DislikedHi guys here is another one setting up let me know what you thinkIgnored
-H
Supply and Demand trading with Fibs
- #844
- May 30, 2012 2:37pm May 30, 2012 2:37pm
Hello everyone,
I have been reading the thread and studying Sam and Dean's videos. I have been trading for about 2 years now. On and off with live money. I have been trading lately with Chris Lori's protradersclub. His teachings are great, but I feel like I am still missing something. I must say that I have had a couple of Aa ha moments since reading this thread and watching Dean's videos. So thanks Dean for starting this thread.
I wanted to see if I could get a little help. I have posted a chart with a supply zone and I am just curious...
Hi Sid,
Im no Dean, but im going to give my 2 cents worth anyway. Seems like you identified a perfect zone but might not have market it out very well which is why as you can see the price reversed just below the zone you marked out. One of the things Dean has taught in this thread to mark out a zone is to notice the lows of the ranging bars just before the breakout. The more level the zones the more price is in equilibrium at that level and the more likely it is to react to that level in the future. The zone you marked is slightly above the the level where prices are consolidating. If you see the bottom yellow line on chart 1, you can see how all the bars could not close below that level. Thats a good entry point IMO.
Furthermore the level has lots of confluence so thats very good. The reversal is at a 1.56 BRN and a significant daily pivot. RSI (and this is what I use and cant speak for anyone else) is showing excellent hidden divergence another + FIBs lining up very well. Very high probability trade. If I wasn't shorting NZD today I would have taken this up.
Keep it up and keep posting.
Best,
-H
- #851
- Edited 4:42am May 31, 2012 4:20am | Edited 4:42am
EJ demand zone. Lying on the 97-99 weekly pivot. Bought half position @ 97.77. Limit order for lower level 97.3 for remaining half position. I think it'll go lower before it bounces back up. First target, just under 100.
Not much confluence otherwise so relatively higher risk trade. But hey whats the fun in forex if you dont sometimes play on a hunch.
Best,
-H
Not much confluence otherwise so relatively higher risk trade. But hey whats the fun in forex if you dont sometimes play on a hunch.
Best,
-H
- #852
- May 31, 2012 5:16am May 31, 2012 5:16am
EJ demand zone. Lying on the 97-99 weekly pivot. Bought half position @ 97.77. Limit order for lower level 97.3 for remaining half position. I think it'll go lower before it bounces back up. First target, just under 100.
Not much confluence otherwise so relatively higher risk trade. But hey whats the fun in forex if you dont sometimes play on a hunch.
Best,
-H
Goldfish,
In any other market these would be great levels but with the Euro at present any longs are dangerous.
If these levels hold for a decent bounce the laws of supply and demand will have well and truly proven themselves.
- #857
- May 31, 2012 11:10am May 31, 2012 11:10am
- Joined May 2012 | Status: ... | 1,925 Posts
Thanks cash and simon for the help and encouragement. Here are a couple of other spots on the AUD/JPY chart I am looking at. Mostly I am just trying to pick my levels. Please advise. I have 3 different TF's and notes for what I am looking at and thinking.
I do not really see much confluence with these areas. I really am just trying to pick a zone with the right width. I am not sure I would take these as trades, but I wanted to post some practice charts to get a better opinion.
Thanks,
-Sid
Images attached. My view only of course - other traders may disagree with some or all
