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withnail
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Postby withnail » Fri Jan 13, 2012 7:58 am

Pro Trader wrote:Hi Withnail. How have you modified the fibo tool to show the risk:reward?


Hi Pro,
Like this:-

Image

Image

Cheers Withnail.

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Postby withnail » Fri Jan 13, 2012 7:59 pm

A supply and demand flavoured Rat trade from today. Similar to the last one.

Image

Shows power of extremes. 10 pip stop on this and it went to a possible 200+ profit and it only went one 1 pip against me. This is not to show off just to show what can be possible with some simple stuff and not paying a fortune to some idiots for rubbish training.

Thanks to TRO for opening my eyes and getting me to question why.
Cheers Withnail.
Last edited by withnail on Fri Jan 13, 2012 9:36 pm, edited 1 time in total.
1. Big loss, 2. Small Loss, 3. Big Win, 4. Small Win --- just prevent 1.

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Postby dojirock » Fri Jan 13, 2012 8:37 pm

Withnail,

Could you breakdown your thought process to drawing s&d lines, boxes?
This is one area where i dont have a methodical way of doing it...and is what I need to use them.... is there such a thing?

dojirock
"A small loss is just as satisfying as a large gain" -MO
"Sometimes we need to stop learning and start thinking...."
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Postby withnail » Fri Jan 13, 2012 9:31 pm

dojirock wrote:Withnail,

Could you breakdown your thought process to drawing s&d lines, boxes?
This is one area where i dont have a methodical way of doing it...and is what I need to use them.... is there such a thing?

dojirock


There are some rules that I know about
1 Demand include lower wicks up to tops of bodies.
2 Supply include top wicks up to underside of bodies.
3 Which bodies you include is a bit subjective try to get more than 50%.
4 Price has to move 2 times the depth of the s or d zone for it to be considered valid.
5 You need 3 candles at least to make a zone i.e no pivot lows/highs.
When I do them on one minute charts I do them a bit looser. Basically a good start is to look for a strong move, retrace it back to where price appeared to be in equilibrium (pausing ranging). Draw some lines around it and measure the risk to reward.
I spent a lot of time looking at it takes a some screen time but I think it's worth it. If you mark up a chart I will mark up the same how I would do it. I am no expert on it but am happy to share ideas.
Image
Cheers Withnail.
1. Big loss, 2. Small Loss, 3. Big Win, 4. Small Win --- just prevent 1.

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Postby Pro Trader » Sat Jan 14, 2012 6:20 pm

withnail wrote:
Pro Trader wrote:Hi Withnail. How have you modified the fibo tool to show the risk:reward?


Hi Pro,
Like this:-

Image

Image

Cheers Withnail.


Thats great Withnail.

Many thanks

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Postby Pro Trader » Sun Jan 15, 2012 8:43 pm

Hi Withnail were your trades above just off the daily extreme or did you consider higher tfs?

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Postby Pro Trader » Sun Jan 15, 2012 8:57 pm

Another thing I wanted to ask is how you trade from higher tf charts.

Consider the chart below which shows a trade I took on Friday off a H4 supply with a nice R:R. I took the trade with an entry at the bottom of the yellow shaded area and sl just above it and let it run down to the demand below.

Image

Do you take H4 trades in a similar fashion or do you drop down to smaller tfs from a better entry?

For example the chart below is a H4 chart of EJ with what could be described as supply depending on your criteria.

Image

This chart shows the same area but on the 30m where there is supply further up within the H4 supply.

Image

My question is, assuming it met your criteria would you take the trade from the H4 level or from the 30m level within?

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Postby withnail » Mon Jan 16, 2012 11:51 am

Pro Trader wrote:Hi Withnail were your trades above just off the daily extreme or did you consider higher tfs?


Hi Pro, I always consider the bigger picture EURUSD higher tfs said short. Daily extreme is good then the old look left check. So it was a short with the htf trend off a new supply zone that was created within the same level as the old one we can see to the left. Momo then stalling and wicks where also a clue of reversal.

Image
Image

Cheers Withnail.
1. Big loss, 2. Small Loss, 3. Big Win, 4. Small Win --- just prevent 1.

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Postby withnail » Mon Jan 16, 2012 6:46 pm

Pro Trader wrote:Another thing I wanted to ask is how you trade from higher tf charts.

Consider the chart below which shows a trade I took on Friday off a H4 supply with a nice R:R. I took the trade with an entry at the bottom of the yellow shaded area and sl just above it and let it run down to the demand below.

Image

Do you take H4 trades in a similar fashion or do you drop down to smaller tfs from a better entry?

For example the chart below is a H4 chart of EJ with what could be described as supply depending on your criteria.

Image

This chart shows the same area but on the 30m where there is supply further up within the H4 supply.

Image

My question is, assuming it met your criteria would you take the trade from the H4 level or from the 30m level within?


Nice trade Pro :D
"Do you take H4 trades in a similar fashion or do you drop down to smaller tfs from a better entry?"
Not exactly sure - do you mean look inside the 4H supply for a tighter level or look for a new supply level to form in the pull back to the 4H supply and take the pull back to that new level? In any case I do all of them. On the last 2 charts you have moved the level along to the pull back I don't do that as it is just a reaction to the initial level. If it comes back again to that level I would take it but only with confirmation. I am no expert on it that is just what I do. Maybe looking at Sam Seidens lessons from the pros articles and his videos from fxstreet would be useful to get a feeling of identifying levels. Then scroll through chart looking at where price turned and then look left to see why and get used to what s&d levels look like. Marking up levels and looking to see how it looks in other time frames is also useful. Then repeat and repeat it's what I do and finally and slowly the jigsaw is making some shape.
Cheers Withnail.
1. Big loss, 2. Small Loss, 3. Big Win, 4. Small Win --- just prevent 1.

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Postby withnail » Thu Feb 09, 2012 10:50 pm

Image
1. Big loss, 2. Small Loss, 3. Big Win, 4. Small Win --- just prevent 1.

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