UCHF looks like it has more to run but it's done plenty here.
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C-12's Supply, Demand and PA thread
- #3,944
- Edited 1:50pm Jun 8, 2016 1:25pm | Edited 1:50pm
- Joined Jun 2012 | Status: Signed In | 5,309 Posts
I'm stuck in GJ today... I was not 100% confident while taking this trade but still i took it based on good news for GBP as i wanted to be in a trade today and it bite me now..{image}
There's work to be done here in terms of entries, stop placement and targets (also risk management).
Also I would question the statements - "took it based on good news" or "I wanted to be in a trade today". This sounds like emotions have kicked in.
I would begin by limiting the number of single entries to 3 per trade (and this should total no more than 1% of the account - max). Make sure all positions have a hard stop behind the zone or PA (and also make sure there is clear target of at least 2:1 risk to reward). Ignore news outcomes, but be aware of when it is.
Try thinking in terms of being an emotionless robot. You're just looking for good risk / reward setups without the need to always be involved or speculating on news outcomes.
Never let positions spiral out of control or add to losers as this is a recipe for a blown account.
I can tell you this from cold hard experience.
- #3,945
- Jun 8, 2016 1:43pm Jun 8, 2016 1:43pm
- Joined Jun 2012 | Status: Signed In | 5,309 Posts
I'm stuck in GJ today... I was not 100% confident while taking this trade but still i took it based on good news for GBP as i wanted to be in a trade today and it bite me now..
I can only see small high risk counter tend trades here in M30 (highlighted in red arrows) which would be ok with tight stops behind the demand zone prior to sell PA.
- #3,948
- Jun 8, 2016 2:04pm Jun 8, 2016 2:04pm
- Joined Jun 2012 | Status: Signed In | 5,309 Posts
And forgot about the kiwi news. 
Also, lastly (sorry if this sounds like a rant). It's not possible to be trapped when trading engulfs with trend. In fact, you should be trapping the market since your entries would leave fresh supply and demand levels trailing behind it. This means the market would have to cut through this new supply / demand to get to your stop (if this makes sense?).
Thanks a lot for all the tips C12. i very much appreciate it.... I was actually trading in higher timeframe direction but something missed out in this trade i guess.
Actually the trend was up in daily and 4H today morning when i opened the trade and then it reversed but i missed to set the SL...
I will make sure i'm following all the rules from now on.. my main issue is i'm not able to enter at the right time when engulf happens and you know why..
Same deal on GA.. continuation entries. These put you in a very strong position and you can't get trapped. {image}
Wonderful trades C12... your trades are really teaching me lot of information... thanks for sharing with us....
- #3,952
- Jun 8, 2016 10:11pm Jun 8, 2016 10:11pm
- Joined Jun 2012 | Status: Signed In | 5,309 Posts
{quote} my main issue is i'm not able to enter at the right time when engulf happens and you know why..
Take a look at this UJ one. No indi needed for this. Just need to know the daily trend.
- #3,953
- Jun 8, 2016 10:52pm Jun 8, 2016 10:52pm
- Joined Jun 2012 | Status: Signed In | 5,309 Posts
{quote} Thanks a lot for all the tips C12. i very much appreciate it.... I was actually trading in higher timeframe direction but something missed out in this trade i guess. Actually the trend was up in daily and 4H today morning when i opened the trade and then it reversed but i missed to set the SL...
But it's all good, it will take a lot of practice and study.
The main thing is to watch the risk management side and keep things tight in the process.
{quote} Price was in a retracement phase on H4 but don't forget to watch out for fresh supply zones / engulfs forming (even before it shows on indi). But it's all good, it will take a lot of practice and study.
You are right C12... thanks for taking time to put all these things for me..
- #3,955
- Jun 9, 2016 12:36am Jun 9, 2016 12:36am
- Joined Jun 2012 | Status: Signed In | 5,309 Posts
{quote} You are right C12... thanks for taking time to put all these things for me..
Anyways, things are looking really good on the trading side recently.
I'm seeing the market with clarity and the entries are becoming very obvious when you're going with the flow.
Hopefully others will see it.
{quote} No probs. Hope it doesn't sound like I'm having a go. Just want to put people on the right track and avoid the same pain I went through. Anyways, things are looking really good on the trading side recently. I'm seeing the market with clarity and the entries are becoming very obvious when you're going with the flow. Hopefully others will see it.
I'm happy to hear these kind of things from you C12. You are a great trader and i want to learn from you... Please continue your teachings..
- #3,957
- Jun 9, 2016 3:54am Jun 9, 2016 3:54am
- Joined Sep 2008 | Status: Trader | 1,364 Posts
Probably a good idea to close some of these down... Off to Thailand tomorrow for a few weeks.
- #3,958
- Jun 9, 2016 4:48am Jun 9, 2016 4:48am
- Joined May 2010 | Status: Trader | 2,693 Posts
Probably a good idea to close some of these down... Off to Thailand tomorrow for a few weeks.
Today Trade taken Short for euro .... see PA near H4 Supply Area and failure to go thru the supply area, .... entry short from M30 after Bearish engulfing candle and 2 times test the zone ....
- #3,959
- Jun 9, 2016 6:21am Jun 9, 2016 6:21am
- Joined May 2010 | Status: Trader | 2,693 Posts
Audusd m30 ..
- #3,960
- Jun 9, 2016 6:30am Jun 9, 2016 6:30am
- Joined May 2010 | Status: Trader | 2,693 Posts
Gbpusd m30
