GJ tech.
Price Will Tell - Supply/Demand Price Action Trading
- #602
- Apr 28, 2015 1:35am Apr 28, 2015 1:35am
- Joined May 2012 | Status: ... | 1,925 Posts
EURAUD tech.
Will be looking to sell from 1.3809 if the market retraces and gives a decent PA. If it doesn't, I won't.
Will be looking to sell from 1.3809 if the market retraces and gives a decent PA. If it doesn't, I won't.
- #603
- Apr 28, 2015 2:08am Apr 28, 2015 2:08am
- Joined May 2012 | Status: ... | 1,925 Posts
EURAUD tech. Will be looking to sell from 1.3809 if the market retraces and gives a decent PA. If it doesn't, I won't. {image}
- #604
- Apr 28, 2015 9:01am Apr 28, 2015 9:01am
- Joined May 2012 | Status: ... | 1,925 Posts
GJ tech. {image}
- #605
- Apr 28, 2015 10:21am Apr 28, 2015 10:21am
- Joined Mar 2009 | Status: Hobby Trader | 4,477 Posts
{quote} Took a couple of positions after news with some PA around a retest of the top of the consolidation. Was aiming for 182.40'ish but it didn't get there in the end. {image}
- #606
- Apr 30, 2015 2:05am Apr 30, 2015 2:05am
- Joined May 2012 | Status: ... | 1,925 Posts
More often than not, supply/demand has traders thinking to sell when price is moving up. Good luck to those who would do that.
I would never even consider looking for a sell setup until price has at least comfortably closed below the last HL, as AUDJPY H4 has now.
I would never even consider looking for a sell setup until price has at least comfortably closed below the last HL, as AUDJPY H4 has now.
- #607
- May 1, 2015 2:20am May 1, 2015 2:20am
- Joined May 2012 | Status: ... | 1,925 Posts
AUDUSD MN tech.
Monthly close on this pair is interesting; perhaps even critical.
There's a whole bunch of confluences at the current price that relate back to the 2009 move that reversed and then took out the top of what is commonly referred to as "the credit crunch".
It's too early to call any major reversal and potential bull run on this pair - May can still see a crazy down move and continuation through 0.7575. But for sure, I'll be watching the MN pivots closely over the next few weeks.
Monthly close on this pair is interesting; perhaps even critical.
There's a whole bunch of confluences at the current price that relate back to the 2009 move that reversed and then took out the top of what is commonly referred to as "the credit crunch".
It's too early to call any major reversal and potential bull run on this pair - May can still see a crazy down move and continuation through 0.7575. But for sure, I'll be watching the MN pivots closely over the next few weeks.
- #609
- Edited 3:08pm May 1, 2015 8:55am | Edited 3:08pm
- Joined May 2012 | Status: ... | 1,925 Posts
{quote} You are quite right on that observation Simond. I'm learning that lesson. Maybe most of us S/D traders think like that after seeing Red's trades. He always fade the S/D zones, but for some reason it doesn't work for most of us. Maybe you or Winston mentioned that Red used to take into account something else besides PA and engulfing patterns on the zone. He used to talk a lot about pair's direct/indirect correlation. Maybe that was clue. However, I don't see any S/D trader using that concept.
I've got to be honest - I don't really pay too much attention to the correlation stuff but this is only because I'd noticed there were times when correlated pairs actually moved in the same direction. At that point it all became too confusing for me, and so I decided to just try and trade each pair on its own merit.
Re the "fades"; I know a couple of traders who seem to make good money doing it this way. But the method seems high risk and for sure high stress.
There's a big issue with the way SD has been "taught". To be fair the onus must be on the individual to "learn" it but at the end of day I would say that a lot of the information I've encountered along the way encourages "fades".
"Direction" (I'm not a fan of this word when applied to trading by the way) or "trend" is key. Take the current EURJPY for example. It's just come into a historic H4 supply zone (there are indicators that will print these zones). Although at the moment the ICM H4 candle hasn't closed, imagine it had closed as a bearish engulfing candle. Would you sell it? I certainly wouldn't because in the simplest terms I can find, price is trending up.
