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  • #3,501
  • Sep 23, 2012 9:51pm Sep 23, 2012 9:51pm
Quoting matk
Here are the 1hr and 15 min charts zoomed into the daily level
so the entry is 1.25948 area?
No longer trading forex. Looking for full time job.
  • #3,502
  • Sep 24, 2012 2:51am Sep 24, 2012 2:51am
Quoting mmaker
Where do you start counting the 26 bars space?
Hi



It was a quick approximation from the first bar I think the count at the time was more like 30 the main point is that there where more than 10 I think LJ suggested that number as minimum. Have look at his last video
and prev posts.


Entry was .8237 about 1/3rd into level stop .8216 price penetrated
further but did not stop me out and is now moving in my favor lets see
Constant and never ending improvement
  • #3,503
  • Sep 24, 2012 2:59am Sep 24, 2012 2:59am
Quoting mmaker
so the entry is 1.25948 area?

correct
Constant and never ending improvement
  • #3,504
  • Sep 24, 2012 4:28am Sep 24, 2012 4:28am
Quoting matk
Good evening

Here is one that may trigger today or tomorrow

We have as per LJ's recent vid a good move away and 26 plus bars space
This is one that I had bookmarked as a potential FTB - but it triggered during Asia on Sunday/Monday open - I never trade during this period. The start of the week for me is Monday - London open.
  • #3,505
  • Sep 24, 2012 4:32am Sep 24, 2012 4:32am
Quoting 5.25
Given the current topic of FTBs, here's a couple on my watch list on silver. These are S/R levels not SD zones.
I have all of those marked out too - Silver could present multiple opportunities this week.
Attached Image (click to enlarge)
Click to Enlarge Name: silver.jpg Size: 129 KB
  • #3,506
  • Sep 24, 2012 4:37am Sep 24, 2012 4:37am
Quoting extremerrage
lovely or 5.25 i know sd zones are the same zones on all tf , but on daily or weekly tf can we assume it can be stronger than lower tf?
A zone that is present on multiple TF's means more classes of market participants will be viewing it.

I focus around zones (and SR's) that are clear on H1, H4, Daily (and/or) for the most part. Zones that are clear on these TF's hold more significance IMO than a 5min zone that is stand alone in the middle of nowhere on a higher TF.

Doesn't mean you can't trade 5min etc - I do occasionally focus on this and surrounding TF's when I get time (on a few of the majors) for trading opportunities but for the most part I use VLTF to zoom in to higher TF zones and SR's to find the decision points and pinpoint exact sources of supply and demand.
  • #3,507
  • Sep 24, 2012 5:28am Sep 24, 2012 5:28am
Quoting matk
Here are the 1hr and 15 min charts zoomed into the daily level
With ECAD I would be looking at the daily TF and looking for a bounce from somewhere within the rectangle area up to at least the FLR marked.

This is a key daily TF breakout area.

Of course it's a wide area on daily which creates multiple demand zones as you scroll down the TF's. This is my current H1. Knowing where price will bounce (if it does) is the tricky part here.

If we get to the lower demand zone then technically there isn't any space on the H1 to the FLR (which would be the demand turned supply price had to break to reach the lower demand zone) - hence I'd be looking for a move back up through this potential resistance in line with the daily picture if this area is hit.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ecad - d.jpg Size: 98 KB
Click to Enlarge Name: ecasd - h1.jpg Size: 113 KB
  • #3,508
  • Sep 24, 2012 5:43am Sep 24, 2012 5:43am
Quoting lindsayf
Mark, thanks for the detailed reply re the UCad ftb.
This is a shot of the M5 approach to the level I marked
http://screencast.com/t/ZHwkUlME
There was a small ftb rejection followed by a a couple of hours of ranging right on the level. A good ftb should reject price faster than this,,,I gave it some time due to the time of day...but this is ideally not waht I want to see. You can see where I enterered..the signs of a less than ideal reaction were clearly there I guess.

http://screencast.com/t/u6XFrNgLypyO
This shows...
Yes I agree, an ideal FTB trade involves price gathering pace as it gets close (and/or a liquidity spike) to the FTB entry area which in an ideal world should be reversed pretty quickly.

