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  • #1,661
  • May 21, 2012 9:52am May 21, 2012 9:52am
Tempted to short NU.... but no new entry at this time of night.

EDIT: Maybe LJ is already in this... or FLS is too close for him to enter?
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  • #1,662
  • May 21, 2012 10:05am May 21, 2012 10:05am
Quoting Balhana
Tempted to short NU.... but no new entry at this time of night.

EDIT: Maybe LJ is already in this... or FLS is too close for him to enter?
I did have an order @ 0.7620, SL @ 0.7634 but had to pop out so cancelled it. Value wasn't great, but better than a similar setup on NJ @ 60.54 so just about passable.
  • #1,663
  • May 21, 2012 10:13am May 21, 2012 10:13am
Quoting Balhana
Closed the rest at 1.2785 for +58 pips (+88 pips in total). My final target was 1.2795 but closed it a bit early because it looked like some correction started.
Some nice trade management on EU and UCAD trades, true price action trading at its best.

There was also a sellers trap on EU H1 which, just like UCAD indicated a move into the previous compressed area you marked. Lastly also had S&P hitting 1309 resistance zone as confluence
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  • #1,664
  • May 21, 2012 10:17am May 21, 2012 10:17am
Quoting lovejoy80
I did have an order @ 0.7620, SL @ 0.7634 but had to pop out so cancelled it. Value wasn't great, but better than a similar setup on NJ @ 60.54 so just about passable.
I think it was tradable... it seems to me that it is a typical CP+LQ into supply zone on 1M chart.
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  • #1,665
  • May 21, 2012 10:27am May 21, 2012 10:27am
Quoting lovejoy80
Some nice trade management on EU and UCAD trades, true price action trading at its best.

There was also a sellers trap on EU H1 which, just like UCAD indicated a move into the previous compressed area you marked. Lastly also had S&P hitting 1309 resistance zone as confluence
Very nice explanation! I didn't notice the sellers trap on EU 1H.
  • #1,666
  • May 21, 2012 10:52am May 21, 2012 10:52am
We have a bullish daily pin bar on GU. I think many J16 traders have placed pending buy orders, waiting for a break of the pin bar....

How to utilize this pin bar tomorrow???
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  • #1,667
  • May 21, 2012 11:01am May 21, 2012 11:01am
Quoting Balhana
Closed the rest at 1.2785 for +58 pips (+88 pips in total). My final target was 1.2795 but closed it a bit early because it looked like some correction started.
I couldn't spot QM when I was in this EU trade.....
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  • #1,668
  • May 21, 2012 3:02pm May 21, 2012 3:02pm
Hello LJ, I've got a question for you about my Fiber trade of today. My intentions was to trade that daily BUOB on a pullback to its previous bar high, (which served as resistance multiple times on the 1H-TF) I didn't catch that pullback cose it took place during the Tokyo session, so I then waited for another pullback to the decision point when price decided to break all those 1H-bar highs and thereby generating a daily BUOB. I thought I found a nice decision point (RBR-demand) in the 5m-TF, but as price arrived here it totally ignored this demand, instead price reacted at a lower 15m-demand and price stopped me out. So was this RBR-demand not a decision point ?

Regards,
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Pipcrawler
  • #1,669
  • May 21, 2012 3:09pm May 21, 2012 3:09pm
After being stopped out on my first trade, I then entered at the lower 15m-demand on the 1m-TF, price made a nice QM, i entered on a beartrap bar completing the QM. Closed all when price hit the high of my daily BUOB.
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Pipcrawler
  • #1,670
  • Edited 10:54pm May 21, 2012 10:35pm | Edited 10:54pm
Quoting xmzhang
Hello LJ, I've got a question for you about my Fiber trade of today. My intentions was to trade that daily BUOB on a pullback to its previous bar high, (which served as resistance multiple times on the 1H-TF) I didn't catch that pullback cose it took place during the Tokyo session, so I then waited for another pullback to the decision point when price decided to break all those 1H-bar highs and thereby generating a daily BUOB. I thought I found a nice decision point (RBR-demand) in the 5m-TF, but as price arrived here it totally ignored this demand,...
Hi xmzhang,

I'm not LJ but just my two cents.

1) I don't think the 5M RBR demand was totally ignored. If you drew a bit bigger RBR box covering the candle wicks, then you can see some reaction there.

2) There were stacked zones (5M demand & 15M demand), which are close to each other. In this case, this is often times used as a trap. The higher zone gets you in a buy, and then price spikes the lower zone and rally. This may or may not happen but we should be aware of it, IMO.

I simply chose the higher TF demand (15M demand rather than 5M) in this case. If I want to enter a trade on the higher zone, then I place my stop below the lower zone, and may add on the lower zone.

Anyway, I do like your re-entry based on 1M QM.
  • #1,671
  • May 22, 2012 1:59am May 22, 2012 1:59am
Quoting Balhana
Hi xmzhang,

I'm not LJ but just my two cents.

1) I don't think the 5M RBR demand was totally ignored. If you drew a bit bigger RBR box covering the candle wicks, then you can see some reaction there.

