ReadtheMarket - Supply and Demand with Price Action

Where is the THANK YOU button when you need it ?
haha

My only regret is that http://www.readthemarket.com was not around 5 yrs ago!! Man!! I would be able to golf full time by now!!

Your read of m1 charts is and has always been masterfully masterful. I have given up on LTF trading as it fits poorly with my lifestyle and time zone. Therefore my trading is moving towards HTF (daily and weekly). Would like to see your read of daily/weekly chart with entry/exit using only those time frames (is that possible?).

I'm sure you won't be surprised when I tell you that my read of the monthly is exactly the same as M1

There is absolutely no difference at all

Weekly chart showing strong reaction to demand. Bullish outside englufing.

Daily showing detail of flags and engulfings Having engulfed nicely north out of demand I imagine an entry on price returning to the flag would be ideal.

And now to the H4 chart which is the lowest time frame I would like to venture down to. This looks like a QM. Currently price seems to have CP'd down to a flag and has been rejected. I want to confirm price action so I don't want to trade touches so for me waiting for the close of the H4 candles is important. The candle that didn't quite touch the flag closed bullishly so I noted a paper trade at the break of that candle. Good or bad not sure. Now waiting to see what will happen but I know that price could come back further to the new demand created coming out of demand below.

Anyway, thoughts critique welcome.

I love a deep retrace!

But I've marked what I think is important on the chart for now

Thanks IF. I know the LTF charts provide beautiful detail and pinpoint entry and you have mastered the art and science of this type of trading. Having tried "scalping" or just LTF trading numerous times I realize it is not for me. Interestingly it is not because of losing cash but rather losing hours and hours to a computer screen. When pointed out to me it is very clear. If I spend hours poring over the charts I can usually get pretty close but I no longer have this time. I am willing to forgo the pinpoint entry and accept some reasonable draw down to be able to find entry points on HTF charts of no lower than H4 but to be honest the daily/weekly has my attention. I am looking to enter, place stops and targets and walk away for the day.

Oh sure, but it only takes a few extra moments to find the exact FTRs for a pinpoint entry.

Maybe another way to put it: What if there was no such thing as a chart with time frame lower than H4 or even daily. How would this be traded? Before the internet traders trade off of "tapes" with only daily bars and were successful. So....

Simply look at any TF chart as I view the M1

I've marked a few things on this one - see what else you can add to it for other opportunities

Thanks IF. Here's my take from a daily view. My developing strategy hinges on the engulfs. First when price enters a supply or demand area wait for the engulf that reveals big money intention.

One thing I hope you won't do is look to candles themselves for clues
This can take your eye off price itself - watch the zones themselves, and for engulfs thereof

Absolutely IF. I think you will notice that the engulfs do engulf consolidations or retraces. Will post more of the AUDUSD shortly.

Continuation of the AUDUSD from daily view. Supply dominating and definitely causes a bias to form. Sells are on my mind and price must prove otherwise. Engulfs of consolidations and retracements may occur with one or more candles. Single candles ala J16 are not the priority. However looking for a bearish signal candle during the retrace into supply in this case is important. This is because I am not looking at lower time frames for pinpoint entries.

You're looking at candles again instead of zones

Hi If:

Great thread!

However; like Winston, I no longer trade short TFs.

I hope to see more 4 hr. and daily setups.

Regards,
JS

This concludes the AUDUSD daily analysis. I didn't get the last week or so. After two glasses of vino I was feeling....well... you know
Hindsight is 20:20 and it always seems easy to historically analyze PA. But I am serious about trading from daily and weekly time frame using supply and demand.

It must be late....or very early in your part of the world IF but I still see your name. Get some rest my friend. Thanks for your help. Your inspiration drives me forward!

Hi Dude

What TF is this chart?