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  • #2,581
  • May 16, 2012 6:40pm May 16, 2012 6:40pm
Quoting NaughtyPip
Hey guys,

Here is my only trade today, it is a 5 min EU chart. I managed to enter very close to the bottom (5 pip dd) because of drilling down and finding the decision point on the 1 min. Then I exited almost to the pip at the very top from drilling down my exit point in the 1 min. 70 pips in total. Thanks to everyone here for what you have taught me, expecially If!
Good job! Do u mind sharing how you set your TP and if you taken any partial along the way (and if yes, where?). Thanks
  • #2,582
  • May 16, 2012 6:47pm May 16, 2012 6:47pm
Quoting Ifmyante
In this case the decision point was so good, and there was so little in the way on approach (In fact, the nearest S had already been taken out) that there was absolutely no reason to not take and hold the trade
Quoting Ifmyante
That would be a dead cert touch trade on price arrival
IF,
I assume u did a TT at pt 2 since pt 1 just tiny bit shy of the demand zone. For someone who missed pt 2, I wld think pt 3 is not a gd place to go long as its a 2nd/3rd time back and also it printed lower higher (bet pt 2 & pt 3). Is my understanding correct?

edit: link on my previous chart: http://www.forexfactory.com/showthread.php?p=5673083#post5673083
  • #2,583
  • May 16, 2012 8:19pm May 16, 2012 8:19pm
Can anyone see if my reasoning here is on the right track?
http://www.forexfactory.com/showthread.php?p=5668074#post5668074

Anyone looking at Gold? I zoomed in on LTF to identify tighter demand zone but it seems there wasn't any reaction when price visited it today. It went down more b4 reversing. Did i identify the demand zone wrongly?
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  • #2,584
  • May 17, 2012 1:51am May 17, 2012 1:51am
Quoting Fx7877
Good job! Do u mind sharing how you set your TP and if you taken any partial along the way (and if yes, where?). Thanks
hI FX,

I didn't take any partial profit on this as but really it is best to take partials at the level where the last flag broke as this would be an area where another decision was made (depending on how it moves through the level). In this case I had daily demand behind my trade so it was likely to have more juice in it so i let it run.

Below is a 1 min chart of the level i scrolled back to find fresh supply. The reason I was looking in this area is because if you look at a 15 min chart you will see that price cut through the previous low (bear flag) with a nice bit of force and hadn't returned to the decision point yet (not compressed) When we revisited yesterday I expected the rally to flag from this point and not actually be a reversal point for the day, so it was a good thing that I didn't get too greedy.

Anyway I'm still learning too so don't take this as gospel, this is just the way I saw it, might not be 100% correct.
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  • #2,585
  • May 17, 2012 2:20am May 17, 2012 2:20am
Quoting NaughtyPip
hI FX,

I didn't take any partial profit on this as but really it is best to take partials at the level where the last flag broke as this would be an area where another decision was made (depending on how it moves through the level). In this case I had daily demand behind my trade so it was likely to have more juice in it so i let it run.

Below is a 1 min chart of the level i scrolled back to find fresh supply. The reason I was looking in this area is because if you look at a 15 min chart you will see that price cut through the previous low (bear...
Thanks Naughty. I just want to clarify the break of low you are referring to (1.27577) is based on lowest close on M5 and not the lowest low (based on wicks)? Becos if its based on break of lowest low, it didn't break till 1.2753

We're all still learning from one another , thanks for your sharing again !
  • #2,586
  • May 17, 2012 2:28am May 17, 2012 2:28am
Holidays in Europe, no wonder its quite quiet here today.

Can someone enlightened me on why Gold was able to drop so much when demand on the way up was not consumed very much? Was the fresh supply the only reason it did what it did?
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  • #2,587
  • May 17, 2012 2:39am May 17, 2012 2:39am
Quoting Fx7877
Thanks Naughty. I just want to clarify the break of low you are referring to (1.27577) is based on lowest close on M5 and not the lowest low (based on wicks)? Becos if its based on break of lowest low, it didn't break till 1.2753

We're all still learning from one another , thanks for your sharing again !
Hi Fx,

The point I picked is based on the fact that this is the only area that has not been revisited (uncompressed, fresh supply) Ideally I would have picked the level below if it hadnt had been compressed as this area actually breaks past the previous low, but because it had been compressed i moved up to find the next area of decision that had not been compressed. Hope this makes sense.
  • #2,588
  • May 17, 2012 2:44am May 17, 2012 2:44am
Quoting NaughtyPip
Hi Fx,

