juicyt Posted June 15, 2011 Report Share Posted June 15, 2011 Well I like your charts and pics so please keep them coming. I think they help a lot! Regard Quote Link to comment Share on other sites More sharing options...
chankl78 Posted June 15, 2011 Author Report Share Posted June 15, 2011 And for those interested I'm also currently in this EURJPY long based on the 15min chart http://img143.imageshack.us/img143/3769/15062011eurjpylong.jpg Does tradestation have that indicator in built? I saw Sam Seiden used that too.. Smile Chankl78 Quote Link to comment Share on other sites More sharing options...
JimJamBonks Posted June 15, 2011 Report Share Posted June 15, 2011 Chankl78 - No, that's not an indicator, it's just a pair of trendlines and a yellow square. I adopted the same look as Sam Seiden for consistency (& the hope I'd be as successful as him ;) ) Quote Link to comment Share on other sites More sharing options...
alright Posted June 15, 2011 Report Share Posted June 15, 2011 Of course it's very easy to show trades after the fact. So here's a trade I have waiting to fulfil. USDCHF 240min Limit Order Short at 0.8516 Stop at 0.8550 Target 1 - 0.8456 Target 2 - 0.8376. I have the orders already in place. However I'm looking for price to make a clean move up towards the supply zone. If price congests for too long just below the entry level then this may upset the profit potential and so I may pull the orders... It's a 4 hour chart so only time will tell. That looks like a nice one, although drop-base-drop then more risky, everything looks in place. ;) Quote Link to comment Share on other sites More sharing options...
JimJamBonks Posted June 15, 2011 Report Share Posted June 15, 2011 Alright - It's not as obvious as some but I'd say that was a rally-base-drop rather than a drop-base-drop. Look at the size of the zone itself in comparison to the rally into it. It's small in comparison to the huge swings down but I've seen Sam point these out as valid R-B-D's. Of course this is all still my interpretation and I guess the only way to get a definitive answer is to join the XLT. :P Quote Link to comment Share on other sites More sharing options...
alright Posted June 15, 2011 Report Share Posted June 15, 2011 Alright - It's not as obvious as some but I'd say that was a rally-base-drop rather than a drop-base-drop. Look at the size of the zone itself in comparison to the rally into it. It's small in comparison to the huge swings down but I've seen Sam point these out as valid R-B-D's. Of course this is all still my interpretation and I guess the only way to get a definitive answer is to join the XLT. :P You're definitely right, sorry my mistake. I only had a rushing look :) Quote Link to comment Share on other sites More sharing options...
hedgehog Posted June 15, 2011 Report Share Posted June 15, 2011 So the conclusion is if you really, really need an indicator, the II_SupDem is better than the SupDem? Or use both?????? :-P Quote Link to comment Share on other sites More sharing options...
hedgehog Posted June 15, 2011 Report Share Posted June 15, 2011 I also just realised that according to the way the levels are drawn by the supdem indi there should still be a level in that same area on H1 at the moment I'm typing. That's one more proof we shouldn't trust that indi blindly. The eyeball is still the best... ;) P.S. - II_supdem does show it instead, although the one I drew starts from an older point http://img7.imageshack.us/img7/5107/201106151053.png But this trade would just be a 1:1 risk:reward ratio. Not a trade to be taken IMHO. Quote Link to comment Share on other sites More sharing options...
alright Posted June 15, 2011 Report Share Posted June 15, 2011 So the conclusion is if you really, really need an indicator, the II_SupDem is better than the SupDem? Or use both?????? :-P I have the impression the II_SupDem draws obeys better to the "most recent higher gigh/lower low" rule (although still doesn't refresh), while the supdem might have some bugs. Neither is better than eyeballing IMHO, so I'm afraid we still need to put some effort in spotting the best levels; I see the help provided by the indi very limited. hedgehog 1 Quote Link to comment Share on other sites More sharing options...
