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Iron Pawn's FX Chessboard

  • #21
  • Sep 10, 2014 10:05am Sep 10, 2014 10:05am
Quoting Iron Pawn
Eur/Aud {image}
Scaled out some, let the rest run.
Attached Image (click to enlarge)
Click to Enlarge Name: eur aud.PNG Size: 39 KB
"A handful of patience is worth more than a bushel of brains"
  • #22
  • Sep 10, 2014 6:42pm Sep 10, 2014 6:42pm
Quoting Iron Pawn
{quote} Scaled out some, let the rest run. {image}
About 150... nice
Attached Image (click to enlarge)
Click to Enlarge Name: Eur Aud.PNG Size: 50 KB
"A handful of patience is worth more than a bushel of brains"
  • #23
  • Sep 10, 2014 10:36pm Sep 10, 2014 10:36pm
holy smokes 350 pips on two trades, i cant remember when i got 350 pips last haha
not here to moan though, onwards and upwards
to be honest i cant even see where the demand and supply were on those last 2 trades of yours! must be looking in the wrong places...
i'll keep em coming
  • #24
  • Edited 6:38am Sep 11, 2014 4:12am | Edited 6:38am
Quoting dendio
holy smokes 350 pips on two trades, i cant remember when i got 350 pips last haha not here to moan though, onwards and upwards to be honest i cant even see where the demand and supply were on those last 2 trades of yours! must be looking in the wrong places... i'll keep em coming
Ha ha... thanks buddy. Why go small when you can go big :-)
"A handful of patience is worth more than a bushel of brains"
  • #25
  • Sep 11, 2014 7:02am Sep 11, 2014 7:02am
+60 so far...
Attached Image (click to enlarge)
Click to Enlarge Name: Gbp Jpy.PNG Size: 48 KB
"A handful of patience is worth more than a bushel of brains"
  • #26
  • Sep 11, 2014 6:17pm Sep 11, 2014 6:17pm
Hey IP, do you consider yourself a supply and demand trader? The reason I ask is because I've been trying to look at your GJ trade in different ways and all I see is what looks like supply around 173.80-.95 but you got in above that. Did something tip you off that price would move through 173.95 and the next zone would turn it? I've been trying to use really use my head like you suggested, trying to piece together what makes price move the way that it does. Every time I think I have an element figured out it tricks me and does the opposite, which can be discouraging when you've been at it for a while and when you realize that price can only go 2 directions and the edge I thought I had led me astray. Those could just be the times when the trade would have been a loser, which every "system" has, but it sure would be nice to feel like I'm on the right trail and that's quite unclear right now.

I know you're busy but I'd really be interested in any ideas or resources that got you on or down the path, even if just a bread crumb or a riddle. I don't want to keep bothering you about it, so if you're not open to it just let me know and I'll drop it. Either way, I really enjoy your charts and threads and hope you continue to post for a long time to come!
  • #27
  • Sep 12, 2014 5:26am Sep 12, 2014 5:26am
Quoting polymorphfx
Hey IP, do you consider yourself a supply and demand trader? The reason I ask is because I've been trying to look at your GJ trade in different ways and all I see is what looks like supply around 173.80-.95 but you got in above that. Did something tip you off that price would move through 173.95 and the next zone would turn it?!
Hello polymorphfx, interesting question you asked... not sure what to tell you because I do use supply and demand but some other things as well. I try to make it very, very simple. What I found is that if you follow one thing so strictly it becomes counterproductive. Little bit of flexibility is required, but within some bounds. Hard to explain, other then it comes with little bit of experience. Don't get discouraged by hitting walls, I have losers as well. Think again and make small adjustment. One step at the time. Look at things from a bird perspective, not frog's perspective if you know what I mean... With each "system" there are different representation of such. The original is kept by the one using it and the rest is "Chinese whispers" game which requires analyzing it from a scratch to get understanding. Supply level you mentioned was used... sometimes you can enter it again, sometime is better to wait... if you don't enter and miss large move - it's ok. Keep waiting. This is a boring game.
"A handful of patience is worth more than a bushel of brains"
  • #28
  • Sep 12, 2014 5:45am Sep 12, 2014 5:45am
Looking forward to this weekend... will continue to work on some of my paintings. Rogier van der Weyden, 15th century. Great exercise for better understanding of form, light and color. This is second color layer, about half way to completion. Some obvious mistakes that, I hope, will be able to fix it in later layers.
Attached Image (click to enlarge)
Click to Enlarge Name: 2nd color layer.jpg Size: 118 KB
"A handful of patience is worth more than a bushel of brains"
  • #29
  • Sep 12, 2014 6:00am Sep 12, 2014 6:00am
May I ask you to take a look at the attached and let me know your thoughts? The H1 shows where I thought supply was but it appears you traded the supply I marked on the H4. You said "Supply level you mentioned was used..." - am I not looking far enough to the left to see it being tested previously because it looks like the first time is where it blew through it and you sold above? Thanks again. BTW: the painting is pretty amazing. How long have you been painting?