2) There were stacked zones (5M demand & 15M demand), which are close to each other. In this case, this is often times used as a trap. The higher zone gets you in a buy, and then price spikes the lower zone and rally. This may or may not happen but we should be aware of it, IMO.

I simply chose the higher TF demand (15M demand rather than...
Good afernoon Balhana,
Yes, this sounds very logical to me, sometimes drawing the boundaries of a S/D-zone confuses me a lot. Isn't there a fixed rule how to draw these S/D boxes. Anyway thanx for your enlightening explanation

Regards,
Pipcrawler
  • #1,672
  • May 22, 2012 2:45am May 22, 2012 2:45am
Quoting xmzhang
Hello LJ, I've got a question for you about my Fiber trade of today. My intentions was to trade that daily BUOB on a pullback to its previous bar high, (which served as resistance multiple times on the 1H-TF) I didn't catch that pullback cose it took place during the Tokyo session, so I then waited for another pullback to the decision point when price decided to break all those 1H-bar highs and thereby generating a daily BUOB. I thought I found a nice decision point (RBR-demand) in the 5m-TF, but as price arrived here it totally ignored this demand,...
If you look at that zone on M1 and then where price reacted you can see that this zone did indeed act as demand. A descending triangle pattern formed then price moved quickly down to the lower demand zone which was quickly rejected as we would expect.

I nearly always incorporate wicks into my SD zones as these represent where the decision was made to move higher/lower and where we can first expect supply/demand on the retest - unless of course the wick is more of an outlier away from the main zone.

Very nice QM entry.
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  • #1,673
  • May 22, 2012 3:46am May 22, 2012 3:46am
NU long @ 0.7606, SL @ 0.7590

(Demand #3 is too far away from my entry to hide my stop)
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  • #1,674
  • May 22, 2012 4:12am May 22, 2012 4:12am
Quoting Balhana
NU long @ 0.7606, SL @ 0.7590

(Demand #3 is too far away from my entry to hide my stop)
Nice M15 sellers trap formed too.

Same sellers trap formed on the Dow Futures too as supporting confluence.
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  • #1,675
  • Edited 4:58am May 22, 2012 4:36am | Edited 4:58am
Quoting lovejoy80
If you look at that zone on M1 and then where price reacted you can see that this zone did indeed act as demand. A descending triangle pattern formed then price moved quickly down to the lower demand zone which was quickly rejected as we would expect.

I nearly always incorporate wicks into my SD zones as these represent where the decision was made to move higher/lower and where we can first expect supply/demand on the retest - unless of course the wick is more of an outlier away from the main zone.

Very nice QM entry.
Thanx very much for your detailed explanation, yes i see now, had I included that upper wick of that 5m-RBR demand (as Balhana also said) then I could've seen that price hit that demand as a descending triangle and price was bound to break that demand. When trading on the lowest TF like the 1m then the boundaries of S/D must be very strict, the difference in this example is about 2 pips and it made the difference between a BE or losing trade.

Regards,
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Pipcrawler
  • #1,676
  • May 22, 2012 4:43am May 22, 2012 4:43am
Quoting Balhana
NU long @ 0.7606, SL @ 0.7590

(Demand #3 is too far away from my entry to hide my stop)
LOL, I took the same trade, I didn't see that 15m-demand though. My entry was due to that 15m-PB @ RNB 7600, zooming into the 1m-TF I saw a potential QM, waited for price to pull back to the left eye of that PB and entered @ 1m-PB, more or less a James PA type of trade
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Pipcrawler
  • #1,677
  • May 22, 2012 5:09am May 22, 2012 5:09am
Quoting xmzhang
LOL, I took the same trade, I didn't see that 15m-demand though. My entry was due to that 15m-PB @ RNB 7600, zooming into the 1m-TF I saw a potential QM, waited for price to pull back to the left eye of that PB and entered @ 1m-PB, more or less a James PA type of trade
I'm in this trade too after the M15 sellers trap. Am giving it some room given the daily BUOB's formed on Dow and S&P yesterday.

M1 had a nice example of compression into demand.
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  • #1,678
  • May 22, 2012 5:16am May 22, 2012 5:16am
Quoting xmzhang
LOL, I took the same trade, I didn't see that 15m-demand though. My entry was due to that 15m-PB @ RNB 7600, zooming into the 1m-TF I saw a potential QM, waited for price to pull back to the left eye of that PB and entered @ 1m-PB, more or less a James PA type of trade
Just don't like price action at the moment. Moved my SL to BE+1 (just below 1M demand).
  • #1,679
  • May 22, 2012 5:24am May 22, 2012 5:24am
Quoting Balhana
Just don't like price action at the moment. Moved my SL to BE+1 (just below 1M demand).
Closed for a small profit, price made another 15m-PB @ 1H-PPZ
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Pipcrawler
  • #1,680
  • May 22, 2012 5:30am May 22, 2012 5:30am
Looks like a HnS to me @ 1H-PPZ
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Pipcrawler
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