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  • #2,781
  • Aug 16, 2012 10:00am Aug 16, 2012 10:00am
Quoting Balhana
Took a short on GBP/CHF at 1.5315. Sold it right into demand?
Closed 1/1 at 1.5290 for +30 pips.
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  • #2,782
  • Aug 16, 2012 10:14am Aug 16, 2012 10:14am
Thank You LJ and Balhana for your support ... I think I know the basics now ... I have a few of questions about trade management now ... If its no trouble .... Probably won't bother you for few days because planning to read the thread from the start ..... Questions in the charts below ...
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Human
  • #2,783
  • Aug 16, 2012 3:05pm Aug 16, 2012 3:05pm
Quoting Balhana
Took a short on GBP/CHF at 1.5315. Sold it right into demand?
I don't like GCHF at all and don't look at it (plus it is now the inverse of EURGBP since the ECHF peg etc), but someone did ask about this one earlier in the trading room - it was a nice FTB at that SD zone - there was an even nice zone that has played out it's FTB higher too.
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  • #2,784
  • Aug 16, 2012 3:12pm Aug 16, 2012 3:12pm
I took on the Euro strength today and came out to fight another day.

The Euro moves today were pretty impulsive, I was not overly liking how it was moving but somehow came out positive.

Took a net 0.5R loss on an EU short (well two shorts half a position at the SR and half at the VLTF SD zone which I exited after the former resistance turned into support and not an FB).

Took a circa BE on an EURGBP short when price lost momentum.

But came out with a 1.55R winner on an ECAD short, 50% of at 05's FLS and the rest off at the area marked. So + 2.4R for the day.
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  • #2,785
  • Edited 5:15pm Aug 16, 2012 4:01pm | Edited 5:15pm
Long order placed. EURJPY FTB entry.
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  • #2,786
  • Aug 16, 2012 4:14pm Aug 16, 2012 4:14pm
Quoting 5.25
"The people that give the strength of the trend / upmove as a main reason as to not take a trade don't understand price action and are part of the novice crowd".

I don't claim to be a professional, but stepping infront of this train brought some healthy pips
Time to lock in some pips for approx 1:7-8R
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  • #2,787
  • Aug 16, 2012 4:37pm Aug 16, 2012 4:37pm
Quoting 5.25
Long order placed. EURUSD FTB entry.
Looks good, I'm also interested in the short from 98.78 too.
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  • #2,788
  • Aug 16, 2012 4:39pm Aug 16, 2012 4:39pm
Quoting 5.25
Time to lock in some pips for approx 1:7-8R
Damn that's good!

You bought when all the pattern traders were looking to sell
  • #2,789
  • Aug 16, 2012 4:44pm Aug 16, 2012 4:44pm
Quoting 5.25
Apologies for the quality of the chart. The day job brings such limitations.

In line with the earlier conversation regarding HTF vs LTF trading, I paid a high spread percentage to trade this. When the assumed FB failed to gain momentum, I reduced my risk and came out with a small profit.

Obvious buying pressure played it's part here. Not a good trade, but glad to come out with a positive outcome.
I see what you were looking at now, just wasn't as obvious as what I normally look for on pairs like this. Looks like you pretty much got all that was available out of it as price went to the FLS before the buying pressure took over.
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  • #2,790
  • Aug 16, 2012 5:14pm Aug 16, 2012 5:14pm
Quoting lovejoy80
I see what you were looking at now, just wasn't as obvious as what I normally look for on pairs like this. Looks like you pretty much got all that was available out of it as price went to the FLS before the buying pressure took over.
Yep, that was it. Nothing special, not worth spread or time. Moving swiftly onwards...

Yes, the EURJPY short at 98.7/98.8 looks good also.
  • #2,791
  • Aug 16, 2012 5:33pm Aug 16, 2012 5:33pm
Quoting 5.25
Time to lock in some pips for approx 1:7-8R
A question for you.
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Thoughts are things
  • #2,792
  • Aug 16, 2012 6:04pm Aug 16, 2012 6:04pm
Quoting Quezoy
A question for you.
Hi there

Firstly, I never enter on a trend line I find them too subjective. I certainly use it as confluence but a level can be defined by a specific numeric figure hence it's overriding importance. I had this trend line drawn too on the daily believing that if it broke, there was space for price to move.

