DislikedYes but rewarding at the end!
My biggest challenge is keeping emotions out, the market is just doing its thing and most times it actually tells you what comes next.
It is up to us to listen.Ignored
Price is Everything Chat Room
- #2,842
- May 29, 2012 9:45am May 29, 2012 9:45am
hi m8, hope all is well. i'm not senior at all but i have a view on how you could have avoided this one.
Firstly, the decision point you chose wasn't much of a decision. They were lows which were already breached and although it required a decision, not much of one.
Secondly the size of the bars there. i know they dont always have to be big but i think it's best if price really does shoot away, or your talking about the decision to break some big pivot area which requires big orders or will attract more orders and protect the zone.
I've shown on...
I was out before the pins printed
Just some thoughts guys... it's a tough journey sometimes.
- #2,843
- May 29, 2012 11:20am May 29, 2012 11:20am
Thanks Bee. Just to clarify some points, I had scribbled some notes after viewing one of If's videos that RBD after drop below the low is an impt decision pt as price has to decide whether to stay below or go back up (i.e. fake BO below). So a bit confused when you say "They were lows which were already breached and although it required a decision, not much of one." I hope I didn't mis-interpret If's teaching or got trip over by myself?
If you go back you'll see this area heavily contested in m5. Sure a decision was made there, and to a certain extent respected. Price went to the next decision point when it reached your level, went down, printed a pin and came back up. I've shown that on my chart and i'm sure you saw it anyway.
So i suppose i'm wondering now, what did you expect it to do? Stay down? If so, what part of the decision you chose is any better than the myriad decisions already made to cross that line?
Price has now printed new lows since March so we should be able to see lots more decision points which break the levels we are talking about and if price comes back up for a retest i'd fully expect to get PA reactions around them, just as in your example. How far they are respected is all to do with the approach.
PARTY!
If i am talking out the arse, someone please correct me for my own safety.
- #2,848
- May 30, 2012 2:59am May 30, 2012 2:59am
- | Membership Revoked | Joined Nov 2010 | 3,072 Posts
Hi Bee,
Based on what you said above, I think you may have gotten my entry point and my decision pt mixed up. Hope another M5 chart clears up what I've been trying to illustrate
Very busy elsewhere at the moment, making improvements to You Know What (Regarding that - If any of you are knowledgeable of adding blogs to Joomla, I'd really appreciate your help
)But Looking at that setup - I'd much rather trade that level if it had been the breakdown of a BUFL at swing high
- #2,849
- May 30, 2012 3:43am May 30, 2012 3:43am
Hey there,
Looking at your marked area and the note you have put on the chart yourself about the 'Restest with RBD - decision pt' would be your answer to the question id say. That restest took out the supply from the area and you can see from how it left, it didnt have much momentum. The original supply was 2 bars back after the drop of that little upside down bull pin. Thats my take at least..
josh
http://www.youtube.com/watch?v=bOhGwkXMG1k
from 5:20 min onwards you'll see what I mean. Its a similar setup. But i'm sure there is something abt my setup that is not good (vs If's) so it didn't pan out right
Hi peeps
Very busy elsewhere at the moment, making improvements to You Know What (Regarding that - If any of you are knowledgeable of adding blogs to Joomla, I'd really appreciate your help
But Looking at that setup - I'd much rather trade that level if it had been the breakdown of a BUFL at swing high
Thks for the note. Can't wait for more over at AG.
Yea, the BUFL formed only after my entry. Is the trade setup not good such that I Should have waited for confirmation before putting in the order?
- #2,851
- May 30, 2012 4:19am May 30, 2012 4:19am
- Joined Aug 2010 | Status: Tööröh | 14,292 Posts
Hero calls followed by margin calls...
- #2,852
- May 30, 2012 4:22am May 30, 2012 4:22am
- Joined Aug 2010 | Status: Tööröh | 14,292 Posts
cpd
Hero calls followed by margin calls...
- #2,858
- May 30, 2012 5:02am May 30, 2012 5:02am
XM,
I agree with what FX said here, however don't forget to ask yourself if the areas that you have circled is a fresh demand/supply or just a retest of the previous fresh demand/supply zone.
I hope you don't mind but I have use your chart to illustrate what I am talking about.
Have a nice day,
Mel
