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  • #1,761
  • Edited 4:23pm Feb 7, 2013 3:56pm | Edited 4:23pm
This is a really great thread (thankyou Rocky and everyone else generously sharing advice etc) for understanding supply/demand zones etc.
I'd appreciate any comments etc on why the drop/based/rally area that I've marked on the attached chart of today's EUR/USD failed to act as a demand level? Particularly if you can see any characteristics in the price action that give away that it is in fact just a 'pseudo' demand level.
Thanks in advance.
Ruede
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only dead fish swim with the stream
  • #1,762
  • Feb 7, 2013 8:37pm Feb 7, 2013 8:37pm
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  • #1,763
  • Feb 8, 2013 4:44am Feb 8, 2013 4:44am
Quoting rocky
Attachment
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  • #1,764
  • Feb 8, 2013 5:44am Feb 8, 2013 5:44am
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  • #1,765
  • Feb 8, 2013 6:56am Feb 8, 2013 6:56am
Ruede,

I wanted to try and shed light on your question. As you can see, i've made several comments on the chart.

First off, i'm going to assume you have spent time watching and studying Sam Seiden's videos on supply/demand. Sam teaches two s/d setups in a rising market. 'Rally, base, rally' and 'drop, base, rally'. Of the two, 'drop, base, rally' is the higher probability trade. Another thing that needs to be considered as price action approaches a level of interest is the volume! 'Spot' volume is going to be different than futures volume.

And lastly, price had already previously tested that area twice. The majority of any meaningful demand had already been exhausted making it easy for price to break through.

Hope this helps,
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  • #1,766
  • Feb 8, 2013 7:04am Feb 8, 2013 7:04am
Quoting bantro1
Ruede,

I wanted to try and shed light on your question. As you can see, i've made several comments on the chart.

First off, i'm going to assume you have spent time watching and studying Sam Seiden's videos on supply/demand. Sam teaches two s/d setups in a rising market. 'Rally, base, rally' and 'drop, base, rally'. Of the two, 'drop, base, rally' is the higher probability trade. Another thing that needs to be considered as price action approaches a level of interest is the volume! 'Spot' volume is going to be different than futures volume....
Good answer bantro1, Thanks for helping out. I think I'll hire you to answer question while I post trades. I think that's why I don't have a trading room. I rather show trades with my analysis than answer questions. By the way, welcome on board Ruede, Rocky...
  • #1,767
  • Feb 8, 2013 7:07am Feb 8, 2013 7:07am
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  • #1,768
  • Feb 8, 2013 9:23am Feb 8, 2013 9:23am
Thanks Rocky for the kind words.... appreciate it!

Btw, nice trade on the GBP!
  • #1,769
  • Feb 8, 2013 9:28am Feb 8, 2013 9:28am
Canadian Futures:

Here's a trade I entered earlier this morning. I have no more time in front of the computer this morning so it closed it.

The left chart is the 240 min. and the right chart is 10 min.

After the initial touch of the 61.8% level, I was looking for price to come back down into the demand zone so I entered a limit buy order at .9960 with my SL at .9950
Attached Image (click to enlarge)
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  • #1,770
  • Feb 8, 2013 9:28am Feb 8, 2013 9:28am
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  • #1,771
  • Feb 8, 2013 9:28am Feb 8, 2013 9:28am
Quoting bantro1
Ruede,

I wanted to try and shed light on your question. As you can see, i've made several comments on the chart.

First off, i'm going to assume you have spent time watching and studying Sam Seiden's videos on supply/demand. Sam teaches two s/d setups in a rising market. 'Rally, base, rally' and 'drop, base, rally'. Of the two, 'drop, base, rally' is the higher probability trade. Another thing that needs to be considered as price action approaches a level of interest is the volume! 'Spot' volume is going to be different than futures volume.

And...
Thanks a lot bantro1. In recent weeks I've been through maybe 100 or more videos/articles by Sam Seiden and while he makes it all seem very simple to a former 'dumb money' chump , my actual selection of supply/demand zones has been a bit hit and miss. Your comments help a lot - I didn't realise that I'd marked out a lower probability 'rally-base-rally'. The difference in spot/futures volume displayed on my/your charts is unbelievable.
only dead fish swim with the stream
  • #1,772
  • Feb 8, 2013 9:31am Feb 8, 2013 9:31am
Quoting rocky
Good answer bantro1, Thanks for helping out. I think I'll hire you to answer question while I post trades. I think that's why I don't have a trading room. I rather show trades with my analysis than answer questions. By the way, welcome on board Ruede, Rocky...
Thanks Rocky. Your trades/analyses speak volumes - keep it up!!
only dead fish swim with the stream
  • #1,773
  • Feb 8, 2013 10:04am Feb 8, 2013 10:04am
Stopped out, Minus $230, Rocky...

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  • #1,774
  • Feb 8, 2013 10:11am Feb 8, 2013 10:11am
Thanks everyone, I'm finished for the week. Going to prepare for the winter storm with some Cuban Cigars, fine food and family, have a good weekend, Rocky...
  • #1,775
  • Feb 8, 2013 10:33am Feb 8, 2013 10:33am
Quoting rocky
Thanks everyone, I'm finished for the week. Going to prepare for the winter storm with some Cuban Cigars, fine food and family, have a good weekend, Rocky...
Thanks Rocky, enjoy the weekend.
  • #1,776
  • Feb 8, 2013 10:35am Feb 8, 2013 10:35am
Heh, I see you will be facing snow if you are in the NY area. Have fun!
  • #1,777
  • Feb 11, 2013 10:43am Feb 11, 2013 10:43am
New Zealand Dollar

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  • #1,778
  • Feb 11, 2013 10:57am Feb 11, 2013 10:57am
Quoting rocky
New Zealand Dollar

Attachment

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  • #1,779
  • Feb 11, 2013 2:59pm Feb 11, 2013 2:59pm
NZD Update...

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  • #1,780
  • Feb 11, 2013 3:26pm Feb 11, 2013 3:26pm
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