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYH1a.png Size: 23 KB


Attached Image (click to enlarge)
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  • #30
  • Sep 12, 2014 6:15am Sep 12, 2014 6:15am
Quoting polymorphfx
May I ask you to take a look at the attached and let me know your thoughts? The H1 shows where I thought supply was but it appears you traded the supply I marked on the H4. You said "Supply level you mentioned was used..." - am I not looking far enough to the left to see it being tested previously because it looks like the first time is where it blew through it and you sold above? Thanks again. BTW: the painting is pretty amazing. How long have you been painting? {image} {image}
First thing I noticed is that you marked swing high (or low, not it this case though). I must say that it would be too easy to trade that way... everyone would make money trading swing highs and lows. I did mention in my old posts something regarding this. My rule of a thumb is - if everyone sees it then I am not entering :-)


Thanks for the painting my man... hobby of mine, keeps me relaxed. It's been a while...

IP
"A handful of patience is worth more than a bushel of brains"
  • #31
  • Sep 12, 2014 7:23am Sep 12, 2014 7:23am
Couple of pips on Gbp/Aud... scale out some, leave the rest. Really messy.
Attached Image (click to enlarge)
Click to Enlarge Name: GBP AUD.PNG Size: 48 KB
"A handful of patience is worth more than a bushel of brains"
  • #32
  • Sep 12, 2014 7:28am Sep 12, 2014 7:28am
I think I found the post so it sounds like I have a some homework this weekend. I think I should be looking for serious commitment to leave a level hard and fast, no fading away or dilly-dallying. And only the first time back. Two other quick questions if you'll indulge me: do you trade the supply or demand once price returns or do you watch for a specific "pattern" at supply/demand, like and engulfing bar/pinbar/etc.? Also, do you think an area of supply/demand holds more weight if it takes out an opposing level before coming back to supply/demand? For instance, if price plunges and leaves supply, then takes out a previous low or area of demand, does that strengthen the supply zone in your opinion?

I'm willing to wrestle with these questions, just thought I'd throw them out for you to comment on. Many thanks again! Trading can be a solitary gig but having someone to chat with about it is a bit refreshing.
  • #33
  • Sep 12, 2014 7:46am Sep 12, 2014 7:46am
Quoting polymorphfx
.


I think I should be looking for serious commitment to leave a level hard and fast, no fading away or dilly-dallying. Sometimes. Sometimes 'beautiful' levels will be broken like they were not even there. Hmmm, why?

Do you trade the supply or demand once price returns or do you watch for a specific "pattern" at supply/demand, like and engulfing bar/pinbar/etc.? I commit to price not patterns :-)

Do you think an area of supply/demand holds more weight if it takes out an opposing level before coming back to supply/demand? Not necessarily. Depends on other factors. Edit: it could be connected to 1st question :-)
"A handful of patience is worth more than a bushel of brains"
  • #34
  • Sep 12, 2014 8:07am Sep 12, 2014 8:07am
Quoting Iron Pawn
Couple of pips on Gbp/Aud... scale out some, leave the rest. Really messy. {image}
Break even the remaining and done for this week. Have a good weekend!
"A handful of patience is worth more than a bushel of brains"
  • #35
  • Sep 12, 2014 11:03pm Sep 12, 2014 11:03pm
Quoting Iron Pawn
{quote} I think I should be looking for serious commitment to leave a level hard and fast, no fading away or dilly-dallying. Sometimes. Sometimes 'beautiful' levels will be broken like they were not even there. Hmmm, why? Do you trade the supply or demand once price returns or do you watch for a specific "pattern" at supply/demand, like and engulfing bar/pinbar/etc.? I commit to price not patterns :-) Do you think an area of supply/demand holds more weight if it takes out an opposing level before coming back to supply/demand? Not necessarily. Depends...
darn now I'm confused why are "beautiful levels" broken? I guess if everyone knew there would be less money to be made
Being an optimist, for me confusion is usually the seed and the catalyst for the search for truth. Curiosity is a wonderful thing
by the way iron pawn I was born in Zagreb lived in sopot, maksikir and spansko, moved to oz a long long time ago via uk
  • #36
  • Sep 14, 2014 5:47am Sep 14, 2014 5:47am
Quote
Sometimes 'beautiful' levels will be broken like they were not even there. Hmmm, why? ...

