Okay, first let me say that I f**king hate seminars. The only reason I went to this one is that John put me on to Sam Seiden (the head training officer at Trading Academy) and I really like his stuff. I had a few queries and thought I might get them answered. I've been to one other 4 years ago and that was enough to make me not want to go to another until today. This was not nearly as bad but still managed to take three and a quarter hours of my life and tell me nothing and will most certainly be my last.
When I asked questions they politely deflected them and when I mentioned that a small part of screen shot looked similar to a Nasdaq level II screen and whether that helped define supply and demand levels this got the "heavy" at the back to shoot up to the front and deflect the question for the speaker. I honestly wasn't being precocious, it just happened to be an unexplained part of the powerpoint slide.
Not that I was remotely entertaining it but the pricing was hysterical... Started at £1000 for 3 day course, they then dropped that instantly to £200!, then said if you place £2000 in an FXCM account you can attend for free! WTF?! Quite a few jumped at the chance but after the "heavy" stepping in at the mention of a possible order flow window and the speaker saying that you simply take trades from levels that Sam Seiden identifies and places on the website (a page which I've never seen on their website!). I can only imagine that much of their income must come from a subscription service, hence the massive subside. Or you're simply paying £200 to be told to subscribe to there service, God knows!
They happily showed trades that they took from supply and demand but would not go into how to they identified them (excluding the "Sam shows us" screen). However examining their charts rightly or wrongly this is what I gleaned...Supply/Demand areas to Buy/Sell from were....
When I asked questions they politely deflected them and when I mentioned that a small part of screen shot looked similar to a Nasdaq level II screen and whether that helped define supply and demand levels this got the "heavy" at the back to shoot up to the front and deflect the question for the speaker. I honestly wasn't being precocious, it just happened to be an unexplained part of the powerpoint slide.
Not that I was remotely entertaining it but the pricing was hysterical... Started at £1000 for 3 day course, they then dropped that instantly to £200!, then said if you place £2000 in an FXCM account you can attend for free! WTF?! Quite a few jumped at the chance but after the "heavy" stepping in at the mention of a possible order flow window and the speaker saying that you simply take trades from levels that Sam Seiden identifies and places on the website (a page which I've never seen on their website!). I can only imagine that much of their income must come from a subscription service, hence the massive subside. Or you're simply paying £200 to be told to subscribe to there service, God knows!
They happily showed trades that they took from supply and demand but would not go into how to they identified them (excluding the "Sam shows us" screen). However examining their charts rightly or wrongly this is what I gleaned...Supply/Demand areas to Buy/Sell from were....
- often a series of small overlapping bars (2+ inside bars) almost like Al Brooks "barbwire".
- Highs where price had dropped off a cliff and had still not returned to yet ("fresh" if you will). Implying that there are still lots of sell orders waiting at that level.
- Lows that price had rocketed from and had still not returned to yet(again "fresh" if you will). Implying that there are still lots of buy orders waiting at that level.
- A trader who was teaching the "£200 course" in the next room came in very briefly and said (and I paraphrase!) this "buy on return to demand, sell on return to supply"(duh!) AND "Big money can be seen, because they have too much of it. It is seen when price can not stay at a level. Meaning not all orders got filled so they have to wait for it to return to this level before recommencing" he also said something about how institutions wait for price
- , not chase price. This I think ties in quite neatly with my observation of interest levels being where price either dropped off a cliff or rocketed to the moon.
That's it. Nothing you couldn't get from reading Sam Seiden articles and examining his charts!
If your are still into "supply and demand" you should find the "read the markets" blog, create a free login name and read all their stuff. They start to get at the more useful ideas pertaining to when a level should be played and when it shouldn't.
ReplyDeleteOr just forget about it all and focus on your h-lines. The most useful thing they will describe is what happens when your h-line breaks; but after you figure that out, you will see "supply and demand zones" for what they are - a kitschy marketing gimmick that makes someone sound intelligent but provides no detail as to how to turn that concept into something that make you money consistently.