hedgehog Posted June 15, 2011 Report Share Posted June 15, 2011 chankl78, you have been using the II_SupDem indicator to mint money right? You do any eyeballing? Quote Link to comment Share on other sites More sharing options...
chankl78 Posted June 15, 2011 Author Report Share Posted June 15, 2011 chankl78, you have been using the II_SupDem indicator to mint money right? You do any eyeballing? Wahahaha.. Actually, I have converted to use supdem instead of II_SupDem... It is so much cleaner... As I have mentioned... I only use Forcedtf =60.. I have no problem trading with that. It will refresh whatever... But, it is still up to me to take the trade or not... Knowing where is the area of support & resistance & how to draw helps. Cos Indicators still miss some of the level. Ultimately... there is no perfect indicators.... It is up to u to decide how u going to use that to assist you. Sam Seiden's method is so far the best... I always use it to trade the extreme level... I do not care about the area in the middle... Cos R&R is always not that good... Let the trade come to you.. You will be rewarded after that.. Wahahhaa.... I will do try to make some trade calls like JimJamBonks.. wahhaa.... Indeed it is very challenging cos u will be worry about what happened if this trade failed... wahhaa... But.. This will make me & encourage me to find the best setup.. wahhahha Good luck to all.. Smile Chankl78 hedgehog 1 Quote Link to comment Share on other sites More sharing options...
JimJamBonks Posted June 15, 2011 Report Share Posted June 15, 2011 (edited) This is the end result of the EURJPY trade posted earlier. I decided to brave the US CPI news and let the trade ride it. Took a 1:1 1st half profit in the news aftermath and hung on to the 2nd half in the hope it might make it but in the end it was stopped out so trade ended up breakeven across both halves.. I suspect the EURJPY may well take a kick up off the level below my 15min entry - but I didn't take it... The USDCHF 240min short trade setup posted earlier actually triggered and is currently in play and about 20 pips in profit... The issue of news is an interesting one. I generally try to find trades and then let them run regardless of what news is happening (except NFP & FOMC, ECP BoE interest rate announcements). Needless to say ignoring news is easier on longer timeframes but the idea is to have a plan to find setups & then let them run to a conclusion based on the original setup's stop loss & profit objectives. There's no way of getting optimum exits every time and I generally find that if I 'over manage' my trades on small timeframes then I make a mess of them - far better just to trust the original premise and reap the combined benefits in the long run. http://desmond.imageshack.us/Himg684/scaled.php?server=684&filename=15062011eurjpylong2.jpg&res=medium Edited June 15, 2011 by JimJamBonks chankl78 and hedgehog 2 Quote Link to comment Share on other sites More sharing options...
chankl78 Posted June 15, 2011 Author Report Share Posted June 15, 2011 This is the end result of the EURJPY trade posted earlier. I decided to brave the US CPI news and let the trade ride it. Took a 1:1 1st half profit in the news aftermath and hung on to the 2nd half in the hope it might make it but in the end it was stopped out so trade ended up breakeven across both halves.. I suspect the EURJPY may well take a kick up off the level below my 15min entry - but I didn't take it... The USDCHF 240min short trade setup posted earlier actually triggered and is currently in play and about 20 pips in profit... The issue of news is an interesting one. I generally try to find trades and then let them run regardless of what news is happening (except NFP & FOMC, ECP BoE interest rate announcements). Needless to say ignoring news is easier on longer timeframes but the idea is to have a plan to find setups & then let them run to a conclusion based on the original setup's stop loss & profit objectives. There's no way of getting optimum exits every time and I generally find that if I 'over manage' my trades on small timeframes then I make a mess of them - far better just to trust the original premise and reap the combined benefits in the long run. http://desmond.imageshack.us/Himg684/scaled.php?server=684&filename=15062011eurjpylong2.jpg&res=medium What timeframe is that? H4? Smile Chankl78 Quote Link to comment Share on other sites More sharing options...
