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  • #2,741
  • Aug 15, 2012 8:08am Aug 15, 2012 8:08am
Final trade off the day, took a loss on what I considered to be a bull trap on Gold (-0.8R) - there was a potential for this to be supply consumption thus I did risk less than stock risk on this one.

Only +5.1R for today, damn
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  • #2,742
  • Aug 15, 2012 8:13am Aug 15, 2012 8:13am
Quoting lovejoy80
I was just about to post a chart of UJ as a setup I missed whilst managing the GAUD, ENZD trades...

A perfect example of why you shouldn't be scared of going against a strong move and even a BEOB...price action produces patterns not the other way round i.e. patterns are secondary.

Thanks Mark. I couldn't agree with this statement any more.
  • #2,743
  • Aug 15, 2012 8:17am Aug 15, 2012 8:17am
Bought EU at 1.2285
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  • #2,744
  • Aug 15, 2012 8:20am Aug 15, 2012 8:20am
Quoting lovejoy80
It's based on an SR + demand zone FTB - there is not other FTB above this level that I would be interested in as a TT.

I generally stick to clear obvious FTB setups on crosses.

My shorts this morning were based on price action at supply i.e. compression followed by rejection signs.
Chart below
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Human
  • #2,745
  • Aug 15, 2012 8:30am Aug 15, 2012 8:30am
Quoting lovejoy80
Final trade off the day, took a loss on what I considered to be a bull trap on Gold (-0.8R) - there was a potential for this to be supply consumption thus I did risk less than stock risk on this one.

Only +5.1R for today, damn
I chose Gold FB over an AU FB - Gold looked slightly better IMO and only had time to get one position on so chose Gold...Gold didn't work out but AU went straight to FLS ... sometimes the market can be rather frustrating!
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  • #2,746
  • Aug 15, 2012 8:47am Aug 15, 2012 8:47am
Quoting Chanya
Chart below
1. Yes the demand is where you marked at the lower FTB.

2. The upper one you marked is an FTB but not one off interest for me without some further investigation inside that zone. I'd be zooming and trying to pinpoint the source of the start of the move up and looking to take a trade from there probably based on some price action.

But I don't focus on doing that on pairs like this unless it a very major demand or supply zone (like the short this morning) - instead I look for the more simple, more obvious FTB's mainly on H1, H4 that I can just setup my orders and forget about until the trade has triggered, allowing me to focus more closely on the 7-8 majors that I follow more closely across multiple TF's.
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  • #2,747
  • Aug 15, 2012 8:52am Aug 15, 2012 8:52am
Quoting lovejoy80
1. Yes the demand is where you marked at the lower FTB.

2. The upper one you marked is an FTB but not one off interest for me without some further investigation inside that zone. I'd be zooming and trying to pinpoint the source of the start of the move up and looking to take a trade from there probably based on some price action.

But I don't focus on doing that on pairs like this unless it a very major demand or supply zone (like the short this morning) - instead I look for the more simple, more obvious FTB's mainly on H1, H4 that I can just setup...

Great ...

I will be waiting for your email brother ...
Human
  • #2,748
  • Aug 15, 2012 9:32am Aug 15, 2012 9:32am
Quoting Balhana
Bought EU at 1.2285
A bit tired. Calling it a day...

LJ, looks like you use a decent price alert indi. Could you send it to me?
Thanks in advance.
  • #2,749
  • Aug 15, 2012 10:57am Aug 15, 2012 10:57am
enjoy, everyone should have this!
Attached File(s)
File Type: mq4 alerts-ap-v4.mq4   5 KB | 527 downloads
DM if you have any questions
  • #2,750
  • Aug 15, 2012 2:54pm Aug 15, 2012 2:54pm
Quoting Balhana
Bought EJ at 95.90
Based on what ??? Compression into SR ??? No Demand >???
Human
  • #2,751
  • Aug 15, 2012 3:08pm Aug 15, 2012 3:08pm
Quoting jkrick33
enjoy, everyone should have this!
Cool. Thanks for sharing
  • #2,752
  • Aug 15, 2012 3:10pm Aug 15, 2012 3:10pm
Quoting Chanya
Based on what ??? Compression into SR ??? No Demand >???
There is demand, this zone has history of being a demand zone.

