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  • #4,181
  • Nov 28, 2012 10:30am Nov 28, 2012 10:30am
Quoting Price.Action
Was there any news on XAU? Why did it it drop so abruptly?
So far i am 2/2 losses with this nasty Gold Mistress...She doesn't like me very much
I don't need easy. I just need possible.
  • #4,182
  • Nov 28, 2012 11:12am Nov 28, 2012 11:12am
LJ

Is this on your radar? EU at around 1.2830?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu m15.gif Size: 22 KB
Click to Enlarge Name: eu h1.gif Size: 20 KB
  • #4,183
  • Nov 28, 2012 11:28am Nov 28, 2012 11:28am
Hey LJ, what does your "ideal perfect" setup look like?

I tried to think what mine is, and i came up with this story. What do you think of it?

Attached Image (click to enlarge)
Click to Enlarge Name: perfect setup.png Size: 14 KB


1) Clear Resistance Level . Multiple tests = Supply Consumption (Each bounce is weaker) .

2) Violent Breakout = Strong S/D imbalance . Ideally, the DP is lining up with the S/R flip or close to it. No immediate retests.

3) Falling Wedge into our Demand Level while consuming Supply (Also bull flag in the making) . FTB = Fresh Level . Violent move up.
I don't need easy. I just need possible.
  • #4,184
  • Nov 28, 2012 11:59am Nov 28, 2012 11:59am
Quoting DaGrizlyBull
Hey LJ, what does your "ideal perfect" setup look like?

I tried to think what mine is, and i came up with this story.
Looks like today's gold chart Took a loss on it but I'd still be all over it next time it comes around. She but a cruel mistress that gold lol. Nice scenario.
  • #4,185
  • Nov 28, 2012 12:42pm Nov 28, 2012 12:42pm
Quoting DaGrizlyBull
Hey LJ, what does your "ideal perfect" setup look like?

I tried to think what mine is, and i came up with this story. What do you think of it?

Attachment

1) Clear Resistance Level . Multiple tests = Supply Consumption (Each bounce is weaker) .

2) Violent Breakout = Strong S/D imbalance . Ideally, the DP is lining up with the S/R flip or close to it. No immediate retests.

3) Falling Wedge into our Demand Level while consuming Supply (Also bull flag in the making) . FTB = Fresh Level . Violent move up.
Why not the immediate retest? I like immediate retests they confirm to me where the DP is.

A falling wedge would not really bother me...price falling and consuming supply as it does so and then accelerating into the FTB area when it gets close would be my ideal scenario.

A recent example of a textbook scenario is ENZD H1.
Attached Image (click to enlarge)
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  • #4,186
  • Nov 28, 2012 12:43pm Nov 28, 2012 12:43pm
Quoting DaGrizlyBull
So far i am 2/2 losses with this nasty Gold Mistress...She doesn't like me very much
Indices and commodities in particular are more volatile than FX in terms of their ability to have sudden impulsive moves.

I took a partial loss on Gold too.
  • #4,187
  • Nov 28, 2012 12:49pm Nov 28, 2012 12:49pm
Quoting Price.Action
LJ

Is this on your radar? EU at around 1.2830?
It wasn't no, as not looked that far below price yet - looks a very clear H1 SR, not sure I like how close price came to it on the retest after the breakout though.

That area does have significant on the daily TF though so even if I decided not to trade it as a TT FTB I'd be watching close for a PA entry.
  • #4,188
  • Nov 28, 2012 2:09pm Nov 28, 2012 2:09pm
Quoting lovejoy80
Why not the immediate retest? I like immediate retests they confirm to me where the DP is.
I don't like them if they occur before my entry. They consume the S/D Buy/Sell Orders which i want to be present on my entry.
I don't need easy. I just need possible.
  • #4,189
  • Nov 28, 2012 4:09pm Nov 28, 2012 4:09pm
Quoting DaGrizlyBull
I don't like them if they occur before my entry. They consume the S/D Buy/Sell Orders which i want to be present on my entry.
If you went and looked at tons of FTB setups you'll find a large % of them (I'd hazard an educated guess at 80%+) have an immediate retest on one TF or another. The majority of breakouts have immediate retests of sorts - it's a good thing that this occurs as it tells us where price found demand to push price higher/lower (i.e. in the direction of the breakout) after the initial order-flow based move has exhausted.

