lukx zline trading log + cfabian p.35 + adaseb p.48

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PTG
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Postby PTG » Tue Oct 27, 2009 11:41 am

lukx wrote:yeah if I wouldn't got spiked out of this one I would probably get there.


S/L too tight.

OR You could have gotten back in again.

The EU has hit a supply zone at 1.4920.
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Postby lukx » Tue Oct 27, 2009 12:19 pm

SL got hit:

In case someone asks Why I didn't exit at the top? I didn't know it was the top.

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Postby PTG » Tue Oct 27, 2009 12:25 pm

EU

I put those zones in yesterday evening, based on the M15

The point being, that provided you know how to identify those, price usually jumps from one to the other. Put in your order with s/l, t/p and leave it alone. You can do this on any timeframe.

Note that this is a different way than H4 stop and reverse, goto H1 etc. The similarity is that once you have had that H4 pivot, you have hit a supply- or demand zone. Then, you look for a pullback to get into the trade. This is a high reward/low risk trade which is in your plan, Lukx. So while it is very nice to excersize and recognize the supply/demand zones, you should stick to your plan, or change the plan. But you still have to stick with it.. :smt002

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Postby PTG » Tue Oct 27, 2009 12:29 pm

OH NO IT'S NOT RETURNING TO THAT DREADED DEMAND ZONE IS IT ?????

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Postby PTG » Tue Oct 27, 2009 12:35 pm

lukx wrote:SL got hit:

In case someone asks Why I didn't exit at the top? I didn't know it was the top.

Image


Look at my charts: it hit a supply zone and went straight through.

A way of doing this is to
a) take the first breakeout out of the demand zone, or, to be safer,
b) buy the pullback after that first breakout
S/L to be put under the lower demand zone line.

Then you target the next supply zone, the bottom line that is. That is where your t/p is.

You have got yourself a low risk/high probability trade then. While the market is doing all the work, you can do other stuff. Just leave it alone.

Do you SEE this ?

EDIT make sure your profit margin (ratio between the distance between the zones and your s/l) is at least 1:3. That will keep you from selling into demand and buying into supply.
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Postby PTG » Tue Oct 27, 2009 12:46 pm

H4 Stop and reverse.... in the zones....

Forex completely random ? Asking is knowing.

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Postby lukx » Tue Oct 27, 2009 1:09 pm

PTG I really appreciate your input in trying to open my eyes !
I got question, are there any simple rules that based on which I could easier recognize supply and demand zones, and be sure that I'm not mistaken?
I don't know , like, almost same size bars in close neighbor etc etc? Or it's rather hard to set any strict pattern for sup and demand?

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Postby PTG » Tue Oct 27, 2009 1:37 pm

lukx wrote:PTG I really appreciate your input in trying to open my eyes !
I got question, are there any simple rules that based on which I could easier recognize supply and demand zones, and be sure that I'm not mistaken?
I don't know , like, almost same size bars in close neighbor etc etc? Or it's rather hard to set any strict pattern for sup and demand?


Thanks, my pleasure. It helps me as well, because it forces me to put down in writing what I learned from watching those videos last weekend.

As for the zones: you can find the best explanation in Sam Seiden's videos. It's the basis of his trading and you absolutely need to understand this imho.

The dynamics between the amount of buyers and seller at any given time defines the price action. If the price is run up it is because of an imbalance: more buyers than sellers. At the turning point, aka pivot point, it changes to more sellers than buyers.

The basis for a run-up is from a congestion area. That is where the institutional orderflow is. For a demand area, when there are no more sellers, price runs up. Then, the retailers wake up with all their fancy squiggly's and want to get into the run-up, even when the price approaches the next supply zone, where a stack of institutional orders is waiting to be filled. Seiden explains this very well, you should go and watch those again, all of them. You will understand at some point.

For the demand/supply zones, you want to identify areas where multiple bars reside, or in other words where price stops. When you watch those video's, you should look exactly where he puts them. i think in a way it is a bit of an art, at which some are better than others. At the end of the day it doesn't really matter, as long as you stick to that 3:1 minimum profit margin (or more, whatever suits you).

You want to identify a group of bars that stays within a range.
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Postby PTG » Tue Oct 27, 2009 1:42 pm

Sweet...:smt003 :smt033 :smt035

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Postby lukx » Tue Oct 27, 2009 1:42 pm

Oki doki. Tonight I'll watch all of Sam videos. One by one.

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