GBPJPY Daily Historic supply being tested. {image}
Price Will Tell - Supply/Demand Price Action Trading
- #1,301
- May 17, 2017 2:53am May 17, 2017 2:53am
- Joined May 2012 | Status: ... | 1,925 Posts
- #1,305
- May 23, 2017 8:02am May 23, 2017 8:02am
- Joined May 2012 | Status: ... | 1,925 Posts
As you see on the chart EURJPY H4 reversal move at a supply so I enter short {image} -Do I need a trend line? or any comment from pros
In terms of whether or not you need a trend line, I'm assuming this question relates to how you wish to judge the signal to enter the market? In that respect a "local" trend line can be helpful yes, especially if you're not just taking limit orders at zones obviously. But regarding trendlines it's really important to understand how they're constructed in my opinion.
I don't want to get too scientific but a trendline is only a rendering of price being repeatedly broken and retested over a period of time. In other words, if we were to remove the time element from our charts altogether the facility to construct trendlines wouldn't even exist. In fact the most basic line we would be able to construct on our charts would be a horizontal one. On that basis alone, (again in my opinion), it's better to first use horizontal lines in one's trading until becoming totally familiar with how trendlines are constructed.
I don't trade EURJPY but this is how I would mark up the chart with a basic supply zone and horizontal line. Again, we obviously have different data so I can't really comment on your entry. Based on IC Markets data, however, I wouldn't be ready to short this pair yet.
- #1,306
- May 23, 2017 9:20am May 23, 2017 9:20am
{quote} Is the account live or demo? Which broker is it? On IC Markets I don't see the H4 EURJPY supply zone tested yet. In terms of whether or not you need a trend line, I'm assuming this question relates to how you wish to judge the signal to enter the market? In that respect a "local" trend line can be helpful yes, especially if you're not just taking limit orders at zones obviously. But regarding trendlines it's really important to understand how they're constructed in my opinion. I don't want to get too scientific but a trendline is only a...
thanks for reply
- it is live and real account ( don't worry its small amount and small size lots) , the broker is city index , I don't now what is the mean of IC markets.
- why you did not take the small candle (red arrow) within the supply or as CP separately .
- #1,307
- May 23, 2017 10:24am May 23, 2017 10:24am
- Joined May 2012 | Status: ... | 1,925 Posts
I don't now what is the mean of IC markets.
{why you did not take the small candle (red arrow) within the supply or as CP separately
Sometimes zones don't include a bull/bear engulfing. In that case I would plot the supply zone around the open/high of the intermediary candle. EURUSD M1 example:
- #1,309
- May 24, 2017 7:56am May 24, 2017 7:56am
- Joined May 2012 | Status: ... | 1,925 Posts
{image} What you understand when its choppy ?
Three main things I'm concerned with:
1. Has price tested the level/zone?
2. Where is the SR on the approach?
3. Is there a decent potential RR?
I'd advise you to study lower TF charts. If you're relatively new to this stuff it's going to take forever until you follow price through if you just stick to H4.
Here's M1 EURUSD this morning. It played out from beginning to resolution. Structure is similar, and market structure governs target. I'm not suggesting M1 for starters, perhaps try M5 and see how you get on.
- #1,310
- May 25, 2017 1:47am May 25, 2017 1:47am
- Joined May 2012 | Status: ... | 1,925 Posts
As you see on the chart EURJPY H4 reversal move at a supply so I enter short
- #1,311
- May 26, 2017 3:21am May 26, 2017 3:21am
- Joined May 2012 | Status: ... | 1,925 Posts
{quote} My side, would now consider EURJPY H4 supply tested. {image}
In terms of entry, I waited for the zone to be tested then evidence of price selling off (the bear candle). As price has now closed below local S/R the stop is at B/E.
This type of entry criteria is not a panacea, it doesn't "work" every time but there should now be enough of a clue to get those interested started with their own research.
Looking forward to a well-needed break next week.
- #1,315
- May 26, 2017 5:10am May 26, 2017 5:10am
- Joined May 2012 | Status: ... | 1,925 Posts
{quote} Entered H4 short yesterday on cTrader demo account. ongoing practice is essential
- #1,316
- May 26, 2017 7:06am May 26, 2017 7:06am
{quote} Entered H4 short yesterday on cTrader demo account. As I say, I'm not interested to live trade any pair other than EURUSD M5/M1 at the moment because there are more than enough opportunities every day with that configuration. Nevertheless, ongoing practice is essential in this game. In terms of entry, I waited for the zone to be tested then evidence of price selling off (the bear candle). As price has now closed below local S/R the stop is at B/E. This type of entry criteria is not a panacea, it doesn't "work" every time but there should...
Hi Simond, how many trades a day do you take? and what market hours? NY session? what TFs? use correlation to DXY? use non time based candles?
many questions about this
Andres
- #1,317
- May 26, 2017 8:06am May 26, 2017 8:06am
- Joined May 2012 | Status: ... | 1,925 Posts
{quote} Hi Simond, how many trades a day do you take? and what market hours? NY session? what TFs? use correlation to DXY? use non time based candles? many questions about this
Ask away. I have a tendency to be "chatty" in responses so I'll just answer your questions direct:
how many trades a day do you take?
what market hours? NY session?
what TFs?
use correlation to DXY?
use non time based candles?
Hope this helps