The point I picked is based on the fact that this is the only area that has not been revisited (uncompressed, fresh supply) Ideally I would have picked the level below if it hadnt had been compressed as this area actually breaks past the previous low, but because it had been compressed i moved up to find the next area of decision that had not been compressed. Hope this makes sense.
aha, got it. Am slow to catch on and missed your point earlier. I thought it maybe got to do with some liking to use lowest close, while some like to use lowest low. Thanks!
  • #2,589
  • May 17, 2012 2:48am May 17, 2012 2:48am
IF & Kruger,
I saw you guys taking action on the USDCAD in PIE

http://www.forexfactory.com/showthread.php?p=5675473#post5675473

Its not a fresh supply if I'm not wrong, would you consider this a A setup and your reason for taking it? I do see some CP on M1 into your Supply zone though
  • #2,590
  • May 17, 2012 2:54am May 17, 2012 2:54am
Quoting Fx7877

Can someone enlightened me on why Gold was able to drop so much when demand on the way up was not consumed very much? Was the fresh supply the only reason it did what it did?
Good question, if we see for example big green bars on a move up, this means lots of unconsumed buy orders left at those bars so when price comes down it will be stalled, on the other hand we could say there is a lot of free space for price to fall, so which remark makes more sense
Pipcrawler
  • #2,591
  • May 17, 2012 3:06am May 17, 2012 3:06am
Quoting Fx7877
IF & Kruger,
I saw you guys taking action on the USDCAD in PIE

http://www.forexfactory.com/showthread.php?p=5675473#post5675473

Its not a fresh supply if I'm not wrong, would you consider this a A setup and your reason for taking it? I do see some CP on M1 into your Supply zone though
I do not know If'y view, but mine is that m5 S was quite fresh, and there was tiny m1 S. As you said, there was small cp but engulf was main key to enter
W Szczebrzeszynie chrząszcz brzmi w trzcinie
  • #2,592
  • May 17, 2012 3:07am May 17, 2012 3:07am
I've got a quick request

Did any of you happen to put together a file of any posts of mine which may be useful links on the first page?

If you have any in mind, I'd be grateful if you could post them. Thanks
  • #2,593
  • May 17, 2012 4:05am May 17, 2012 4:05am
Anyone else see EU compressing??

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  • #2,594
  • Edited 10:26am May 17, 2012 5:14am | Edited 10:26am
Quoting Rsherl01
Anyone else see EU compressing??

Attachment
Yes

Here's the story as I see it
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  • #2,595
  • May 17, 2012 5:18am May 17, 2012 5:18am
Made it a good time to try Swissie too
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  • #2,596
  • May 17, 2012 6:03am May 17, 2012 6:03am
Slow clap for the Euro today...glad to see others out there are doing well
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DM if you have any questions
  • #2,597
  • May 17, 2012 6:03am May 17, 2012 6:03am
PA can be deadly accurate (AU chart)
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W Szczebrzeszynie chrząszcz brzmi w trzcinie
  • #2,598
  • May 17, 2012 6:05am May 17, 2012 6:05am
i took the long on the euro as well but i closed it too early.
i did see price compressing but i thought that the demand level that broke (the one from yeterday lows) was swaped and now will be supply.once i saw the PB at that zone i thought here come the sell orders.was i wrong to think that?

p.s
IF you can be sure i have a file with your posts but there are too many so i will go throw them once im done trading and will post it here.it's gonna be hard to choose only few since you can learn a lot from each post but i'll do my best to pick the best ones.

have a goodgreen day everybody.
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  • #2,599
  • May 17, 2012 6:20am May 17, 2012 6:20am
Quoting elliotrader
i took the long on the euro as well but i closed it too early.
i did see price compressing but i thought that the demand level that broke (the one from yeterday lows) was swaped and now will be supply.once i saw the PB at that zone i thought here come the sell orders.was i wrong to think that?
You did great with EU. Nice job

Quote
IF you can be sure i have a file with your posts but there are too many so i will go throw them once im done trading and will post it here.it's gonna be hard to choose only few since you can learn a lot from each post but i'll do my best to pick the best ones.

Thanks very much for that

I'd actually love to know whether I've done a good job of explaining it all
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  • #2,600
  • May 17, 2012 6:21am May 17, 2012 6:21am
Very premature but if this level holds it may close the gap from start of week. Of course this is ambitious but alot of supply consumed on the way up??? Any breaking news would negate this theory but at present its very low risk high reward??

Looks to be forming a 1hr QM??

Am i a million miles off here? Ambitious i know but hey im only learning.

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