Filthy Rich for Dirt Cheap - Ajaymein

free & uncensored discussion arena for TheRumpledOne

Moderator: moderators

User avatar
adaseb
rank: 500+ posts
rank: 500+ posts
Posts: 871
Joined: Fri Aug 21, 2009 5:20 am
Reputation: 0
Gender: None specified

Postby adaseb » Thu Jun 02, 2011 4:49 pm

can you post an example of what you mean by levels getting engulfed.

the best way ive found is to simple wait for a failed low and a higher high to form and just enter on the pullback, when the failed low fails to hold, i look to get out.

that way or I just look at the depth of market.

Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.

User avatar
ajaymein
rank: 500+ posts
rank: 500+ posts
Posts: 885
Joined: Sun Nov 09, 2008 6:34 am
Reputation: 0
Gender: None specified

Postby ajaymein » Thu Jun 02, 2011 4:51 pm

This supply level has been consumed as the buyers in the demand level below were stronger than sellers. Therefore we can assume prices will go higher until sellers at a supply level exceed buyers.

Image

User avatar
adaseb
rank: 500+ posts
rank: 500+ posts
Posts: 871
Joined: Fri Aug 21, 2009 5:20 am
Reputation: 0
Gender: None specified

Postby adaseb » Thu Jun 02, 2011 4:52 pm

for example

a few mins ago i longed at around 36.00 when it failed to go lower and the momentum started to gain, i watched the pivot at around 36.05 and made sure it wasn't causing resistance which it wasn't so i didnt look to get out.

User avatar
ajaymein
rank: 500+ posts
rank: 500+ posts
Posts: 885
Joined: Sun Nov 09, 2008 6:34 am
Reputation: 0
Gender: None specified

Postby ajaymein » Thu Jun 02, 2011 4:54 pm

adaseb wrote:can you post an example of what you mean by levels getting engulfed.

the best way ive found is to simple wait for a failed low and a higher high to form and just enter on the pullback, when the failed low fails to hold, i look to get out.

that way or I just look at the depth of market.


When levels get engulfed and opposing levels get respected simultaneously, HLs or LHs are made.

User avatar
adaseb
rank: 500+ posts
rank: 500+ posts
Posts: 871
Joined: Fri Aug 21, 2009 5:20 am
Reputation: 0
Gender: None specified

Postby adaseb » Thu Jun 02, 2011 5:00 pm

ajaymein wrote:
adaseb wrote:can you post an example of what you mean by levels getting engulfed.

the best way ive found is to simple wait for a failed low and a higher high to form and just enter on the pullback, when the failed low fails to hold, i look to get out.

that way or I just look at the depth of market.


When levels get engulfed and opposing levels get respected simultaneously, HLs or LHs are made.


yes but when a level gets engulfed price has already moved away from that area and you'd have to use a larger stop loss to take the trade.

Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.

User avatar
ajaymein
rank: 500+ posts
rank: 500+ posts
Posts: 885
Joined: Sun Nov 09, 2008 6:34 am
Reputation: 0
Gender: None specified

Postby ajaymein » Thu Jun 02, 2011 5:03 pm

And of course, minor retest of previous supply and price taking off from it.

Image

Now that hourly and 15M have closed, I can transition trade to higher time frame and set stop at BE knowing that if price gets back to my entry, it would have made a lower low off previous 15m bar and could change direction.

Image

User avatar
ajaymein
rank: 500+ posts
rank: 500+ posts
Posts: 885
Joined: Sun Nov 09, 2008 6:34 am
Reputation: 0
Gender: None specified

Postby ajaymein » Thu Jun 02, 2011 5:07 pm

Well I actually closed +20 now bc there is a small supply level on 1m chart again and my squiggly line is perfectly in line with it so price will probably bounce a little.

Image

User avatar
ajaymein
rank: 500+ posts
rank: 500+ posts
Posts: 885
Joined: Sun Nov 09, 2008 6:34 am
Reputation: 0
Gender: None specified

Postby ajaymein » Thu Jun 02, 2011 5:10 pm

adaseb wrote:
ajaymein wrote:
adaseb wrote:can you post an example of what you mean by levels getting engulfed.

the best way ive found is to simple wait for a failed low and a higher high to form and just enter on the pullback, when the failed low fails to hold, i look to get out.

that way or I just look at the depth of market.


When levels get engulfed and opposing levels get respected simultaneously, HLs or LHs are made.


yes but when a level gets engulfed price has already moved away from that area and you'd have to use a larger stop loss to take the trade.


Yes, but in most cases you can within a couple of minutes find a spot to tighten and tuck your stop under. Many times, a safe BE is only a few minutes away...but some people don't move to BE so I guess it depends on your trading style.

User avatar
ajaymein
rank: 500+ posts
rank: 500+ posts
Posts: 885
Joined: Sun Nov 09, 2008 6:34 am
Reputation: 0
Gender: None specified

Postby ajaymein » Thu Jun 02, 2011 5:13 pm

Manually closed -8

User avatar
ajaymein
rank: 500+ posts
rank: 500+ posts
Posts: 885
Joined: Sun Nov 09, 2008 6:34 am
Reputation: 0
Gender: None specified

Postby ajaymein » Thu Jun 02, 2011 5:16 pm

Entered short again...looks like the supply level has some sellers. Need this momo to get engulfed south

Edit: Out -8 again. Done for the day

Image

Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.


Return to “TheRumpledOne”