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Price is everything

  • #27,101
  • Feb 22, 2012 1:37pm Feb 22, 2012 1:37pm
Quoting Dropped Onion
added sells higher.
someone wanted higher prices to sell. price rolling over. zoomed into 1M chart.
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  • #27,102
  • Feb 22, 2012 1:48pm Feb 22, 2012 1:48pm
Quoting Dropped Onion
someone wanted higher prices to sell. price rolling over. zoomed into 1M chart.
most out here
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  • #27,103
  • Feb 22, 2012 1:57pm Feb 22, 2012 1:57pm
Quoting Dropped Onion
Turbo - there is also a lower s/r level to watch on cable
Yes thanks I'm hoping the big demand level from higher TF will get close to the same reaction as last time and get to the upper supply. I don't know tha language as good as some of you so I don't mark my charts up when I post, but your charts and some others in here are great and informative really appretiate the work.
  • #27,104
  • Feb 22, 2012 2:01pm Feb 22, 2012 2:01pm
Quoting turboguru
Yes thanks I'm hoping the big demand level from higher TF will get close to the same reaction as last time and get to the upper supply. I don't know tha language as good as some of you so I don't mark my charts up when I post, but your charts and some others in here are great and informative really appretiate the work.
hey T - remember, it can be easier to short into bounces in direction of current momentum. that way all recent activity may help reach your target...
  • #27,105
  • Feb 22, 2012 2:10pm Feb 22, 2012 2:10pm
Quoting Dropped Onion
hey M - supply is consumed when you have a defined level of heavy selling (caused by large orders > banks/institutions/funds) that get taken out by having higher volumes of buy orders than sell orders. if you are expecting a drop and price rises through a level - willing sell orders have all been filled. this gives way to higher prices. reverse for a buy/demand consumption area. GLGT
And the next question: what TF is using to find S/D zones, and what TF is to entry? Thanks
  • #27,106
  • Feb 22, 2012 2:13pm Feb 22, 2012 2:13pm
Quoting MozarTT
And the next question: what TF is using to find S/D zones, and what TF is to entry? Thanks
anything from weekly down works. the more you zoom in the tighter the risk.

each trader like different charts and TFs. for day trading - 1h 15M 5M and 1M.
  • #27,107
  • Feb 22, 2012 2:20pm Feb 22, 2012 2:20pm
Quoting Dropped Onion
anything from weekly down works. the more you zoom in the tighter the risk.

each trader like different charts and TFs. for day trading - 1h 15M 5M and 1M.
And how do you enter into trade: do you wait when price touch zone and immediately enter as Sam Seiden says, or you wait for confirmation signal like engulfing pattern, pinbar, etc? Thanks
  • #27,108
  • Feb 22, 2012 2:23pm Feb 22, 2012 2:23pm
Quoting MozarTT
And how do you enter into trade: do you wait when price touch zone and immediately enter as Sam Seiden says, or you wait for confirmation signal like engulfing pattern, pinbar, etc? Thanks
check out the many charts. answers everywhere. most importantly - practice.
  • #27,109
  • Feb 22, 2012 2:29pm Feb 22, 2012 2:29pm
Lots to be said for the entries and exits. Sometimes holding trades full term in a volatile market is tough. In hindsight some of the trades could have been held longer then again some positioning was much much heavier than it should have been so in this sense it cancels each other out.

While i would have loved to hold onto the dax additions, the EUREX closes in 30 minutes for DAX Futures and im not a gambling person since overnight news can make this gap either way, so rather than doing something stupid its sometimes best to just take profit and keep your highest positions running.

Oh yeah i have GU longs running (who doesn't?) so we will see what happens with them.

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  • #27,110
  • Edited 4:03pm Feb 22, 2012 3:25pm | Edited 4:03pm
Quoting MozarTT
And how do you enter into trade: do you wait when price touch zone and immediately enter as Sam Seiden says, or you wait for confirmation signal like engulfing pattern, pinbar, etc? Thanks
i'm no expert in this by any way, just my thoughts.

in smaller TF levels and as long as your risk is small you can enter aggressive at the best chance (this means either as price enters the level or at the first sign of a rejection, in smaller TFs its a gut feeling).
for levels picked from H1 and up i like to wait for confirmation, especially if these have been revisited. engulfings, pins and then a revisit of the price to check these new areas usually give you nice small risk entries. a bit like ifmyante in this video.
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edit, attached 2 scalps from yesteday. both confirmation entries.
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  • #27,111
  • Feb 22, 2012 6:59pm Feb 22, 2012 6:59pm
short cable
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  • #27,112
  • Feb 22, 2012 7:02pm Feb 22, 2012 7:02pm
also short AU based on demand consumption
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  • #27,113
  • Feb 22, 2012 7:05pm Feb 22, 2012 7:05pm
Quoting Dropped Onion
also short AU based on demand consumption
taking some profit at regional lows
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  • #27,114
  • Feb 22, 2012 7:06pm Feb 22, 2012 7:06pm
Quoting Dropped Onion
short cable
closing some cable at lows in case we bounce from here
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  • #27,115
  • Feb 22, 2012 7:07pm Feb 22, 2012 7:07pm
will short AU again if we bounce high enough
  • #27,116
  • Feb 23, 2012 2:56am Feb 23, 2012 2:56am
Quoting asos101
i'm no expert in this by any way, just my thoughts.

