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ReadtheMarket - Supply and Demand with Price Action

  • #1,061
  • Jun 27, 2014 5:40am Jun 27, 2014 5:40am
Yogi, we need to dig into the lowest timeframe possible to find our FL.
If we still can't find it, we need to make the entire engulf candle the FL
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  • #1,062
  • Jun 27, 2014 5:41am Jun 27, 2014 5:41am
That's a really old trick, and it's one of the most powerful the ITs have!
  • #1,063
  • Jun 27, 2014 6:01am Jun 27, 2014 6:01am
Quoting Ifmyante
Yogi, we need to dig into the lowest timeframe possible to find our FL. If we still can't find it, we need to make the entire engulf candle the FL {image}
Excellent IF,
I always mark in LTF. In this one , i saw a pole breaking, then i thought if not 1 min , it should have returned in other TF at least, that's why i marked that FL using other TF.Your reply is strengthening my view on time frame. Now i got a eureka moment.

Thanks very much IF.
  • #1,064
  • Jun 27, 2014 6:06am Jun 27, 2014 6:06am
That's a seriously important point.

Until you know for sure there's an engulf, there's no engulf!
  • #1,065
  • Jun 27, 2014 6:08am Jun 27, 2014 6:08am
Hmmm. Now I can't edit posts. I wonder am I being squeezed out?

That last post should read "Until we know for sure there's an engulf, we must assume there's no engulf!"
  • #1,066
  • Jun 27, 2014 7:01am Jun 27, 2014 7:01am
Quoting Ifmyante
Hmmm. Now I can't edit posts. I wonder am I being squeezed out? That last post should read "Until we know for sure there's an engulf, we must assume there's no engulf!"
Got that
  • #1,067
  • Jun 27, 2014 11:50pm Jun 27, 2014 11:50pm
HI Yogi,

My 2 cents,

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  • #1,068
  • Jun 28, 2014 4:19am Jun 28, 2014 4:19am
I get your thinking Maknil, but that's not it 80)
  • #1,069
  • Jun 28, 2014 11:07am Jun 28, 2014 11:07am
Quoting Ifmyante
Yogi, we need to dig into the lowest timeframe possible to find our FL. If we still can't find it, we need to make the entire engulf candle the FL {image}
When I was thinking to give him answer, I was considering this whole area as FL. But not posted because I was not sure.
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-milkeyway
  • #1,070
  • Jun 28, 2014 12:40pm Jun 28, 2014 12:40pm
Quoting Ifmyante
I get your thinking Maknil, but that's not it 80)
Hi If,

Most of the time i have seen FTR gets engulfed and touches zone (source of engulf) and after that goes in opposite direction. So I think its Fake out of FTR zone.
But I didnt understand your statement could u pls explain.
  • #1,071
  • Jun 28, 2014 12:45pm Jun 28, 2014 12:45pm
I really can't explain without explaining the exact rules of the market. As you can understand, if I did that here, they would soon change!

Suffice it to say that had that really been an engulf, it could not have been a fakeout. It could only have been a signal engulf.

Random fakeouts do not happen!
  • #1,072
  • Jun 28, 2014 1:37pm Jun 28, 2014 1:37pm
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-milkeyway
  • #1,073
  • Jul 1, 2014 7:56am Jul 1, 2014 7:56am
Hi, after reading all the posts I still have these questions regarding FTR and FL.

It's my understanding that a FL is a FTR but a FTR is not necessarily a FL. In the chart below, it seems I can mark out 4 FTR/FLs. Is this correct or I'm seriously wrong about something here?

The second question is, can we buy at each FTR/FL that's marked in the chart or we should rule out some of them?

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  • #1,074
  • Jul 1, 2014 9:28am Jul 1, 2014 9:28am
Quoting bulleyes
Hi, after reading all the posts I still have these questions regarding FTR and FL. It's my understanding that a FL is a FTR but a FTR is not necessarily a FL. In the chart below, it seems I can mark out 4 FTR/FLs.
The difference between FL and FTR is that in case of FTR price trying to return a little harder, creating a hill, but fails. In case of FL, all price can do is stall for a bit, and give up.

