Thanks Rufus, appreciated 
B.S. Trading with Kenneth Lee
- #2,102
- Jan 17, 2012 9:52pm Jan 17, 2012 9:52pm
Hi Kenneth, Rufus, Good Looking, and everyone here. Thank you for a great learning thread. I have committed myself to mastering this trading method, because I believe it to be one of the most sound and logical methods out there. If I'm going to succeed at trading, it will be with this supply/demand method. So thank you again in advane for helping me towards my success. To everyone else also trying to figure this out, if we diligently study the charts and share/discuss what we learn, I really believe that in a few months time, we can all become effective at trading this method. So let's give it our best!
My first submission will be on the current situation on USD/CHF. TraderinSD, I see that you're also looking at it as we speak. I'd like to present a little different view on it, as I see it. The first image shows multiple timeframes that I view simultaneously, as I do for each pair (similar to how Sam Seiden does it). It allows me to see clearly the big picture trend, and stepping down progressively to help me be highly aware of where price is at in the bigger scheme of things. What I'm seeing for USD/CHF is that we're right up against the monthly support-turned resistance (which can be seen in the top two charts). And right now price looks like it's trying to break through a rising daily trendline (bottom left chart). My trading chart, the bottom right chart, shows a zoomed in hourly picture of the breakout attempt. My sentiment for this pair right now is to wait for either 1) a clear break down below, then for supply levels to form and look for short opportunities, or 2) for price to clearly bounce and rally --> form a demand base, then look to go long once price revisits the new demand level. I will present more details about my hourly outlook in the next post.
My first submission will be on the current situation on USD/CHF. TraderinSD, I see that you're also looking at it as we speak. I'd like to present a little different view on it, as I see it. The first image shows multiple timeframes that I view simultaneously, as I do for each pair (similar to how Sam Seiden does it). It allows me to see clearly the big picture trend, and stepping down progressively to help me be highly aware of where price is at in the bigger scheme of things. What I'm seeing for USD/CHF is that we're right up against the monthly support-turned resistance (which can be seen in the top two charts). And right now price looks like it's trying to break through a rising daily trendline (bottom left chart). My trading chart, the bottom right chart, shows a zoomed in hourly picture of the breakout attempt. My sentiment for this pair right now is to wait for either 1) a clear break down below, then for supply levels to form and look for short opportunities, or 2) for price to clearly bounce and rally --> form a demand base, then look to go long once price revisits the new demand level. I will present more details about my hourly outlook in the next post.
Attachment
PO for a Long on the UC
Attachment
1H view of some price test areas marked..Light blue line just under the PO.. Market trading in a range..Should see a bounce here..Will see
TSD
- #2,104
- Jan 17, 2012 11:22pm Jan 17, 2012 11:22pm
When i speak of PA i do not mean Pin Bars or double highs/lows or Bullish/Bearish Outside/Inside Bars. Those are great indicators in there own style of trading but for Supply and Demand trading i speak of PA differently. PA for me in Supply and Demand is simply how fast or slow is price approaching my base.
For example:
I find a supply whose bottom (entry) is 1.1170 and top (stop) is 1.1190 and price drops down to 1.1102 then returns to my base later.
Good price action would be if price returns to my level quickly without stopping. Reason being...
Thanks you
Les_Paul
- #2,105
- Jan 17, 2012 11:36pm Jan 17, 2012 11:36pm
Hi Good Lookin, so according to your definition this is rather bad PA, am I right? PA is basing right below the level. What steps would you take? Wait for breakout and retest?
Thanks you
Les_Paul
Attachment
Thanks a lot!
Les_Paul
- #2,106
- Jan 17, 2012 11:36pm Jan 17, 2012 11:36pm
- Joined Feb 2011 | Status: Probabilities, Not Absolutes | 1,246 Posts
- #2,110
- Jan 18, 2012 2:20am Jan 18, 2012 2:20am
- Joined Feb 2009 | Status: Illegitimi non carborundum | 3,526 Posts
Illegitimi non carborundum - Noli pati a scelestis opprimi.
- #2,112
- Jan 18, 2012 2:31am Jan 18, 2012 2:31am
- Joined Feb 2009 | Status: Illegitimi non carborundum | 3,526 Posts
Illegitimi non carborundum - Noli pati a scelestis opprimi.
- #2,114
- Jan 18, 2012 2:46am Jan 18, 2012 2:46am
- Joined Feb 2009 | Status: Illegitimi non carborundum | 3,526 Posts
heeeeeeeyyyy, those were coool....
as usual, rufus always occur with amazing charts...
love them
Almost 1:00 am here. Going to bed. Left a little on for "seed"
Illegitimi non carborundum - Noli pati a scelestis opprimi.
- #2,115
- Jan 18, 2012 2:46am Jan 18, 2012 2:46am
Good trade, Rufus!
Yes, alterchristo, I marked my zone on H4 chart, because that's where the large down move originated a week ago. The lower level, where the market found supply this time (which Rufus sold at), had been touched already once, so I wasn't confident about selling there again so soon. I'm still not very skilled at this supply/demand thing, so I choose to be more conservative and miss some good trades.
In hind sight though, selling where Rufus did, with a stoploss above the same downward trendline I pointed out, would have called for only around 20 pip stoploss. So if I had thought this through more, I might have seen that taking the trade where Rufus did would have been a conservative, high probability, low-risk trade also.
I'm learning
Yes, alterchristo, I marked my zone on H4 chart, because that's where the large down move originated a week ago. The lower level, where the market found supply this time (which Rufus sold at), had been touched already once, so I wasn't confident about selling there again so soon. I'm still not very skilled at this supply/demand thing, so I choose to be more conservative and miss some good trades.
In hind sight though, selling where Rufus did, with a stoploss above the same downward trendline I pointed out, would have called for only around 20 pip stoploss. So if I had thought this through more, I might have seen that taking the trade where Rufus did would have been a conservative, high probability, low-risk trade also.
I'm learning
I'm in
- #2,117
- Jan 18, 2012 4:48am Jan 18, 2012 4:48am
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts
News came out for the Swiss when price reached my intended short entry for EUR/USD. So I waited until price spiked up to the median of my H4 supply zone. Keeping a very tight stop above. Let's see if it retraces back inside the downward daily trend.
yeah, will try short lil higher on the m30 supply
- #2,119
- Jan 18, 2012 6:00am Jan 18, 2012 6:00am
- Joined Nov 2008 | Status: Trade Inspiration Not Despiration . | 4,827 Posts
Good Trading To All ; Ken Lee
Lucky me, my SL was bigger, but only demo
May I know where can I get that indicator? Which shows the daily high and low and the spread at the upper right corner of your chart. Besides that, I would like to know is there any indicator that can show where I enter and exit in the chart like yours? (the arrows and dotted lines). Hope to hear from you soon
Thank you.