hedgehog Posted June 15, 2011 Report Share Posted June 15, 2011 What timeframe is that? H4? Smile Chankl78 M15. You can see it on the chart info bar above ...... hehehehe. Quote Link to comment Share on other sites More sharing options...
chankl78 Posted June 15, 2011 Author Report Share Posted June 15, 2011 M15. You can see it on the chart info bar above ...... hehehehe. Wahahaha.. Trying to search for that.. think picture too small...... Cannot see.... My H1 signal is the one below the area u being stopped out.... Smile Chankl78 Quote Link to comment Share on other sites More sharing options...
JimJamBonks Posted June 15, 2011 Report Share Posted June 15, 2011 Yeah - sorry about the size of the charts. That's the biggest I can get them whilst having them sit easily within the forum format. I did consider the lower level you mention but I also figured the 15 min level had relatively good shape and a nice, quick rally away from it. Also the drop into the area earlier today was sharp and looked promising. As it happens that level gave about 30 pips from about a 20 pip zone. I guess I may have been a bit too greedy with what was on offer but looking back on it, it still looks like a good trade that just didn't work - and I can live with that. :) chankl78 1 Quote Link to comment Share on other sites More sharing options...
hedgehog Posted June 15, 2011 Report Share Posted June 15, 2011 chan: What does forced.tf do exactly? Does it force the indicator to use H1 levels for all other time frames?? Quote Link to comment Share on other sites More sharing options...
chankl78 Posted June 15, 2011 Author Report Share Posted June 15, 2011 chan: What does forced.tf do exactly? Does it force the indicator to use H1 levels for all other time frames?? Yes... I only use signal from H1... Of cos if my handdrawn signal is good.. I will take that as well.. Smile Chankl78 Quote Link to comment Share on other sites More sharing options...
JimJamBonks Posted June 16, 2011 Report Share Posted June 16, 2011 (edited) Another trade on the go. This time an AUDUSD based on the 5min. The AUDUSD was coming into a really quite ugly area of price action demand on the longer timeframes so I was looking for a sign of any shorter-term demand areas setting up. See the chart as price had moved up from the lows and then see how the candle marked with a thick black arrow just pulled back and briefly touched the area near the low and then pulled away quite quickly. This is a pattern of action I look for and it helps me define the depth of the zone. After this the move up I was simply waiting to see how price action played out to revisit the area. As it happened price moved quickly down to the area without any obvious opposing supply 'speedbumps' leaving good profit potential of 2:1 so I went long at 1.0519 with stop at 1.0508. 1st target was reached just before opposing supply level at 1.0540. Stop is now at breakeven and second half target sits at 1.0569. http://img199.imageshack.us/img199/3710/16062011audusd5minlong.jpg Edited June 16, 2011 by JimJamBonks sherlock1713006318 1 Quote Link to comment Share on other sites More sharing options...
alright Posted June 16, 2011 Report Share Posted June 16, 2011 Another trade on the go. This time an AUDUSD based on the 5min. The AUDUSD was coming into a really quite ugly area of price action demand on the longer timeframes so I was looking for a sign of any shorter-term demand areas setting up. See the chart as price had moved up from the lows and then see how the candle marked with a thick black arrow just pulled back and briefly touched the area near the low and then pulled away quite quickly. This is a pattern of action I look for and it helps me define the depth of the zone. After this the move up I was simply waiting to see how price action played out to revisit the area. As it happened price moved quickly down to the area without any obvious opposing supply 'speedbumps' leaving good profit potential of 2:1 so I went long at 1.0519 with stop at 1.0508. 1st target was reached just before opposing supply level at 1.0540. Stop is now at breakeven and second half target sits at 1.0569. Nice analysis and move. As I'm typing it looks like a 3rd touch has just occurred. I wonder if you are in again... Quote Link to comment Share on other sites More sharing options...
sherlock1713006318 Posted June 16, 2011 Report Share Posted June 16, 2011 @Jim Thanks for your analysis. I wonder if you would have taken the trade when price had come down in a slow and steady way instead of coming down this quickly. Quote Link to comment Share on other sites More sharing options...
