C-12's Supply, Demand and PA thread

Damn, missed the AM session but just back for lunch.

There were 2 cracking entries on EU but only got chance to grab the 2nd... UJ I was probing for a short based off daily H4.

EU uptrend getting long in the tooth so just taking whats on offer.

Also if you're pondering over why H4 supply didn't hold in EU, it's always good to have DX or even swissy in H4 view.

UCHF will generally move at the same time as EU (on the bigger timeframes). It's worth a quick scan to confirm on daily and H4.

Some more scalps on UJ.

M30 still premature...

Can't beat a nice scalp session. UJ definitely back on the menu

looks like it was a great day today.... i did the mistake again by placing trade yesterday evening and lost a couple of trades on eurusd and gbpusd shorting them...
there were many good long opportunities today it seems on eurusd, gbpusd, usdcad, usdjpy, eurgbp, etc....
my usdjpy trade going on and placed another one on eurgbp as it looked good...

Good stuff.

I would make it a trading rule not to place trades at the end of a session that need an overnight hold. .. Unless you're swing trading then the stops will have to be much wider.

Best to start the day fresh, get your pips and then switch the monitors off.

Another rule I'd suggest is only pick 2 pairs to trade per session (maybe pick the best looking H4 PA?) and be very aware of news events.

Trying to day trade (scalp) loads of stuff will lead to a busted account in the end, mainly due to it causing loss of focus and discipline.

One thing to make you successful in forex, wait for the right setups, dont just jump in everything you see. One i am right now CJ risk was 10 pips so far up 60 pips so 1-6 risk vs reward. I started using the EA to manage the trade from the beginning, when trade is 1-1 risk vs reward the EA take 30% of the position off usually i make it move my stop to break even at +30 pips but this depends on the setup. Sometimes i let the EA chase the trade with trailing stop loss but this can sometimes get me out of a trade which can make more pips, but i can always get in on the retrace. Something i learned dont ever be afraid to close a trade if you think is not working, and when you see something is not right exit immediately. Preserving capital should and must be your most important priority, not making money, because when you preserve capital money will come but when you think about the money, you start trading different, risking more, moving your stop when you know this is a mistake, you keep making this stupid mistakes out of greed. Also have a specific criteria when to enter and when to wait, this should be a business and have to be treated as one, not just trying to get everything that moves, this can happen but with a lot of practice. I sometimes go trough Kennyz charts and start wondering why he took this and that trade, while this is not important. Important is your understanding of the market, the more you practice the easier it gets cheers guys !

Oh yes something very important, when you get your criteria and rules for entering and exiting right, take all the trades that satisfy your rules dont just pic, you simply dont know which one will be winner and which one will not be. You know you have a certain % success and whenever you take trades with 1-2 at least risk to reward even with 50% success you will make money. This is example of a trade i had marked but did not pull the trigger .... even after i had a confirmation ... Many times when i am not certain i go to lower TF and wait to see that price react to the level and just wait for a retrace, the good thing about this is usually my stop is no more than 30 pips and this way most of the times price moves with great speed because it has removed all the blocks. Sometimes the move is very string and there is no retrace, but better to wait and take a safer trade than anything ......

Good points there. I would never recommend doing exactly what anyone is doing but you can get ideas and try them out.

I think for most people they would do better on Weekly and Daily zones (with H4 as the lowest timeframe for PA). This also gets into good habits that I never really formed by holding trades, overnight holds and learning a wide selection of pairs.

It's hard for me to unlearn 5 years of scalping the majors on low timeframes, specifically EU so it's kind of ingrained now.

As for EU, worth watching 97.21 on the DXY.

Ok 97.24 then...

Good scalp setup in EU just then on what looks like a scrappy session.

DX flip view on display.

Got one from USDJPY today..

Very nice entry.

Out of EU.. Some premature evacuations.Need to keep focused more on H1.

Got the missing pips

Looks like more premature evacuations... Will try and keep one and see if we run those highs.

DX looks pretty washed out at the bottom.

DX

Not sure if DX 97.21 is still in play or toasted. looking at the source zone it looks pretty fat and ugly looking so guess it's probably done.