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  • #2,681
  • Aug 10, 2012 10:25am Aug 10, 2012 10:25am
Missed opportunity on DAX. Compression into 6,900 before a minor FB and into an area of exhausted sellers.
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  • #2,682
  • Edited 4:22pm Aug 10, 2012 3:57pm | Edited 4:22pm
I am just learning supply and demand so .......

I need a little help ...

Question 1 ) Please guide me how to DRAW the supply and demand levels ... I mean where to put the upper line and where to put the lower line ... See the chart 1 below ....

Question 2 ) How do we know where a supply or demand level is exhausted ??? I mean , sometimes , a great level is only retested only once and sometimes , a crappy level hold very long for many retests ...

Question 3 ) Where can I learn what compression is /?? And is it any different from converging wedges ???

Thank you ...
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Human
  • #2,683
  • Aug 10, 2012 4:10pm Aug 10, 2012 4:10pm
Quoting 5.25
Missed opportunity on DAX. Compression into 6,900 before a minor FB and into an area of exhausted sellers.
Not sure I see this as an FB - it's a pure FTB (double bottom) at an area where there was a clear strong SD imbalance previously - nice compression though.
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  • #2,684
  • Aug 10, 2012 4:25pm Aug 10, 2012 4:25pm
Quote
I am just learning supply and demand so .......

I need a little help ...

Question 1 ) Please guide me how to DRAW the supply and demand levels ... I mean where to put the upper line and where to put the lower line ... See the chart 1 below ....

Question 2 ) How do we know where a supply or demand level is exhausted ??? I mean , sometimes , a great level is only retested only once and sometimes , a crappy level hold very long for many retests ...

Question 3 ) Where can I learn what compression is /??

Thank you ...

1. The question you should be asking is why did price fall and rise where it did, the answer can be obtained by looking to the left on you chart. See my chart for clues.

Remember the daily chart is hiding information that will only become apparent by zooming in.

2. If a crappy zone holds for many retests then it clearly wasn't a crappy zone was it...

The way to tell whether demand or supply has most likely been consumed is by looking at how price last left the zone, how it approaches the zone this time around and the price action at the zone.

Combine this with some common sense logic that the number of times a supply zone is tested the weaker it will become and you should be able to figure out whether a supply zone has been fully consumed or not.

3. Check my signature...
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  • #2,685
  • Edited 5:36pm Aug 10, 2012 5:25pm | Edited 5:36pm
Just posting these on here for this one time to show how simple it can be to make some decent returns in this market.

I come across people all the time who struggle to find good frequency of setups that offer good average R and people who also moan how tough it is to trade during summer markets.

These are before and after charts for charts I uploaded in the Trading Room for which the set-up triggered in the last 2 weeks. Every single one of these set-ups gave at least 1R if you have half decent trade management skills.

I only share FTB trades (i.e. no FB's - because these occur in real time and thus can't be shared before the event and no 'PA' trades for the same reason) which I consider to be the obvious setups (mainly only on H1, H4 TF's), so if you can find 15 setups in 2 weeks making 1R each on only the simple FTB setups you should be able to realise if you add in the other trades setups how easy it is to make good double digit R returns month after month.

If you can't manage 150R return per annum at a minimum then there is something very wrong with your methods, your trade management or your ability to find tradable setups IMO.

Anyone who is unfamiliar with FTB's, go through these charts, study then until something clicks.

Not sure how much longer I'll be around here on FF, losing interest in teaching and sharing how I view things in the public domain - think a new challenge is in order.
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  • #2,686
  • Aug 10, 2012 5:28pm Aug 10, 2012 5:28pm
Cont...
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  • #2,687
  • Aug 10, 2012 5:30pm Aug 10, 2012 5:30pm
Cont2...
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  • #2,688
  • Aug 10, 2012 5:32pm Aug 10, 2012 5:32pm
Cont3...
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  • #2,689
  • Aug 10, 2012 5:47pm Aug 10, 2012 5:47pm
Quoting lovejoy80
1. The question you should be asking is why did price fall and rise where it did, the answer can be obtained by looking to the left on you chart. See my chart for clues.

Remember the daily chart is hiding information that will only become apparent by zooming in.