Chart patterns can help us gauge whether or not the "direction" or "trend" may have changed. The lower blue box is a good example of this.
- #610
- May 4, 2015 3:27am May 4, 2015 3:27am
- Joined May 2012 | Status: ... | 1,925 Posts
EURJPY H4 Swing Tech
With the first of the H4 inversions (blue box) set up it's now safe enough for me to start to look to sell the tops of any rallies (within reason - fresh supply and decent pa etc).
With the first of the H4 inversions (blue box) set up it's now safe enough for me to start to look to sell the tops of any rallies (within reason - fresh supply and decent pa etc).
- #611
- May 12, 2015 2:42am May 12, 2015 2:42am
- Joined May 2012 | Status: ... | 1,925 Posts
EURAUD H1 tech
Will buy any of these options with decent PA.
Will buy any of these options with decent PA.
- #613
- May 14, 2015 1:37am May 14, 2015 1:37am
- Joined May 2012 | Status: ... | 1,925 Posts
{quote} Hi Simon,Found nice place to live just north of Derby so moving in 3 weeks then trading should begin to happen. Regarding tops or bottoms of markets have you ever used currency strength meters.For example the relationship between the /Y may now be strong in comparison to the Yen weak If this is still in place on the meter, then waiting for the market to show its intent with a move up towards the next supply level may be an odds enhancer for a continuation long. Just my lateral brain off on one again. What do you thinK? Cheers for now Pete...
Hope the move goes well.
Personally I think there's a time and a place (within reason
) for everything in trading and it's whatever works for the individual trader. Currency strength meters make sense to me, especially when looking for continuation entries. And I guess if one trades many pairs, using a meter as a filter for the two currencies that are most divergent can simplify things. Reversals may be different because of course the two currencies that form the pair should be at their most divergent when a reversal sets up. Having said this, if one were looking at more than one potential reversal setup and trying to decide which pair to go with then a currency strength meter may give an edge.
- #614
- May 14, 2015 2:20am May 14, 2015 2:20am
- Joined May 2012 | Status: ... | 1,925 Posts
Oz tech.
It's currently reacting off of the D1 high @ 0.80757. Am watching to see if any lower TF demand sets up a buy opportunity.
It's currently reacting off of the D1 high @ 0.80757. Am watching to see if any lower TF demand sets up a buy opportunity.
- #615
- May 18, 2015 1:46am May 18, 2015 1:46am
- Joined May 2012 | Status: ... | 1,925 Posts
EURAUD tech.
No predictions, just D1/M15 possibilities.
No predictions, just D1/M15 possibilities.
- #616
- Jun 10, 2015 1:06am Jun 10, 2015 1:06am
- Joined May 2012 | Status: ... | 1,925 Posts
Been watching Oz for a while.
On the monthly chart, the April bullish engulfing candle at the end of the large move down started to look interesting. May's failure to close below the April candle can also be significant. It's far too early to tell with any degree of convicition but can it be an attempt to halt price and setup a retrace back up towards the 0.8700 area?
On the daily chart below, obviously today's candle still needs to close but a bullish W chart pattern formed here with its base at demand becomes interesting.
On the hourly chart below, bullish pa is clean enough and my current intraday interest is to wait for a buy setup, however, with the underlying potential for a larger bullish retrace, I may try and hold some long positions for swing if I can get in at a good enough price.
On the monthly chart, the April bullish engulfing candle at the end of the large move down started to look interesting. May's failure to close below the April candle can also be significant. It's far too early to tell with any degree of convicition but can it be an attempt to halt price and setup a retrace back up towards the 0.8700 area?
On the daily chart below, obviously today's candle still needs to close but a bullish W chart pattern formed here with its base at demand becomes interesting.
On the hourly chart below, bullish pa is clean enough and my current intraday interest is to wait for a buy setup, however, with the underlying potential for a larger bullish retrace, I may try and hold some long positions for swing if I can get in at a good enough price.
