DislikedAfternoon all, hope everyone had a good weekend and had a good morning (if you were up).
Just wanted to share some things that I'm putting into practise which are working well. WAFFLE ALERT.
Kenneth/Sam both say what I'm going to, but I think it should be burned into our heads, and the first thing we look at.
Obviously, the odds enhancers at the end of Kenneth's pdf come into play after this, but we must remember this one fact that comes before all others.
So what I'm doing when looking at price is this.
When looking at what might be an...Ignored
I seem to have one stumbling block with the SD method. You addressed this very well in your remarks but I still have one question?
Let me start by saying I understand looking for that VIOLENT move. I additionally look for the previous price action (prior to the move) where the market is in balance... How long?? Is IT very obvious as well...? So we have the Balance area (what it looks like) and we have the VIOLENT move away from this area (what it looks like).
Here's my question: When we look at a chart we can see areas where price has moved away in that VIOLENT manner... finding multiple fresh areas. Then when we look at multiple time frames we see areas within areas (moving from larger to smaller time frames)... He's my problem...Trying to determine which area to pick when you have multiple areas (we see this in trending markets)... I understand the drop, base, rise or the rise, base, drop pattern... Length of time in that pattern as price is basing... Then a strong move back to our SD area. In trending markets we may see multiple fresh areas... (Which one??) As we set the PO before price arrives...This can cause multiple loses. Don’t get me wrong... Loosing is part of what we do but my issue is still trying to determine the best areas without it being so random (or what appears to be random)
Is there something I am missing in the set up as it relates to multiple fresh areas in a trending market? As I previous trade post here a few days ago...I stated that I was going against the trend (which may or may not have been the reason I got stopped out... someone stated that it was NFP... and ok with that)
Ranging markets do not seem to be as difficult as areas can be well defined and PA set up well for price returning to S/D areas.
To state it another way >> Multiple fresh areas... Price pulls back to our S/D... Does not stop at our intended S/D area... Moves through to the next S/D ...May or may not stop there as well... ( man I hoping I'm making sense here?? )
I can look at a chart and see S/D areas without a problem. Maybe too many... How do I separate or pick the better areas... without it appearing to be random...
Am I missing something when price enters our S/D level?
Any opinions/advice would be greatly appreciated...