The level was at a daily close and a proven S/D level on the LTF. Once price broke through this level there was a good chance it will hold as demand. Those traders that went long on this break out could very well have hidden their stops there also but the market caught them out. This is why I believe the speed at which price approaches a level is important; professional money is fishing for the smaller player.

Correct me if I am wrong LJ, but this is how I saw it. Hope this made sense Q?
  • #2,793
  • Aug 16, 2012 7:48pm Aug 16, 2012 7:48pm
Quoting Balhana
Closed the higher entry at 80.00 for +15 pips just for peace of mind.
The lower entry got stopped out at 80.35 for -25 pips (-10 pips in total).
  • #2,794
  • Aug 16, 2012 11:39pm Aug 16, 2012 11:39pm
Quoting Chanya
Thank You LJ and Balhana for your support ... I think I know the basics now ... I have a few of questions about trade management now ... If its no trouble .... Probably won't bother you for few days because planning to read the thread from the start ..... Questions in the charts below ...
Question on Chart 1:

(Stacked Zones) When SD zones are stacked on top of each other, the market usually keeps you guessing which one to hold. They can always be tricky. If price reacts to the first zone, it might be a trap to turn at the next stacked zone.

You can enter in the first zone knowing it might be a trap, and then place a limit order at extremes. But the safe way to trade is take the most extreme only.


Q1) What levels (demand) would have to be looked at for management and how should it be managed?

When/how to exit is still (probably will be) an open question for me. Just general answer is: Supply goes to demand. Just choose a demand zone according to your own RR. As for me, TP1/TP2 would be 1.5650ish level and 1.5370ish level if managed on the daily chart.

Q2) Why did this supply level fail why the upper one succeeded to reverse the price?
Q3) Why did all the demand levels in between fail to reverse the price?

Nobody knows, I think. I would say, price just returned to SOD (source of drop, 6200-6300) and then back to SOR (source of rally, 4600-4700). Now going back up to SOD again? Who knows?

I’m still in the learning stage and not a professional trader at all. I’m frequently wrong. So take my comments here with GREAT CAUTION.
  • #2,795
  • Aug 17, 2012 1:34am Aug 17, 2012 1:34am
Quoting 5.25
The level was at a daily close and a proven S/D level on the LTF. Once price broke through this level there was a good chance it will hold as demand. Those traders that went long on this break out could very well have hidden their stops there also but the market caught them out. This is why I believe the speed at which price approaches a level is important; professional money is fishing for the smaller player.
Which daily close? The LCS of 15th of july?

I still dont understand why you've entered where you've entered. Are you telling me, that you interpret the fast move down after the breakout as big money hunting SL-es? And you asume that after that, the up move will resume?
Thoughts are things
  • #2,796
  • Aug 17, 2012 1:56am Aug 17, 2012 1:56am
Quoting Quezoy
Which daily close? The LCS of 15th of july?

I still dont understand why you've entered where you've entered. Are you telling me, that you interpret the fast move down after the breakout as big money hunting SL-es? And you asume that after that, the up move will resume?
The reason for the entry would be be because its a FTB to the RBR zone - i.e. there is a high probability if price hits that zone that there is still a significant demand exceeding supply imbalance and thus we expect price to rise from here.

This is also a bear trap too - price breaking that SR before moving back above again etc.
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  • #2,797
  • Aug 17, 2012 2:15am Aug 17, 2012 2:15am
Its clear now, tnx.

RBR is...?
Thoughts are things
  • #2,798
  • Aug 17, 2012 2:23am Aug 17, 2012 2:23am
Quoting Quezoy
Its clear now, tnx.

RBR is...?
RBR = Rally Base Rally, it is a type of supply/demand zone.

I did a post a while back listing the different types and abbreviations don't have it to hand, it was fairly recently though.
  • #2,799
  • Aug 17, 2012 2:25am Aug 17, 2012 2:25am
I'll anyway have a look at the topic so I guess I'll find it.

Thank you.
Thoughts are things
  • #2,800
  • Aug 17, 2012 3:20am Aug 17, 2012 3:20am
Quoting Balhana
Question on Chart 1:

(Stacked Zones) When SD zones are stacked on top of each other, the market usually keeps you guessing which one to hold. They can always be tricky. If price reacts to the first zone, it might be a trap to turn at the next stacked zone.

You can enter in the first zone knowing it might be a trap, and then place a limit order at extremes. But the safe way to trade is take the most extreme only.


Q1) What levels (demand) would have to be looked at for management and how should it be managed?

When/how...
Ok Great ... Thank You
Human
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