JimJamBonks Posted June 16, 2011 Report Share Posted June 16, 2011 I didn't have to opportunity to entertain the possibility of the Aussie re-enter because I was already distracted the EURJPY short shown below. The second half of that AUDUSD closed at just above breakeven but the first half got 2:1 so it was 1% profitable overall. I'm just got out of this EURJPY short at 2.5% profit. It was a slight variation on the entry theme as I didn't get in at the zone but at the close of the candle marked with the red arrow. http://img694.imageshack.us/img694/39/16062011eurjpy5minshort.jpg Quote Link to comment Share on other sites More sharing options...
JimJamBonks Posted June 16, 2011 Report Share Posted June 16, 2011 @Jim Thanks for your analysis. I wonder if you would have taken the trade when price had come down in a slow and steady way instead of coming down this quickly. Had it stuttered and congested a lot then I probably wouldn't have taken it. The fact that price fell down to the zone cleanly suggested that if price were to move up from the demand zone then there was little supply to stop it getting up to my initial target. There's no gauarantees of course, all I'm trying to do is find areas that appear to offer decent profit to risk potential and then work enough of those opportunities over time to make the numbers work in my favour. I try to let individual losses just roll off my back. I'm not concerned about good setups going bad. I'm more concerend about getting into bad trades or managing them badly because of my own ******ity - that is an ongoing process. ;) sherlock1713006318 1 Quote Link to comment Share on other sites More sharing options...
whakamaru Posted June 16, 2011 Report Share Posted June 16, 2011 Another trade on the go. This time an AUDUSD based on the 5min. The AUDUSD was coming into a really quite ugly area of price action demand on the longer timeframes so I was looking for a sign of any shorter-term demand areas setting up. See the chart as price had moved up from the lows and then see how the candle marked with a thick black arrow just pulled back and briefly touched the area near the low and then pulled away quite quickly. This is a pattern of action I look for and it helps me define the depth of the zone. After this the move up I was simply waiting to see how price action played out to revisit the area. As it happened price moved quickly down to the area without any obvious opposing supply 'speedbumps' leaving good profit potential of 2:1 so I went long at 1.0519 with stop at 1.0508. 1st target was reached just before opposing supply level at 1.0540. Stop is now at breakeven and second half target sits at 1.0569. http://img199.imageshack.us/img199/3710/16062011audusd5minlong.jpg Can I ask why you are going long. Isn't that against the trend.. Shouldn't you be going with the trend and therefore waiting just in the area above your target 3 and then going short. or have I go this wrong Quote Link to comment Share on other sites More sharing options...
JimJamBonks Posted June 16, 2011 Report Share Posted June 16, 2011 The reason for looking for longs was mentioned in the text, namely that the AUDUSD seemed to be at a longer timeframe demand zone. Price was ugly though so there was no obvious swing trade long entries that I could see. So I was looking for short-term demonstrations of demand and the setup shown seemed to be an example of that to me. Had price gone all the way back up to the area where my target 2 line is marked then I may have been looking for a short. Essentially it's about wholesale & retail. Never sell after a move down in to a demand zone and never buy after a move up into a supply zone. Now as for the concept of trend.. Well, as Sam Seiden himself constantly says. 'Where does a down trend end and an up trend begin? At an area of higher time demand - and vice versa". I find the idea of 'trend' tends to confuse things. I prefer just to look for obvious zones in the trading & higher timeframes and then look for wholesale opportunities to buy or sell that appear to have good profit potential. Even better if there's a price action trap their to lure the retails traders in on the wrong side of the market. Quote Link to comment Share on other sites More sharing options...
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