in smaller TF levels and as long as your risk is small you can enter aggressive at the best chance (this means either as price enters the level or at the first sign of a rejection, in smaller TFs its a gut feeling).
for levels picked from H1 and up i like to wait for confirmation, especially if these have been revisited. engulfings, pins and then a revisit of the price to check these new areas usually give you nice small risk entries. a bit like ifmyante in this video.
http://www.youtube.com/watch?v=qTBhz...eature=channel...
Thanks!
  • #27,117
  • Feb 23, 2012 3:36am Feb 23, 2012 3:36am
Good morning traders... I feel like shit and have a virus so no trading for me today. I am only managing me open trades and 1.5723 will be protected by the bears, so take some out of your longs here.
  • #27,118
  • Feb 23, 2012 4:23am Feb 23, 2012 4:23am
Quoting Dropped Onion
also short AU based on demand consumption
May i ask you something: you tell me, that consumption of s/d zone have place when price move through zone if i understand you correctly, but on this screen i didn't see that price moved through demand zone but you wrote that this zone is consumed. How did you determine this and why do you sold? (sorry for my english-)))
  • #27,119
  • Feb 23, 2012 4:37am Feb 23, 2012 4:37am
Quoting elliotrader
hope i didnt move my sl too fast. its a free trade now....
will keep watching pa to confirm that momentum is changing and more buyers are stepping in.
I presume you got stopped out and now missed the move as cable put in a classic double bottom.

As a scalper/day trader it is OK to move the SL to BE as soon as possible once the trade goes in the right direction but when trading off the higher timeframes you need to give the trade a chance and give it some breathing space!

My GU trade was based off the daily and weekly timeframes and why I gave my trade some breathing space to work. I was confident that when price created a new higher high on the m15 in late NY that it was a good sign of turning. Now Asia tested the lows again and DO got some nice short scalps out of it but knew to close them when it was testing the bottom again.

I am not sure why he didn't take some longs here but ultimately he is a scalper/day trader whereas I am more of a higher timeframe player. I have multiple targets and I use the lower timeframes to set those targets. You have to take profit off the table when the market presents it but I always have a final runner and trail it because you never know where the market is going to take it. The old adage cut your losses short, let your profits run come to mind and I know some people on FF poo poo this adage but that is because they don't know how to achieve this and I suspect they are not profitable either.
  • #27,120
  • Feb 23, 2012 4:59am Feb 23, 2012 4:59am
Quoting MozarTT
May i ask you something: you tell me, that consumption of s/d zone have place when price move through zone if i understand you correctly, but on this screen i didn't see that price moved through demand zone but you wrote that this zone is consumed. How did you determine this and why do you sold? (sorry for my english-)))
Questions really should be posted in the PIE chat room but on this occasion (again) I will answer.

You really should read SS's articles. Common convention and a lot of trading books state that the more times price visits a level the stronger it is. Think about it... is this really true????

Every time price visits a supply/demand level, sellers/buyers are consumed. In DO's chart, price was making lower highs but kept bouncing of this demand level as each time price visited this level, buyers jumped in, but eventually there are going to be no more buyers left and then the demand level fails and price slices through it like a knife through butter.

It is akin to chopping down a tree... the more you chop at it, eventually the tree will fall.

Therefore, the BEST demand/supply zones are the FRESH zones where price has not visited this zone before. This is the highest probability trade, but each time price returns to the same level, the probability of a successful trade decreases.

If you can think logically, this should make perfect sense!

So the question you have running in your head no doubt is why did I take that GU long since price had visited this demand zone on numerous occasions? This is where the weekly and daily timeframes come into play. What I see is price ranging for the last 4 weeks (including this week) and when in a range, you buy at the bottom and sell at the top. More often than not, ranges are continuation patterns and with a weekly bullish engulfing put in from 1.52ish, I suspect we will continue further to test 1.60, but I could be wrong as I don't have a crystal ball. I am just playing the %.

We could reverse at 1.58, it puts in a lower high and then tests the bottom of the range again. If no one has worked it out yet, this is my next bloody target for my long!
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