This is the sort of thing you discover when you look at 100's of setups.
  • #4,190
  • Nov 28, 2012 5:19pm Nov 28, 2012 5:19pm
Quoting lovejoy80
If you went and looked at tons of FTB setups you'll find a large % of them (I'd hazard an educated guess at 80%+) have an immediate retest on one TF or another. The majority of breakouts have immediate retests of sorts - it's a good thing that this occurs as it tells us where price found demand to push price higher/lower (i.e. in the direction of the breakout) after the initial order-flow based move has exhausted.

This is the sort of thing you discover when you look at 100's of setups.
Good thing you have experience to share

Thanks!
I don't need easy. I just need possible.
  • #4,191
  • Nov 29, 2012 1:39am Nov 29, 2012 1:39am
Sold NU @ 0.8245
Attached Image (click to enlarge)
Click to Enlarge Name: NU 01.jpg Size: 185 KB
  • #4,192
  • Nov 29, 2012 2:07am Nov 29, 2012 2:07am
Quoting Balhana
Sold NU @ 0.8245
Cut it near BE because the hourly candles could not close below 0.8242 (the 4H close).
  • #4,193
  • Nov 29, 2012 4:55am Nov 29, 2012 4:55am
Sold UJ @ 82.11
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  • #4,194
  • Nov 29, 2012 9:02am Nov 29, 2012 9:02am
Quoting Balhana
Sold UJ @ 82.11
Closed 2/3 @ 81.93 for +36 pips.
Attached Image (click to enlarge)
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  • #4,195
  • Nov 29, 2012 9:50am Nov 29, 2012 9:50am
Quoting Balhana
Closed 2/3 @ 81.93 for +36 pips.
Care to explain what this is? Looks like "hindsight demand" , which i see a lot on the web.

Attached Image (click to enlarge)
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I don't need easy. I just need possible.
  • #4,196
  • Nov 29, 2012 10:01am Nov 29, 2012 10:01am
Quoting DaGrizlyBull
Care to explain what this is? Looks like "hindsight demand" , which i see a lot on the web.

Attachment
Take a look at 30M chart. Looks like you always look at one timeframe only when trading.

EDIT: If you see twisted wicks like that in higher timeframe during rally/drop, they are often times RBR/DBD in lower timeframe.
Attached Image (click to enlarge)
Click to Enlarge Name: UJ 30M RBR.jpg Size: 191 KB
  • #4,197
  • Nov 29, 2012 10:09am Nov 29, 2012 10:09am
Quoting DaGrizlyBull
Care to explain what this is? Looks like "hindsight demand" , which i see a lot on the web.

Attachment
Hi DaGrizly.....

attached AUDUSD D1 is that 3Drive down ???

cheers
Attached Image (click to enlarge)
Click to Enlarge Name: dbr23.gif Size: 21 KB
  • #4,198
  • Nov 29, 2012 10:44am Nov 29, 2012 10:44am
Quoting Balhana
Take a look at 30M chart. Looks like you always look at one timeframe only when trading.

EDIT: If you see twisted wicks like that in higher timeframe during rally/drop, they are often times RBR/DBD in lower timeframe.
You have ONE candle in that RBR. By that analogy, every retracement of 1 candle is a DBD or RBR according to you. Sorry mate, but it seems that you see what you want to see.
I don't need easy. I just need possible.
  • #4,199
  • Nov 29, 2012 11:03am Nov 29, 2012 11:03am
Quoting mrhb30jr
Hi DaGrizly.....

attached AUDUSD D1 is that 3Drive down ???

cheers
What made you think that I know what a 3Drive is? I am here to learn about LJ's methods, unlike some...
I don't need easy. I just need possible.
  • #4,200
  • Edited 11:21am Nov 29, 2012 11:05am | Edited 11:21am
Quoting DaGrizlyBull
You have ONE candle in that RBR. By that analogy, every retracement of 1 candle is a DBD or RBR according to you. Sorry mate, but it seems that you see what you want to see.
One candle? What about 15M RBR on the chart now? If you still think you can ignore this kind of stuff when trading, just do it. BTW I agree I see what I want see.


EDIT: Hey DaGrizlyBull, sorry for my tone in my post. It was because of "hindsight demand" you said. If you don't like/agree how I see charts, Please ignore it. Please don't take what I said amiss.
Attached Image (click to enlarge)
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