It's all about observation, marking the significant Zones and asking questions.
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- #41
- Oct 17, 2015 12:37pm Oct 17, 2015 12:37pm
- Joined Dec 2010 | Status: Never Stop Learning | 7,342 Posts
- #47
- Oct 26, 2015 10:36am Oct 26, 2015 10:36am
{quote} good stuff ..you got any more examples? ...very well explained . Cheers
1.as people shorted the way down one of must bought aswell the shorts , set ther SLS at the intermediate highs to cover
2. price dips down below the low, and snaps back up to close well off thge lows , again someine bought here into probably
new bears entering ,
3. as soon as we see a markup , caused by actively and aggresively pushing price beyond the highs , the shorts run for cover
and there bustops get triggered forming a stop loss cascade , where the ones buying into the down move and the "fakeout"
will take profit by gradually have limit sell orders along the line
4. as nobody wants to follow price any higher , probably cause the ones buying where weak shorts (sl) , price fails to follow thru and turns back down , will history repeat itself ?
who knows? , the ones who made profit may wait and see how the market unfolds
as u see the "herd" is used as price drivers here , if the smart money is in buying mood again one should watch out
for any signs of strenght near 31170 level .
- #48
- Oct 26, 2015 10:38am Oct 26, 2015 10:38am
live EURUSD
5min
looks like "absorbtion" near a res. level , as price sort of grinds higher with a series of HHs and Hls
one could play a breakout , for a quick scalp..
OTOH ther is a chance of an SL cascade to the downside.. however if price snaps quicly back up we have whitnessed a shakeout and price may breakout to teh top after that
5min
looks like "absorbtion" near a res. level , as price sort of grinds higher with a series of HHs and Hls
one could play a breakout , for a quick scalp..
OTOH ther is a chance of an SL cascade to the downside.. however if price snaps quicly back up we have whitnessed a shakeout and price may breakout to teh top after that
- #50
- Oct 26, 2015 12:17pm Oct 26, 2015 12:17pm
nice ! cheers , ill try to do one myself .
meanwhile a lil story and update to EU 1min chart
1. price found "balance" near resistnce going nowhere really , so at least there must be enough "supply" to hinder price do advance
2. a test to see if after a lil sideways action(1.) we have imbalance in the favour of demand , by consumption of "supply"
but price got rejected , so still supply left ,
3. so price starts to poke down in order to flush out the remaining supply by "bears" leaning against resistance and selling a rejection , so they
get caught on the wrong side, in order to turn into future "buyers" and provide "demand" used to break res. if they pukeout
4, price seems to have no real problem to rise, a sign that sellers ist mostly done
5. and there is the breakout , caused by bears leaning on res. and ultimately bail and run for cover
now as the orders get worked , and the buying frenzy mostly caused by weak bears is done, we might trade back below res. , however if other people jump onboard and start to buy we may head higher , (so basically its short term traders terretorie , till longterm traders jump onboard.. shall see..
- #55
- Oct 27, 2015 12:17pm Oct 27, 2015 12:17pm
{quote} sure , lil bit on USDCAD {image} 1.as people shorted the way down one of must bought aswell the shorts , set ther SLS at the intermediate highs to cover 2. price dips down below the low, and snaps back up to close well off thge lows , again someine bought here into probably new bears entering , 3. as soon as we see a markup , caused by actively and aggresively pushing price beyond the highs , the shorts run for cover and there bustops get triggered forming a stop loss cascade , where the ones buying into the down move and the "fakeout" will...
- #56
- Oct 27, 2015 12:38pm Oct 27, 2015 12:38pm
NQ today ...how I see things ...5M chart ......let me know if I missed something .cheers {image}
1. yes buyers where supporting price here , but we grinded lower , one could have drawn in achannel (small red)
to establish any further action
2. as price broke the lows of the channel on increasing momentum , right into oversold area , we snapped back almost
in the same manner ie. high momentum , resulting in a classic V reversal
3. price was able to drive all the way back to the previous highs / former support , but found resistance
then we formed a range and from here on it gets interresting
4. as price attemptedt a rally we where holding "gains" near resistance ie. signs of absorbtion
and the breakout occured again on increased momentum..
5. price however quickly and volatile back down right into a level of pot. Sellstops
and violently attempts a rally taking out the intermediate high of the former breakout
this is a sign of strenght
6. the best "entry" to particiapte in this "strength" occured at the 50% mark of the preceeding rally
which got rejected ,.
at best there where to entry options.. 4. playing an aggressive breakout after absorbtion
and the retracement of the 50% mark
- #58
- Oct 27, 2015 2:27pm Oct 27, 2015 2:27pm
..cheers PT ..What do you think of this one ...eur/usd daily , i'm long . {image}
however we are at somewhat at a demandline of an up channel , so i dig deeper into H1..
and the scenarios i would consider a long atm , would be the following
however tight stops are in place , and a pot. range could develope.. (overnight session) whereas sup. would be in favour of a long setup
so better wait till we hit the extremes and go from there (for me)
good luck
- #60
- Oct 28, 2015 1:13pm Oct 28, 2015 1:13pm
good stuff ,cheers .... where did you learn price action ,if you don't mind me asking ...what do you think of Tim Morges marketgeometry.com ?
well , i learned thru progressing , ie. how far down the rabbit hole do you want go go ? like
books like
Trading and Exchanges: Market Microstructure for Practitioners
Markets and Market Logic by steidlmayer
Studies in Tape Reading by wyckoff
The Richard D. Wyckoff Method of Trading and Investing in Stocks (a course of Instruction on Stock Market Science and Technique) by wyckoff
Reminiscences of a Stock Operator (jesse livermore) by lefevre
and by asking the right questions and go looking for the answers by myself..
ie during the course of my journey i met and talked to many individuals , like pit/floor traders, institutional traders, prop traders, market makers , specialists and alike
which gave me insights in their work on a day to day basis , ive adopted what synced with me , and build up from there ..
sure many wrong roads travelled along the way.. but still worth it
PS. dont know anything about marketgeometry.com .. sorry