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Supply and Demand trading with Fibs

  • #41
  • Sep 22, 2011 4:22pm Sep 22, 2011 4:22pm
hi dean,

thanks for starting this! looking forward to finding lots of good setups...
mike
  • #42
  • Sep 22, 2011 4:25pm Sep 22, 2011 4:25pm
one we discussing in the room, a new supply formed on the usdcad, so lets do a fib on this one too

so i did a fib study of latest move, and well worked out exactly as i planned, 76.4 was the retrace that landed in the zone and price bounced off it for perfection, im up quite a few pips now, stop at BE free trade from here.

Can it be any simpler ????

thats 7 out of 7 winners for me today on 5 min frame, 5 of these were all called before they happened, and more were called in room.

http://img853.imageshack.us/img853/7426/chart3.jpg

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  • #43
  • Sep 22, 2011 4:39pm Sep 22, 2011 4:39pm
now let me tell why i DO NOT USE SUPPORT AND RESISTENCE

see chart below
see the first 3 bounces, ppl would call this support, NO biggest mistake in trading this isnt support its demand, now look on the 4th touch price broke through!!

ppl looking at support would be shouting everyone to go short, " ooo its closed below support go short go short"

" its broken support signal to go short"

NO NO NO NON NOONONO do not go short through supply and demand i know its in a demand area and i would go the opposite way, and I WOULD BE THE WINNER, not you support and resistence people.

REMEMBER SUPPLY AND DEMAND CREATES WHAT PEOPLE SEE AS SUPPORT AND RESISTENCE, JUST LIKE EVERYTHING ELSE IN THE MARKER

http://img853.imageshack.us/img853/7426/chart3.jpg

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  • #44
  • Sep 22, 2011 4:53pm Sep 22, 2011 4:53pm
1st chart question.
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  • #45
  • Sep 22, 2011 4:54pm Sep 22, 2011 4:54pm
Shorting opportunity on EURJPY. Let me know whats good or bad about that one
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  • #46
  • Sep 22, 2011 4:56pm Sep 22, 2011 4:56pm
Quoting diamonddbw
1st chart question.
not a zone fro me, as price did not leave this zone violently enough for me to eye it as a zone, i need to have a clear eye of price moving away from a zone rapidly for it to qualify.
  • #47
  • Sep 22, 2011 4:58pm Sep 22, 2011 4:58pm
Quoting pipexplorer1
Shorting opportunity on EURJPY. Let me know whats good or bad about that one
nice spot, but next touch if it gets there will be second touch, look to the left slightly you see this is already an area from a bit earlier, so next touch wil be second touch. ill post my chart of this pair up with my zone to show you
  • #48
  • Sep 22, 2011 5:04pm Sep 22, 2011 5:04pm
Quoting pipexplorer1
Shorting opportunity on EURJPY. Let me know whats good or bad about that one
here we go

as you can see zone was found from earlier, quite clearly just before it, so not a fresh zone no more, but none the less if we saw this earlier and did that fib retrace, you see 61.8 falls lovely into that zone, and you would have shorted here for some serious pips!!!!
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  • #49
  • Sep 22, 2011 5:05pm Sep 22, 2011 5:05pm
Quoting deankenny21
nice spot, but next touch if it gets there will be second touch, look to the left slightly you see this is already an area from a bit earlier, so next touch wil be second touch. ill post my chart of this pair up with my zone to show you
Right

so what you're saying is that if a level is itself a bounce off another level, its not fresh anymore?
  • #50
  • Sep 22, 2011 5:08pm Sep 22, 2011 5:08pm
Quoting pipexplorer1
Right

so what you're saying is that if a level is itself a bounce off another level, its not fresh anymore?
correct, more times it touches that level on eurjpy the more sell orders have been filled so there will be less sells waiting there next time, creating more chance of it breaking through, look down too you can see fresh demand working perfectly too for nice pips

if you look even further to the left, is probably the main source of that supply as price come down it went back up one green candle etc and then shot down like a bomb
  • #51
  • Sep 22, 2011 5:15pm Sep 22, 2011 5:15pm
i do apologise even i make mistakes, here is the corrected chart

original supply found even further in history, i know its fresh because before it i see price coming down with nothing formed yet until here it stalls then shoots down like a bomb

edit, when i say second touch it means first touch, and third touch means second, again sorry im very simple lol

http://img853.imageshack.us/img853/4663/chart3o.jpg

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  • #52
  • Sep 22, 2011 5:26pm Sep 22, 2011 5:26pm
i actually went short at 79, at the top of that latest spike on price, as there is a very small supply zone slightly to the left, in this quiet market, is enough to warranty a trade and half out for 6.8 pips stop at Breakeven now. So whatever happens now is all a free trade for me 8 out of 8 for me now today on the 5 min timeframe.