2. If a crappy zone holds for many retests then it clearly wasn't a crappy zone was it...

The way to tell whether demand or supply has most likely been consumed is by looking at how price last left the zone, how it approaches the zone this time around and the price action at the zone....
Cool . Thanks a lot
Human
  • #2,690
  • Aug 11, 2012 3:27am Aug 11, 2012 3:27am
Quoting Chanya
Cool . Thanks a lot
So to be clear, what you should do is zoom in and find where price turned in each of those 4 instances - if you do that you should be able to clearly see where price turned relative to 'the left'- post those charts here with some thoughts on why you think price did hold and not shoot through...
  • #2,691
  • Aug 13, 2012 6:09am Aug 13, 2012 6:09am
Quoting Balhana
Closed 1/2 at 96.20 for +30 pips.
Closed the remainder (1/2) at 96.60 for +70 pips (+100 pips in total).
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  • #2,692
  • Aug 13, 2012 8:27am Aug 13, 2012 8:27am
Sold GA at 1.4905
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  • #2,693
  • Aug 13, 2012 8:54am Aug 13, 2012 8:54am
Couple FTB setups from this morning, one worked (GU) and one didn't (EU).
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  • #2,694
  • Aug 13, 2012 8:57am Aug 13, 2012 8:57am
I also had a price action based scalp on EU -based on M1 PA within the M15 supply area. I also like the location of USDx and the S&P was indicating a further move down.
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  • #2,695
  • Aug 13, 2012 10:02am Aug 13, 2012 10:02am
As mentioned before, the first EU setup didn't work out (I took a 0.86R loss on it) but the second setup is working out as planned and FLS just hit and some profit taken.
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  • #2,696
  • Aug 13, 2012 11:00am Aug 13, 2012 11:00am
Quoting Balhana
Sold GA at 1.4905
Added one more short at 1.4935 (two shorts now) and set SL at 1.4950. Hmmm... stacked zones are difficult to trade.
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  • #2,697
  • Aug 13, 2012 12:50pm Aug 13, 2012 12:50pm
Quoting lovejoy80
As mentioned before, the first EU setup didn't work out (I took a 0.86R loss on it) but the second setup is working out as planned and FLS just hit and some profit taken.
Final position closed at 2nd target, just over +2R made and +2.3R for the day over my 3 trades (missed the GU short).
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  • #2,698
  • Aug 13, 2012 5:02pm Aug 13, 2012 5:02pm
It became clear today that something I take for granted might not be as clear for others.

Sam Seiden uses some nice analogies associated with everyday life to explain the difference between a retail trader's mindset and that of a professional.

Now, I can't copy his slides and presentations for obvious reasons, but instead I've quickly re-created the basis of what he was trying to get across (with a slight adaption).

His main message (which as stated above is something I took for granted that most were aware off) is that 'the way you make money trading is the same way you buy and sell things in every day life'.

This, in my opinion is one of the major differences between the mindset of a novice compared to a professional - novices generally:

1. Consider touch trading an aggressive form of trading.
2. Get scared trading against a strong trend like move.
3. Are only comfortable taking trades after 'confirmation' - thus are buying after an already sustained period of buying has occurred and vice versa for selling.

The truth is the exact opposite of the above of course and it's all down to difference in how a Pro thinks compared to a novice (i.e. mindset).
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  • #2,699
  • Aug 13, 2012 6:28pm Aug 13, 2012 6:28pm
Quoting Balhana
Added one more short at 1.4935 (two shorts now) and set SL at 1.4950. Hmmm... stacked zones are difficult to trade.
Closed the lower entry at BE and moved SL for the higher entry to BE+1.
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  • #2,700
  • Aug 14, 2012 2:41am Aug 14, 2012 2:41am
Quoting lovejoy80
It became clear today that something I take for granted might not be as clear for others.

Sam Seiden uses some nice analogies associated with everyday life to explain the difference between a retail trader's mindset and that of a professional.

Now, I can't copy his slides and presentations for obvious reasons, but instead I've quickly re-created the basis of what he was trying to get across (with a slight adaption).

His main message (which as stated above is something I took for granted that most were aware off) is that [u][b]'the way you...
This is great Mark. Rather than a chart of the EURUSD, instead imagine a chart of LCD 50" TV's.

Do we want to buy the TV at $800 or when it goes on sale at $500 for a blow out one weekend sale before price rises again as all the TV's on the shelf are bought and supply deminishes? Of course we want to buy it for $500 before prices are increased on Monday morning.
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