And regarding one zone holding more weight if it broke opposing supply or demand,
Quote
Not necessarily. Depends on other factors. Edit: it could be connected to 1st question

Is considering higher timeframes (HTF) a common link? An H1 supply level right into D1 demand should probably not be shorted on return. The attached charts are an example that I botched just this week. First is H1 showing supply, 2nd is D1 showing much more impressive demand, and 3rd is my conclusion in hindsight and what I was mentioning above. I failed to zoom out to HTF to get a look at the bigger picture.

Attached Image (click to enlarge)
Click to Enlarge Name: 1EURCADH1.png Size: 23 KB

Attached Image (click to enlarge)
Click to Enlarge Name: 2EURCAD.png Size: 22 KB

Attached Image (click to enlarge)
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  • #37
  • Sep 15, 2014 3:09am Sep 15, 2014 3:09am
Quoting dendio
{quote} by the way iron pawn I was born in Zagreb lived in sopot, maksikir and spansko, moved to oz a long long time ago via uk
Paesano!
"A handful of patience is worth more than a bushel of brains"
  • #38
  • Edited 3:53am Sep 15, 2014 3:12am | Edited 3:53am
Quoting polymorphfx
{quote} And regarding one zone holding more weight if it broke opposing supply or demand,
. {image} {image} {image}
We must know where we are in bigger picture... that's a mandatory but it's only a beginning :-) To wrap this thing up: bottom line, everyone needs to find their own style which depends on many factors. What works for one doesn't mean it works for everybody (again, depends on factors that must be calculated in). It was never my intention to explain here what I do, so you must understand my position as well. Above example reminds me of panoramia approach where I found way too many flaws to my liking. Hey, if it works for everyone - great! But, we all create our own happiness :-)
"A handful of patience is worth more than a bushel of brains"
  • #39
  • Sep 15, 2014 3:53am Sep 15, 2014 3:53am
Quoting Iron Pawn
{quote} We must know where we are in bigger picture... that's a mandatory but it's only a beginning :-)
How about fundamentals? For instance, the pound has been falling recently because of uncertainty over Scotland's independence vote. I guess I could also say order flow, or as Seiden describes it in the real world, it's a stack of orders sitting on a desk in either the buy or sell basket, though I think (but could be wrong) that's implied in the fast, committed move away from a price level.

But if not fundies, price patterns like bar formations (and order flow revealing itself in bar formations/price racing away from a level), or higher timeframes, then my "bushel of brains" is more like a pint and I'm missing it at current. Am I on the right path?
  • #40
  • Sep 15, 2014 4:00am Sep 15, 2014 4:00am
Quoting polymorphfx
{quote} How about fundamentals? For instance, the pound has been falling recently because of uncertainty over Scotland's independence vote. I guess I could also say order flow, or as Seiden describes it in the real world, it's a stack of orders sitting on a desk in either the buy or sell basket, though I think (but could be wrong) that's implied in the fast, committed move away from a price level. But if not fundies, price patterns like bar formations (and order flow revealing itself in bar formations/price racing away from a level), or higher timeframes,...
Just edited my last post. It's difficult for me to say if you are on a right path, you must know that yourself. You are giving me way too much credit that I don't deserve. Trading is simple yet complex activity and everyone is different. There is a beauty in all that. We all can come to the same conclusion in a different way but can be wrong for same reason... ha ha way to heavy for Monday morning...
"A handful of patience is worth more than a bushel of brains"
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