Spot the deliberate mistake
Price is Everything Chat Room
- #2,862
- Edited 6:31am May 30, 2012 6:19am | Edited 6:31am
Hi all,
my first trade after started studying Supply & Demand, was GBPJPY buy from a daily demand zone and managed the trade from a 15 min's TF, got 28 pips.........but the SL was bad(less than 1:1), fortunately worked out, still working on SL, not too confident.
also came off a round number
my first trade after started studying Supply & Demand, was GBPJPY buy from a daily demand zone and managed the trade from a 15 min's TF, got 28 pips.........but the SL was bad(less than 1:1), fortunately worked out, still working on SL, not too confident.
also came off a round number
- #2,863
- May 30, 2012 6:29am May 30, 2012 6:29am
Demand instead of Supply? Or does he mean Mel mean Supply-turned-Demand? Hmmmm
Yes, true Frxter,
I meant to say the fresh demand instead of supply , as well as the retest of demand ...
Sorry for the mistake! lol
I will edit my previous post! and Bee, thx for the hint lol
Out a BE. Going back in though at same levels. Liike the setup and that supply at 1.2450 is well and truly consumed now.
Stop at 1.2428
PS: Any comments on chart at all, good ppl of PIE?
PS2: Attempting to upload chart for the second time
- #2,866
- May 30, 2012 6:45am May 30, 2012 6:45am
Has supply been truly consumed? The chart I whipped up... I thought supply yet to be consumed, no?
PS: Any comments on chart at all, good ppl of PIE?
PS2: Attempting to upload chart for the second time
Heres how I saw it. Price compressing down to level.
1st supply touched twice and consumed a third time as per pic.
2nd supply touched twice but as I said at the time could be headwind as price did not enter the area too far.
3rd supply i did not take into account stupidly enough...
Was stopped out by 3 pips for a -7 loss but i still reckon we will see my initial target by US open.
Heres how I saw it. Price compressing down to level.
1st supply touched twice and consumed a third time as per pic.
2nd supply touched twice but as I said at the time could be headwind as price did not enter the area too far.
3rd supply i did not take into account stupidly enough...
Was stopped out by 3 pips for a -7 loss but i still reckon we will see my initial target by US open.
Attachment
- #2,868
- May 30, 2012 6:59am May 30, 2012 6:59am
Ah ok... makes sense now... thanks for the explanation, mate
As mentioned before i could not see where the demand level was coming up as my charts didnt go back that far. Looking at the charts from MEL we could be in for a decent size reversal in the short term. I would have been more than happy with 45pips for a 7 pip risk so thats why i took the trade. Unfortunately i just got stopped out.
I think the news that came out at the time helped the price to move up so rapidly but as I said it looks like all the supply was consumed which gave it a clear path up to where it is now. The level at present looks fairly stubborn but i think we will see my initial target before we see the daily low again....
hi,
Attached a couple of levels on my UJ chart.
79.33 has been support several times. Can best be seen on the 1H chart. If price comes back the level could very well be resistance.
On the 1M chart there is another untested DBD level, where price left very fast.
In between those two levels there was a decision made for a drop in price. Total of three level. Which one it the best (if price even makes it to the first). Time will tell.
Attached a couple of levels on my UJ chart.
79.33 has been support several times. Can best be seen on the 1H chart. If price comes back the level could very well be resistance.
On the 1M chart there is another untested DBD level, where price left very fast.
In between those two levels there was a decision made for a drop in price. Total of three level. Which one it the best (if price even makes it to the first). Time will tell.
No prob frxter. I am only new to this so i could be wrong. Maybe one of the senior members can shed further light on the situation.
As mentioned before i could not see where the demand level was coming up as my charts didnt go back that far. Looking at the charts from MEL we could be in for a decent size reversal in the short term. I would have been more than happy with 45pips for a 7 pip risk so thats why i took the trade. Unfortunately i just got stopped out.
I think the news that came out at the time helped the price to move up so rapidly...
- #2,873
- May 30, 2012 10:52am May 30, 2012 10:52am
Yes I think that its not the best strategy at this time. I will keep to the shorts I reckon. Bit of a noob question but is that a QM forming on the 1m. Target 1.2420. Obv will not take this trade. Just asking as I find it hard to ID these in real time.
Attached image...
- #2,877
- May 31, 2012 1:39am May 31, 2012 1:39am
EU compressing atm. Anyone any ideas of the next decent demand zone?
My charts dont go back that far!
Attachment
Was stopped just to see nice 40 + move
edit: same thing Rsherl
Was stopped out by 3 pips for a -7 loss but i still reckon we will see my initial target by US open.
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- #2,878
- May 31, 2012 1:51am May 31, 2012 1:51am
I wouldn't want to be picking longs on this pair that much. gotta be real sure about the D level.
Just close it - people wants to go long here!!
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- #2,879
- May 31, 2012 1:53am May 31, 2012 1:53am
Yes I think that its not the best strategy at this time. I will keep to the shorts I reckon. Bit of a noob question but is that a QM forming on the 1m. Target 1.2420. Obv will not take this trade. Just asking as I find it hard to ID these in real time.
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