It doesn't always happen like this, but more often than not this is the scenario that plays out.

So when price hit this area and just consolidated for a period this could be a sign that there is not the order-flow concentration we expect...

With regards time of day and who trades between NY close and Asia open - pretty much no-one (relative) is trading during this period (apart from algos) - this is what I meant by no new buyers coming in due to time of day. This period is known for a lack of liquidity which can cause the odd price spike.

On my main account I did not take this - I only take trades that trigger during European trading hours - sometimes I'll take the odd trade during Asia - but really I only take trades I am in front of my computer for. I do have other accounts that take everything via limit orders no matter what - more for research.

FTB's are about order-flow dynamics and thus require liquid trading conditions and good momentum markets - thus it makes sense that trading during the period between NY close and Asia open represents a lower chance of an FTB setup working out.

I agree with your last paragraph, but for me trading between NY close and Asia open would lower my expectancy considerably and it's not a time of day I am around and thus I just don't bother with it. The risk of a liquidity spike etc is much heightened during this period as well as increased spreads and slippage potential etc.
  • #3,509
  • Sep 24, 2012 5:56am Sep 24, 2012 5:56am
1.2929 looks like a good supply level.
Attached Image (click to enlarge)
Click to Enlarge Name: 24-09-2012 EU.jpg Size: 109 KB
  • #3,510
  • Sep 24, 2012 7:24am Sep 24, 2012 7:24am
Quoting Greenhaze
1.2929 looks like a good supply level.
Thanks for the example. I'm guessing the target was 1.2917 and the stop was around 1.2940 ?
WARNING: Don't follow me as I'm just learning
  • #3,511
  • Sep 24, 2012 7:29am Sep 24, 2012 7:29am
Quoting adam777
Thanks for the example. I'm guessing the target was 1.2917 and the stop was around 1.2940 ?

Hi Adam,

Thats correct but becouse of my impatience i've closed all @ 1.2920. Silly me... lol
  • #3,512
  • Sep 24, 2012 8:53am Sep 24, 2012 8:53am
Quoting lovejoy80
With regards time of day and who trades between NY close and Asia open - pretty much no-one (relative) is trading during this period (apart from algos) - this is what I meant by no new buyers coming in due to time of day. This period is known for a lack of liquidity which can cause the odd price spike.
This 24hr clock shows what banks are open in each country,
http://www.stocktime.ru/en/razrez8.swf
http://www.stocktime.ru/en/razrez8.swf
No longer trading forex. Looking for full time job.
  • #3,513
  • Sep 24, 2012 9:01am Sep 24, 2012 9:01am
Monday's lately are days for some quick scalping. I actually normally line up other things to do on a Monday, and just set alerts for main setups that I'm waiting for and just look for a couple VLTF scalps for some easy pips.

Here is one I took earlier on GCAD.

1. Daily TF chart - shows the daily supply zone.
2. H1 TF - shows the converging wedge and liquidity spike above the wedge.
3. M5 TF - was looking for price to move back into the wedge to confirm the bull trap and to confirm the spike was a typical liquidity reversal spike. But I needed price to move below that clear support area to really be sure that the setup had formed.

Hence entry @ 1.5884, SL @ 1.5897 and price hit the FLS @ 1.5868 for +1.23R.

Quick simple PA based scalp.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gcad -daily.jpg Size: 127 KB
Click to Enlarge Name: gcad-h1.jpg Size: 118 KB
Click to Enlarge Name: gcad - m5.jpg Size: 103 KB
Click to Enlarge Name: gcad - m5 trade.png Size: 24 KB
  • #3,514
  • Sep 24, 2012 9:14am Sep 24, 2012 9:14am
Similar setup on GAUD at the same time.

- Daily TF chart showing the supply zone.
- H1 TF chart showing the compression wedge.
- M15 TF chart showing 3 clear rejections from supply - strong moves into supply being instantly reversed one after the other is a bearish sign - it's a sign of distribution and this lower high rejection bar was the signal for me to short (though got in a bit later than I wanted to).

