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Price is everything

  • #26,761
  • Feb 7, 2012 6:48pm Feb 7, 2012 6:48pm
Quoting bbakker
On a final final final note, people say that supply and demand is the same as support and resistance. It is not! They are two very different things. Supply and demand are areas where orders are stacked. Support and resistance are significant price points where the market has rejected price before. Two very different things so make sure you differentiate between the two!

Finally, be wary of wicks and pin bars because you must always question yourself as to whether this is consumption or rejection. Has the market rejected this price level...
excellent points B....do stick around
  • #26,762
  • Feb 7, 2012 6:58pm Feb 7, 2012 6:58pm
Quoting Dropped Onion
short eur/jpy here. price running into a supply pocket, but momentum is North.
price rolling over. we have a wick at previous highs. is this a sign of seller strength or consumption?
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  • #26,763
  • Feb 7, 2012 7:06pm Feb 7, 2012 7:06pm
Quoting Dropped Onion
price rolling over. we have a wick at previous highs. is this a sign of seller strength or consumption?
just added another short, but looks like buyers may strength at the moment.
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  • #26,764
  • Feb 7, 2012 7:12pm Feb 7, 2012 7:12pm
Quoting Dropped Onion
just added another short, but looks like buyers may strength at the moment.
in heavier at the top. partial close here. buyers still in control of this market.
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  • #26,765
  • Feb 7, 2012 7:16pm Feb 7, 2012 7:16pm
Quoting Dropped Onion
in heavier at the top. partial close here. buyers still in control of this market.
looking for a print above 101.700 on the rest. then will be time to flip to buyer
  • #26,766
  • Feb 7, 2012 7:23pm Feb 7, 2012 7:23pm
Quoting bbakker
On a final ....

Finally, be wary of wicks and pin bars because you must always question yourself as to whether this is consumption or rejection. Has the market rejected this price level or has it consumed demand or supply to weaken the zone so that on the next attempt it will cut through it like a knife through butter.
this is a key part of my trading. it allows be to add to existing positions based on rejection or similarly to enter new buy/sell positions based on consumption.
  • #26,767
  • Feb 7, 2012 8:06pm Feb 7, 2012 8:06pm
Quoting Dropped Onion
this is a key part of my trading. it allows be to add to existing positions based on rejection or similarly to enter new buy/sell positions based on consumption.

Really get alot of info from your post and charts thanks
  • #26,768
  • Feb 7, 2012 8:08pm Feb 7, 2012 8:08pm
Quoting turboguru
Really get alot of info from your post and charts thanks
cool - it's all from Trader RED.
  • #26,769
  • Feb 7, 2012 9:35pm Feb 7, 2012 9:35pm
Quoting Dropped Onion
cool - it's all from Trader RED.

agree but hes been missing in action, loved his charts as well and thrs a few others thanks to all.
  • #26,770
  • Feb 7, 2012 11:07pm Feb 7, 2012 11:07pm
Quoting Dropped Onion
in heavier at the top. partial close here. buyers still in control of this market.
bounced from S/R - rest taken out around breakeven. momentum was North...
  • #26,771
  • Feb 8, 2012 1:04am Feb 8, 2012 1:04am
awaiting higher prices on usd/chf to sell
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  • #26,772
  • Feb 8, 2012 1:15am Feb 8, 2012 1:15am
Quoting Dropped Onion
awaiting higher prices on usd/chf to sell
bearish reaction at s/r level...
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  • #26,773
  • Feb 8, 2012 2:05am Feb 8, 2012 2:05am
Thanks Brian,

I put Daily support and resistance levels on my chart alongside Daily supply and demand. The recent congested down move (bull flag) on the euro had bounced off the 3230 resistance on the daily. This gave me a good enough reason to short on the smaller time frames when price returned to the origin of that bounce down off the level. This was counter trend to my forecast of price going higher based on weekly demand and daily demand levels as price had not reached potential daily supply at 3330 area.

So in that respect support and resistance is useful to me but only on the higher time frames for potential trades on lower time frames to enter only after a strong reaction to the level thus forming new supply.

This need to find a reason for a change in the direction of price particularly at counter trend levels, especially before higher time frame supply or demand just gives me that little bit more confidence to enter. There is a guy on baby pips who looks for weekly and daily floor trader pivots, weekly/daily highs and lows and fib levels within daily supply or demand zones before entering a trade so stacking the odds in his favour from a technical view point. Not sure I would go that far though.

Quoting bbakker
On a final final final note, people say that supply and demand is the same as support and resistance. It is not! They are two very different things. Supply and demand are areas where orders are stacked. Support and resistance are significant price points where the market has rejected price before. Two very different things so make sure you differentiate between the two!

Finally, be wary of wicks and pin bars because you must always question yourself as to whether this is consumption or rejection. Has the market rejected this price level...
  • #26,774
  • Feb 8, 2012 2:11am Feb 8, 2012 2:11am
for those sending PM's I promise I'll get back to you. I've got some waiting for replies from last month.

just give me some time

long eur/usd long eur/chf
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  • #26,775
  • Feb 8, 2012 7:01am Feb 8, 2012 7:01am
into supply long at 76.75 out 1st half 76.8 next tgt 76.95
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  • #26,776
  • Edited 9:14am Feb 8, 2012 8:50am | Edited 9:14am
QM at Demand EU. Lets see if we can break this consolidation.

Edit: SL 2 BE
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  • #26,777
  • Feb 8, 2012 9:14am Feb 8, 2012 9:14am
Quoting Atc
into supply long at 76.75 out 1st half 76.8 next tgt 76.95
tired of this rodeo...wicks look like rejection at the demand level out at 76.93 time for for the gym
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  • #26,778
  • Feb 8, 2012 10:16am Feb 8, 2012 10:16am
long AU here. deep into a demand zone. buyers may flip the market from here.
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  • #26,779
  • Feb 8, 2012 10:24am Feb 8, 2012 10:24am
Quoting Dropped Onion
long AU here. deep into a demand zone. buyers may flip the market from here.
sellers taking out multiple levels. added more buys. there is a gap to cover...
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  • #26,780
  • Feb 8, 2012 10:31am Feb 8, 2012 10:31am
Quoting Dropped Onion
sellers taking out multiple levels. added more buys. there is a gap to cover...
quick bounce up in price. where is the balance between buy and sell orders now?

is this wick consumption or rejection?
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