ReadtheMarket - Supply and Demand with Price Action

Hi Tj1

I checked some of the videos posted by IF before, but not this. Quite an eye opener. Thank you.

I sold into buy stops / SLs

That surge looked really scary. Luckily I didn't put my SL above recent highs as some people do.



edit: it stopped me out anyway I messed up on that one by not taking TP1 when I had a chance. -1R

story taken from: http://itrustican.blogspot.co.id/2010/08/leaky-bucket.html


The Leaky Bucket
Once upon a time in ancient China, there was a young monk who drew water from the well and carried it back to the temple everyday. The young monk carried two buckets of water slung on a bamboo pole across his shoulders.

One of the buckets was perfect while the other one was a leaky bucket with several holes on the sides. Every time the young monk filled up the two buckets and got back to the temple, the leaky bucket would be half empty as water sprinkled out through the holes on its sides.
http://2.bp.blogspot.com/_QuDiIz5CpN...aky+bucket.jpg

The leaky bucket was sad that it was imperfect and water was leaking from its sides. One day, on the way to the well, the leaky bucket plucked up enough courage and spoke with the young monk with an apologetic tone:

"Master, I am sorry that I am imperfect and could not keep the water from sprinkling through the holes on my sides."

The young monk smiled slightly and nodded his head knowingly, and silently in acknowledgement.

When at the well, the young monk drew the water and filled up the two buckets as usual.
http://3.bp.blogspot.com/_QuDiIz5CpN...400/Slide1.JPG

On the way back to the temple, the young monk said to the leaky bucket, who was very quiet.

"Look to the side of the road where the perfect bucket passed over. It is barren. Not even a blade of grass grows here."

Pointing to the blooming flowers on the other side of the road, the young monk said to the leaky bucket.

"See these beautiful flowers? These are here only because of the water you sprinkled on them everyday. They owe their existence to you, and we are able to enjoy these beautiful flowers, only because of you. Your imperfection has brought benefits to people around you."

Reflection

The water in the pail reminds me of our gifts and we are like the leaky bucket. All of us are imperfect and all of us have gifts - gifts that will bring value and benefits to others when put to good use.

Our imperfections are the channels that allow our gifts to flow to where it is most useful.

Embrace our imperfections and find ways to combine it with our gifts to create value and benefits for others.




From me:

I thank IF and endless list of others that "have shared" all your works here. You are all definitely imperfect, because if you were, there is nothing for me to learn. ie. your pot of knowledge has been leaking from the start. if those who have come here can't grow better than grass and the flowers, i would imagine they are just hard rocks, sands and empty vessels of dirts with nothing to grow from their inside.

For those who are just like me, trying hard to grasp this and have not yet to give up, i'll have to repost this:


Maybe this line here needs to be reinstated:
"I'm still convinced that I learned this stuff simply because I knew I would"

So far RTM is the only philosophy (not method or strategy) that I believe is true. I'm still open to new ideas that provide a truer truth. Until that time, just keep going down this path, friends.

Just trying to trade like RTM trader .....

Nbr,

Taking partial profit at important level on the way to TP could be a good idea. A lot of times price reteurns to QML few times prior to significant fast move. So if the price retraces, then the part that of the trade that profit was taken on could be re-entered at QML. If price goes straight to TP then the rest of the position is still good. If price goes to SL area then exiting with profit.


PS: thanks for updating chart colors

moment before touching TP

an example of undisciplined trades. lol

Staurum, mate, nice machine gun Is it live or demo?

Hi Staurum, you are trading good. But here is something that I want to tell you. That is about Psychology.

I had experience about this kind of trading, it gives much interest like we are playing a video game, yahoo yaa yaya oh oh oh..!
The result of this kind of random trading results in mental disorder of your knowledge (what you had already learned). When you have a winning trade, it will give you a signal in your mind (Yahoo My method is working, my thoughts are unique) but when there is a trade in loss, mind (Ahhh... WTF is this?.. My method is very poor, I had not learned a good thing, I had wasted my time on this method, Perhaps, I should find a new method ( Holy Grail)...)

I simply suggest you to avoid trading randomly..!

woke up to a descending new years lunar dragon on usd/jpy, overnight pending order

i can feel the anxiety in your charts lol

Nice trade Michal ... My PO did not active on UC but i took this one ....

engulf isnt it?

No engulf, it reacted to ignored lvl

True .

It was a buy.




All PA traders never miss FOMC .

how about this FL (RBR) ?
not important FL?