Mark how do you like this DRT set up from yesterday? Could you please go over my analysis and tell me if it is correct or what would yo do differently ? Thank you very much {image} {image}
Ignored
Looks good to me, comment re: SL placement on the chart below.
GBPCHF H1 FTB in the Asia session last night illustrates an important aspect of determining an entry when an SR FTB is immediately above/below a former SD to the left (in this case it is a support level FTB below a previous supply).
Lot's of potential FTB setups on the agenda today, but what with a spread of Euro news this morning and a double dosage of US data this afternoon was always going to be a tricky day (for FTB's) what with close approach and impulsive moves.
In the end I pulled all my orders as had bigger fish to fry elsewhere. All FTB orders would have been cancelled in anycase except the one pair not effected by the news, ANZD.
It's another one that is a good example of how to determine the right entry place when the SR is part of a larger former SD zone to the left.
I've decided to no longer post my PA trades on here and just stick to posts regarding the strategies outlined in my You Tube videos, namely FTB's, FB's and DRT's.
If you wish to learn from some of my PA trades then you'll find me detailing them on my twitter feed.
I asked my Skype group to analyse some recent Daily TF FB's, thought worth logging the charts here for reference.
3. Both ACHF and EAUD highlight a common mistake of traders being 'too keen' to trade a setup and 'too quick' to zoom down the TF's to find a logical/efficient entry and SL without evaluating the space for the FB on the TF the setup is on first (in these cases the daily TF).
Although on this setup there was no value in the trade, it highlights what we are looking for (on the TF the setup is on) - clear space for price to move into.
Daily FLS is clear on the daily TF and the H1 chart shows the real target within this Daily area and that there is no space (with the daily close marked with the arrow).
- Daily chart shows the clear target - we potentially have space for the FB to move into.
- H4 shows the exact SR to target.
- H1 shows this SR again for the target and the arrow points to the daily close. Not enough value taking a trade at the Sunday open as have e to cover the demand (now turned supply) that price broke at the 'scene' of the FB - thus have to look for the retrace entry.
- M15 shows this demand turned supply more clearly and as this is what should hold for the FB to work out this is our retrace entry / SL.
Although there was no daily FB setup there in the end there was the potential for an FTB style trade with the added expectation of trapped shorts adding to the bullish momentum at the H4 demand as explained below.
I was wondering if this was a valid FB set up on NZD/U in your opinion (which has just played out and was a loss).
Break of H1 SR (admittedly not overly concise) into overlying supply (admittedly not that well-defined). Reasonably strong rejection and close back below the SR. There is momentum into the breakout but after the initial rejection (potential supply consumption) the second two-bar rejection convinced me price was struggling to go higher and it was worth a short trade.
As you can see, it didn't work out but was it a poor-odds setup in the first place?
H1, M15 and M5 charts attached explaining my rationale.