Also note, that FL/FTR is just a visual concept to make is easier, both of them are just DP. Oh, and they are also TF dependant. What is a FTR on one TF, can appear as FL on a higher one. So don't think too much about it.
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  • #1,075
  • Jul 1, 2014 9:53am Jul 1, 2014 9:53am
Quoting bulleyes
The second question is, can we buy at each FTR/FL that's marked in the chart or we should rule out some of them? {image}
You can try to buy at every one of them, and it might even work out, but only for a while.

There are many other factors to consider. Which of them are important, and which are not? The reason why price reversed on your FTR 1 is because it was the source of a huge spike up, taking out previous high, and probably some more to the left.
Meaning the disbalance in that area was high enough to create a move taking all the opposing order layers.
So there is a high chance this FTR will hold and price is reversed on FTB.

But you can also notice 2 violent moves down on approach to FTR 1. 1st one is actually a rejection showing that FTR 1 is strong. But the bears are not giving up and the second wave of selling peirces through the whole area, putting this zone under threat.

So when price gets back to this level in the future it's worth looking into the force behind the move. The chance it is going to hold another LQ push are diminished. But only if price doesn't engulf marked HI on your chart. Depending on what is on the left, if engulf is a true one, FTR 1 area is a nice place to gather forces for the push higher for the bulls.

This is at least how i see it.
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  • #1,076
  • Jul 1, 2014 10:10am Jul 1, 2014 10:10am
Today I suffered a loss on NZD/JPY... Can anyone plz point out what went wrong... Charts Below...

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Human
  • #1,077
  • Jul 1, 2014 10:52am Jul 1, 2014 10:52am
Quoting Chanya
Today I suffered a loss on NZD/JPY... Can anyone plz point out what went wrong... Charts Below... {image} {image} {image}
Hey, Chanya, that did work out actually. You had a run down for a while, but it looked like you wanted to take more than market had to offer on this one. I would have moved move my SL to BE, seeing the nervous behaviour near the entry level. This is all on hidsight ofc. But if i was trageting a move further down, i would have waited for the ENG of FTR i was talking about in the post above.

Hope this helps.

P.S. Looking at this pair now, it seems like ENG up is not happening and a downside bias starting to form. Might want to try your luck there.
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  • #1,078
  • Jul 1, 2014 11:07am Jul 1, 2014 11:07am
Quoting Das Ist Gut
{quote} You can try to buy at every one of them, and it might even work out, but only for a while. There are many other factors to consider. Which of them are important, and which are not? The reason why price reversed on your FTR 1 is because it was the source of a huge spike up, taking out previous high, and probably some more to the left. Meaning the disbalance in that area was high enough to create a move taking all the opposing order layers. So there is a high chance this FTR will hold and price is reversed on FTB. But you can also notice 2...
Hi, thanks so much for sharing your thoughts. Both FTR and FL are just DP, that's really a an eye opening reminder to me. As you said it's better that we trade at the important FTR/FLs. So I think we should trade at extremes and important breakouts. Considering that, I think it's better to trade FTR/FL 1 and FTR/FL 4 in the chart. And I think the stop loss for FTR 1 and 4 should be put below previous low in case there is an engulfing of the FTR. Please let me know if you disagree.

Thanks again!
  • #1,079
  • Jul 1, 2014 11:54am Jul 1, 2014 11:54am
it's been more than half a year since i started following IF's footsteps. it has been many round trips between 'nice/oh i c/awesome/' and 'wtf/dunno/weird'.

but now i have only one question, please help, anyone please share your thoughts?

isn't it true that the price movements consist of only 2 things: pole and flag, and flag limit is just the edge of a flag (two edges of a flag)?
  • #1,080
  • Jul 1, 2014 1:07pm Jul 1, 2014 1:07pm
Quoting Das Ist Gut
{quote} Hey, Chanya, that did work out actually. You had a run down for a while, but it looked like you wanted to take more than market had to offer on this one. I would have moved move my SL to BE, seeing the nervous behaviour near the entry level. This is all on hidsight ofc. But if i was trageting a move further down, i would have waited for the ENG of FTR i was talking about in the post above. Hope this helps. P.S. Looking at this pair now, it seems like ENG up is not happening and a downside bias starting to form. Might want to try your luck...
Thanks DIG for ur response. It would be great if IF could provide his input as well whenever he can...
Human
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