http://img853.imageshack.us/img853/4663/chart3o.jpg

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  • #53
  • Sep 22, 2011 5:28pm Sep 22, 2011 5:28pm
Quoting deankenny21
i do apologise even i make mistakes, here is the corrected chart

original supply found even further in history, i know its fresh because before it i see price coming down with nothing formed yet until here it stalls then shoots down like a bomb

edit, when i say second touch it means first touch, and third touch means second, again sorry im very simple lol

http://img853.imageshack.us/img853/4663/chart3o.jpg

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Hi Dean
Really nice charts and explanations your posting. Followed you guys over from rockys thread, and still trying to get my mind around this style of trading. So apologizes if I lurk a while longer until i have something to contribute. But Again Nice charts
Take Care
Always Learning
  • #54
  • Sep 22, 2011 5:29pm Sep 22, 2011 5:29pm
Here are my 2 charts with intraday levels.
(faisal)
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  • #55
  • Sep 22, 2011 5:30pm Sep 22, 2011 5:30pm
Quoting Pip26
Here are my 2 charts with intraday levels.
(faisal)
nice eyeing there, only thing i would say is your supply on eurusd is found all the way to the left of the chart, if you look at stall and major drop, the drop you shown as supply wouldve been the trade i entered, look to the left, it wont take long for you to eye the level as it matches up with the level you first marked out

infact thats the trade we took live in the room, and the zone i marked out earlier in this thread hour before it even reached that zone
  • #56
  • Sep 22, 2011 5:33pm Sep 22, 2011 5:33pm
Quoting JayTrader
Hi Dean
Really nice charts and explanations your posting. Followed you guys over from rockys thread, and still trying to get my mind around this style of trading. So apologizes if I lurk a while longer until i have something to contribute. But Again Nice charts
Take Care
no problem Jay stick around ask as many questions as you want, i used to suffer from ADHD in school so craved attention, so i love the attention, hence me enjoying showing you guys, you guys dont mind as we are all winners
  • #57
  • Sep 22, 2011 5:34pm Sep 22, 2011 5:34pm
Quoting deankenny21
nice eyeing there, only thing i would say is your supply on eurusd is found all the way to the left of the chart, if you look at stall and major drop, the drop you shown as supply wouldve been the trade i entered, look to the left, it wont take long for you to eye the level as it matches up with the level you first marked out

infact thats the trade we took live in the room, and the zone i marked out earlier in this thread hour before it even reached that zone
check now
Attached Image (click to enlarge)
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  • #58
  • Sep 22, 2011 5:44pm Sep 22, 2011 5:44pm
Quoting Pip26
check now
you got it!!!!!! thumbs up
  • #59
  • Sep 22, 2011 5:46pm Sep 22, 2011 5:46pm
traders already eyeing out the zones and noticing possible trades a nice cable short a second ago

[23:35:54] Andrew Sym: GU at supply ...already fell abt 5 pips or so
[23:36:19] Dean Guile: are u in Andrew
[23:36:26] Andrew Sym: nope...just watchcing it
[23:36:28] James aka FrenzyPain: i am in gu
[23:36:35] Dean Guile: nice james
[23:36:39] Dean Guile: u at breakeven
[23:36:42] Dean Guile: took some profits
[23:36:53] Michael Piscioneri: fast fingers - hehe

short from 5363 supply zone fell to 5353, all stops at BE free trade, book profits, whatever, its a free trade now!!

proud of my new room traders, seeing the zones now well done traders
  • #60
  • Sep 22, 2011 5:50pm Sep 22, 2011 5:50pm
Quoting deankenny21
traders already eyeing out the zones and noticing possible trades a nice cable short a second ago

[23:35:54] Andrew Sym: GU at supply ...already fell abt 5 pips or so
[23:36:19] Dean Guile: are u in Andrew
[23:36:26] Andrew Sym: nope...just watchcing it
[23:36:28] James aka FrenzyPain: i am in gu
[23:36:35] Dean Guile: nice james
[23:36:39] Dean Guile: u at breakeven
[23:36:42] Dean Guile: took some profits
[23:36:53] Michael Piscioneri: fast fingers - hehe

short from 5363 supply zone fell to 5353, all stops at BE free trade, book profits,...
I m missing some more off now see u around london session

Good Luck
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