle after the 2 pins was engulfed by a bullish candle. An engulfing candle into a supply zone means strength. You can now expect that the zone will be broken. Now you have to choices. First buy the breakout second buy the pullback/retest. I like to buy retests. There were two times when supply became demand or resistance became support. That means there were 2 late opportunities to buy. Hope this helps.

Kenny you can correct me if I'm wrong.
  • #468
  • Aug 1, 2011 12:25pm Aug 1, 2011 12:25pm
i would like to say what i see in this chart :

1) Its on the flag zone . And repeated levels of testing the red line , red line becomes weak so now it touches the flag trend line which is in the basement . As its near the trend line of the basement we have to look for a long entry . This time it may broke the flag and form as a pole .

2) buyers took more time from trend line low to near the high . Sellers are coming fast compared to buyers . As This say this level is good to long here .

3) Its a correlation zone wer buyers have went fast and hard from that zone indicating a strong buy zone .


These are the things i see on ur chart . Expecting advices more from you

thanks











Quoting Ifmyante
Thanks Kenny for your wise lesson


I'd like some learners' opinions on possible outcomes for SMI.
The next few days' movements, I believe, will be textbook trading.

I've put a few tools on the chart which may be of use.

Orbital owes me €5, and I'll get him to turn that into cupcakes for the supplier of the best prediction
Trading is all about probability, low risk/high reward ,buy low/sell high
  • #469
  • Aug 1, 2011 12:48pm Aug 1, 2011 12:48pm
Quoting Xhale12
I don't understand why someone would go long on a chart like this. We are at a clear supply zone... Can you explain why you like a long entry here kenny?
?

A picture tells a thousand words. It would be easier for everyone to understand which supply zone you are talking about if you downloaded the chart and added your own comments to it before posting, so that we all know where we stand.

You must always remember to look at the bigger picture! Price turning points show their hand at the lower timeframes but the bigger picture will show you where these possible turning points will occur.
  • #470
  • Aug 1, 2011 1:14pm Aug 1, 2011 1:14pm
Below are the attachments which i took the trade . H1 and H4 timeframes pointed that its in demand zone and also a new high has been made hence a new pole has come indicating a strong buy trend ..IS this trade good ?


Please expereinced guys give me comments ..


Thanks
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.gif Size: 8 KB
Click to Enlarge Name: 11.gif Size: 9 KB
Trading is all about probability, low risk/high reward ,buy low/sell high
  • #471
  • Aug 1, 2011 1:21pm Aug 1, 2011 1:21pm
Quoting mangalesh
Sellers zone has been weakened compared to buyer
You are pointing to the yellow triangle area where there is effort to move down but some effort to move up taking out some of the supply as it moves down.

Quoting mangalesh
Buyer zone came to supply zone from demand in just 3 to 4 candles while sellers zone has lots of candles .
Inferring that the move down from the supply level was not strong rather than assuming that strong bars into a level mean the level will not hold - important distinction.

@Brian: Agreed, you beat me to it, re: higher time frames
  • #472
  • Aug 1, 2011 1:22pm Aug 1, 2011 1:22pm
Quoting mangalesh
Below are the attachments which i took the trade . H1 and H4 timeframes pointed that its in demand zone and also a new high has been made hence a new pole has come indicating a strong buy trend ..IS this trade good ?


Please expereinced guys give me comments ..

Thanks
Personally, I don't like it for the following two reasons -

1. We have already tested this demand level on several occasions and therefore consumed all the demand.

2. That looks like a flag, which in this instance will be a bearish continuation pattern.

Please, do not let my reasoning take you out of a trade. You had your own reasoning for taking the trade in the first place. I don't know what your SL nor what your TP is. For all I know, this trade of yours could be a scalp.

Good luck with your trade.
  • #473
  • Aug 1, 2011 1:25pm Aug 1, 2011 1:25pm
Quoting mangalesh
Below are the attachments which i took the trade . H1 and H4 timeframes pointed that its in demand zone and also a new high has been made hence a new pole has come indicating a strong buy trend ..IS this trade good ?


Please expereinced guys give me comments ..


Thanks
We have just bounced down from higher time frame supply. Look at the Daily. You need to be lower on the higher time frame curve imo for a higher probability trade. But you might get lucky. But i'd rather be looking for shorts only (obviously not at that level).
  • #474
  • Aug 1, 2011 1:29pm Aug 1, 2011 1:29pm
Thanks for your thoughts . yes its a scalping trade . TP is on the box which is above and sl i have manual below all these boxes wer i took entry ..


I would also like to know from you experienced traders ..What time frame directions you woul see for scalping in lower tf ..Thanks





Quoting bbakker
Personally, I don't like it for the following two reasons -

1. We have already tested this demand level on several occasions and therefore consumed all the demand.

2. That looks like a flag, which in this instance will be a bearish continuation pattern.

Please, do not let my reasoning take you out of a trade. You had your own reasoning for taking the trade in the first place. I don't know what your SL nor what your TP is. For all I know, this trade of yours could be a scalp.

Good luck with your trade.
Trading is all about probability, low risk/high reward ,buy low/sell high
  • #475
  • Aug 1, 2011 1:30pm Aug 1, 2011 1:30pm
Quoting Porkpie
We have just bounced down from higher time frame supply. Look at the Daily. You need to be lower on the higher time frame curve imo for a higher probability trade. But you might get lucky. But i'd rather be looking for shorts only.
Yeah... like this

Attached Image (click to enlarge)
Click to Enlarge Name: EU_charts_short.png Size: 76 KB


These charts should be self-explanatory... I hope, with a nice re-test of the TL confluence on the hourly.
  • #476
  • Aug 1, 2011 1:33pm Aug 1, 2011 1:33pm
Quoting bbakker
Yeah... like this

Attachment

These charts should be self-explanatory... I hope, with a nice re-test of the TL confluence on the hourly.
kerchinnnng!
  • #477
  • Aug 1, 2011 1:34pm Aug 1, 2011 1:34pm
Quoting mangalesh
Thanks for your thoughts . yes its a scalping trade . TP is on the box which is above and sl i have manual below all these boxes wer i took entry ..
My definition and your definition of scalping is very different. Ken is a master scalper and he is looking for 6-12 pips, not a 100+

Here is a definition of scalping -
http://forex-strategies-revealed.com/forex-scalping
  • #478
  • Aug 1, 2011 1:36pm Aug 1, 2011 1:36pm
Quoting Porkpie
kerchinnnng!
I am letting the rest ride for a bit... the daily and weekly charts are now in play for my trade management on this baby.
  • #479
  • Aug 1, 2011 1:37pm Aug 1, 2011 1:37pm
Excellence.

Quoting bbakker
I am letting the rest ride for a bit... the daily and weekly charts are now in play for my trade management on this baby.
  • #480
  • Aug 1, 2011 1:46pm Aug 1, 2011 1:46pm
Quoting bbakker
I am letting the rest ride for a bit... the daily and weekly charts are now in play for my trade management on this baby.
work it bro, work it...
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