See all those arrows to the left this is where this zone was acting as demand - - price getting rejected away from this zone means it was a demand zone.

Demand then gets consumed - each time price gets rejected from a demand zone it is 'using up' demand so the zone gets weaker until demand is consumed and price breaks down lower.

Price then breaks back up above the zone again and has a more immediate retest before shooting off up with very large momentum - but that immediate retest touch caused price to get rejected from the zone - showing is that there is now fresh demand at this zone again.

Price then comes back for the first time - odds are there is still demand sitting there (as its first time back and by the way price left the zone previously), it's not the type of zone I'd be looking for a TT on and it looks like Balhana did what I would do too and wait for a sign that there is still demand in that zone i.e. wait for a rejection sign, we got that sign, price got rejected and then he went long.

Notice how price accelerated into that demand and then was quickly reversed too...very typical price action at an FTB.

Anyway that's hows I would have viewed it from a simple demand perspective.
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  • #2,753
  • Aug 15, 2012 5:49pm Aug 15, 2012 5:49pm
Quoting lovejoy80
Anyway that's hows I would have viewed it from a simple demand perspective.
Thanks LJ! You save my time. I can't add more.
  • #2,754
  • Aug 15, 2012 5:56pm Aug 15, 2012 5:56pm
Quoting Balhana
Bought EU at 1.2285
Hit my TP (1.2305) for +20 pips. One lot only. Can't post chart as yet.
  • #2,755
  • Edited 7:05pm Aug 15, 2012 6:10pm | Edited 7:05pm
Quoting lovejoy80
There is demand, this zone has history of being a demand zone.

See all those arrows to the left this is where this zone was acting as demand - - price getting rejected away from this zone means it was a demand zone.

Demand then gets consumed - each time price gets rejected from a demand zone it is 'using up' demand so the zone gets weaker until demand is consumed and price breaks down lower.

Price then breaks back up above the zone again and has a more immediate retest before shooting off up with very large momentum - but that immediate retest...
Vouching for you ... So , A compression into supply trade ???
I only like to trade HTF so ...
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Human
  • #2,756
  • Edited 8:26pm Aug 15, 2012 8:11pm | Edited 8:26pm
Quoting Chanya
Vouching for you ... So , A compression into supply trade ???
I only like to trade HTF so ...
"A compression into supply trade?" --> Take a look at my thought on your chart. I like "zero compression" as well as "full compression". Because "zero compression" could mean no RBR/DBD on the way. But zero compression is very rare. News spike is sometimes zero compression.

If you understand what QM is, take a look at my EJ trade (or LJ's chart). Does it look like QM? Your user title says that you love Jarroo's method. PBT&CB 95.80 level and then PBT&CA, and then came back to the level (95.80) again, right?

"I only like to trade HTF so ..." --> Why? If it is just your trading style, then it's OK. But I'm telling you that there is NO difference between HTF and LTF. When you see a chart without any data on x-axis and y-axis, can you tell which timeframe it is? Think about it. Many J16 traders are just nervous about LTF.
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  • #2,757
  • Aug 16, 2012 1:25am Aug 16, 2012 1:25am
Trade triggered before I got up this morning, GU SR FTB - very simple setup, straight to TP ahead of GBP data release. +1.35R
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  • #2,758
  • Aug 16, 2012 1:39am Aug 16, 2012 1:39am
Quoting lovejoy80
Trade triggered before I got up this morning, GU SR FTB - very simple setup, straight to TP ahead of GBP data release. +1.35R
Hey LJ,what was your SL here?
  • #2,759
  • Aug 16, 2012 1:51am Aug 16, 2012 1:51am
Quoting AvanishDemo
Hey LJ,what was your SL here?
1.5623
  • #2,760
  • Aug 16, 2012 1:56am Aug 16, 2012 1:56am
Quoting Chanya
Vouching for you ... So , A compression into supply trade ???
I only like to trade HTF so ...
I common mistake I see people make is thinking that each converging wedge like pattern is compression.

It is true that price is tightening but compression has to also have either supply or demand consumption too (in this case demand consumption) and as per what Balhana said there is no demand consumption other than at the start of the move.
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