Price retraced on a Supply Level.. Moved to a 5M chart just to see if I can get as better perspective..Price appears to be resuming move north.. Patience
TSD
Day Trading vs. Swing Trading vs. Position Trading 86 replies
Disliked{quote} Well, this one ended up failing. Can anyone give me a heads up on what could be a reason for it not holding? I've heard Sam talk about "fresh" levels and as long as it's "fresh" he takes it. Was this not a fresh level or was it just one of those times in which we just take a hit and continue on? Thanks in advance. FRIgnored
Disliked{quote} Well, this one ended up failing. Can anyone give me a heads up on what could be a reason for it not holding? I've heard Sam talk about "fresh" levels and as long as it's "fresh" he takes it. Was this not a fresh level or was it just one of those times in which we just take a hit and continue on? Thanks in advance. FRIgnored
Disliked{quote} Well, this one ended up failing. Can anyone give me a heads up on what could be a reason for it not holding? I've heard Sam talk about "fresh" levels and as long as it's "fresh" he takes it. Was this not a fresh level or was it just one of those times in which we just take a hit and continue on? Thanks in advance. FRIgnored
Disliked{quote} Hey felix, I almost took the same trade, it looked really good, its definately a fresh level, nice basing, great drop from the level. What stopped me from entering though was the demand area that formed around the 102.00 on the 30min. Which for me had reduced the R:R to 1:1. There is a level just above that one (102.400-102.536 on 30min) that offered a better R:R, so i opted to wait for that one. Really focus on those odds enhancers that Ken has listed in his PDF, it may seem like alot to think about at first when looking at levels (it seemed...Ignored
Disliked{quote} Thank you Aussie. It's a big help. I did see the level below that you were talking about. I just didn't think it was gonna hold cause it looked like that level was reacting to the demand right below it. So I thought that would make that level "not fresh" and the short would of gone through it. Know what I mean? Anyway, nice to see that trade you took is working out. I appreciate everyone's help. I should of joined this forum a long time ago.Ignored
DislikedNo matter what time frames you wish to trade it is a good idea to mark the 4 hr and daily levels on your charts even with a simple single line , this way it will give you the best picture of what is or may happen. Might have made you take a different view. {image} {image}Ignored
Disliked{quote} So Ken, as long as the supply or demand level has not been used up completely we should still consider it as valid until it is used up? Cause I see you picked a level around 102.60 that is a supply level that is the top of a supply level that already hit (102.52). In other words, if there is a demand level created above demand or supply below another supply zone, those should be thought of as individual levels and not as a retracement into the level before the departure? Thanks Ken.Ignored
Disliked{quote} I use Price action as guide as to wither I will take a 2nd or 3rd touch within a level. The risk is normally less if you take 2nd or even a third touch , because you are entering closer to your stop position . You should monitor these trades as they can have a higher rate of failure. So a move to Break Even or a trailing stop might be prudent. But it also can be some of your best entries as the counter pressure maybe used up to make the final push into the edge of a level. Another way to play a deeper push into a level that is a level within...Ignored