Entry @ 1.5576, SL @ 1.5595, Exit @ 1.5560 + 0.84R
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gaud - d.jpg Size: 119 KB
Click to Enlarge Name: gaud - h1.jpg Size: 119 KB
Click to Enlarge Name: gaud - m5.jpg Size: 94 KB
  • #3,515
  • Sep 24, 2012 9:15am Sep 24, 2012 9:15am
Quoting lovejoy80
If we get to the lower demand zone then technically there isn't any space on the H1 to the FLR (which would be the demand turned supply price had to break to reach the lower demand zone) - hence I'd be looking for a move back up through this potential resistance in line with the daily picture if this area is hit.
I don't understand the part about "..... technically there isn't any space on H1 to FLR". I couldn't match the text to the two pictures to know where to look. I also need help to identify where is the "..... this potential resistance" and the "..... this area". Lovejoy80 has been most gracious but I hope some others would have time to help me out abit. Thanks!
No longer trading forex. Looking for full time job.
  • #3,516
  • Sep 24, 2012 9:16am Sep 24, 2012 9:16am
New to this ...
Attached Image (click to enlarge)
Click to Enlarge Name: ucad-4h.jpg Size: 304 KB
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  • #3,517
  • Sep 24, 2012 9:23am Sep 24, 2012 9:23am
Also had a long on EU based on 30min bear trap (the earlier short that Greenhaze outlined was nice, but missed it), but scratched it around BE as price couldn't get over that 5min DBD.

I have orders in place for Silver FTB long, a UCAD FTB short and a USDJPY SD long but nothing else jumps out at me right now, so will probably call it a day now.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu-30min.gif Size: 28 KB
Click to Enlarge Name: eu-5min.gif Size: 27 KB
  • #3,518
  • Sep 24, 2012 9:26am Sep 24, 2012 9:26am
Quoting mmaker
I don't understand the part about "..... technically there isn't any space on H1 to FLR". I couldn't match the text to the two pictures to know where to look. I also need help to identify where is the "..... this potential resistance" and the "..... this area". Lovejoy80 has been most gracious but I hope some others would have time to help me out abit. Thanks!
If you look at the 2nd chart then price is currently at demand (as per where it is located on that chart). When it breaks this demand it could feasibly turn into supply if price retraces back up to it. So if price bounces from that lower demand zone then it's got to overcome this former demand turned supply just above. Thus any trade will involve taking a daily TF view that price will move through this area up to the area marked on the daily TF chart.

If still not clear let me know and I'll annotate a chart later.
  • #3,519
  • Sep 24, 2012 9:50am Sep 24, 2012 9:50am
Quoting lovejoy80
If you look at the 2nd chart then price is currently at demand (as per where it is located on that chart). When it breaks this demand it could feasibly turn into supply if price retraces back up to it. So if price bounces from that lower demand zone then it's got to overcome this former demand turned supply just above. Thus any trade will involve taking a daily TF view that price will move through this area up to the area marked on the daily TF chart.

If still not clear let me know and I'll annotate a chart later.
I got it! Thanks!
No longer trading forex. Looking for full time job.
  • #3,520
  • Sep 24, 2012 9:50am Sep 24, 2012 9:50am
Quoting lovejoy80
Similar setup on GAUD at the same time.

- Daily TF chart showing the supply zone.
- H1 TF chart showing the compression wedge.
- M15 TF chart showing 3 clear rejections from supply - strong moves into supply being instantly reversed one after the other is a bearish sign - it's a sign of distribution and this lower high rejection bar was the signal for me to short (though got in a bit later than I wanted to).

Entry @ 1.5576, SL @ 1.5595, Exit @ 1.5560 + 0.84R
Hi Lovejoy

As you didn't short the first breach of supply, did you wait till price broke the compression wedge before looking and waiting for an entry point? ... then shorting the BEOB that occurred after the compression wedge breach?

Cheers

Adam

P.S. Thank you for the videos!
WARNING: Don't follow me as I'm just learning
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