ajaymein wrote: Fxforce wrote: ajaymein wrote:
I have a handy Odds Enhancers sheet that sits on my desk from Sam Seiden to grade SD zones...here they are:
1) How did price leave the level?
2) How much time did price spend at the level?
3) Profit margin?
6) Larger time frame levels?
7) Levels on top of levels?
Time of Day?
When I am placing a trade, I almost always have a M1 chart up while I am hitting buy/sell. Very rarely do I take a trade based on M1, I always look at higher time frame levels and then look to M1 for price action normally when you get the proper price action in confluence with higher time frame SD levels, price will swing your way in minutes.
Hope that helps!
Can you please explain points 2 and 5 ? I look for tidy SD zones (not sloppy) as well. Do you play futures on CME ?
2) The way I see it...when price stays at a level for an extended period, that shows there are no heavy buyers or sellers and price is at equilibrium. When candles closed up and down to create a nice little block and then price moves heavily away from that area...that shows a notable imbalance of buyers/sellers.
5) If a retracement and bounce from the level has already occurred, you know that some supply/demand has already been consumed. Fresh levels are the best.
I have been wanting to read up on futures and get a broker that allows me to trade all different commodities but I just haven't read up on it yet...doing well on silver so haven't paid much attention to anything else.
In the JoeRoss Ebook he goes over the foxes/futures argument......He doesnt have many good things to say about FX and the ebook was on DayTrading FX markets:
1. You get 12.50 per pip(tick) in futures.
2. You only pay $6 per standard round turn, NO spread.
3. Its easier to make 10 pips in futures because if Futures moves 10 ticks, FX will have usually only have moved 8.
4. ALL brokers shut down 1hr a day to make sure the books are balanced so there are funds(bonds) for ALL traders if they go belly up.
5. Transparent level 2 type quotes
6. NO funny business by brokers trying to run stops ect, you see ALL prices and orders on the books. (supposedly)
7. a few other things I cant remember atm.
SAM SEIDEN swears by the CME too!!