Showing posts with label Youtube. Show all posts
Showing posts with label Youtube. Show all posts

Friday, 13 February 2015

Label More than one S/D Level on M30 Charts

Intro: All in the title really.  Today I planned my primary trades(trades off long term levels) well but needed to prep my secondary trades (short term trades into long term levels) a little better.

Thoughts: Because of yesterday's confusion I came in with almost a disregard for secondary trades, obviously there's a line I need to find. Today I only labeled one level of interest for secondary trades on all pairs this obviously was a quite short sighted.

Summary: I believe the "line" mentioned above can be met by simply labeling a few more levels of interest (high momentum areas) on the M30 chart to aid in not missing too many moves.

Morning Prep...

Afternoon Recap...

Thursday, 12 February 2015

More Thoughts On Directional Bias

Intro: Today I struggled with my bias and missed a great trade on the GU. At the end of the day (literally) I believe that this is because I am getting my directional bias and trade plan in a muddle.

Thoughts: My trade plan in its simplest term is to buy low and sell high.  Low to me is H4/D1 supply and high is H4/D1 demand. Entries are found on the M30 chart, I use HOLP to get long and LOPH to get short, stops are placed at there extreme's and my profit targets are the next level of H4/D1 supply or demand. That's it, this is my strategy.
Recently I have been finding that when price is between H4 supply and demand levels I have no trades so I have added to the Trade Plan that, when price is between H4 levels to trade away from the one that has most recently been touched, this I call directional bias. So if H4 demand was touched last I should be shorting at areas of H4 and M30 supply into H4 demand.  But it must be emphasized here that this is only if there are no "Trade Plan" trades available.

Summary: Where I have been going wrong is that I have been starting each day with a bias on "directional bias" trades rather than "Trade Plan" trades which should always be overriding. Each day must start with me simply IDing Long term S&D and planning trades off them and waiting for price to come to them. Should I be lucky enough to get the opportunity to profit from a move into one of these levels I can take it but they should not overwhelm my time or attention which should be spent on focusing on the former. In other words it's not an issue if I can't figure out the DB because it's secondary. As long as I am objectively identifying trades at long term levels I am doing fine.

Here's a video of me focusing a little too much on Secondary Trades rather than Primary Trades on Thursday morning...We can see the process is labored and uncertain.
BAD 

Here's a video from Friday morning with focus on Primary Trades over Secondary trades... We can see the process is clear and concise.
GOOD

Wednesday, 11 February 2015

No Trades as No Edge

Very long video basically imparting that "if in doubt, wait" for a level you're more confident in to get hit.




And...

an observation regarding price action: Big bars reveal supply/demand imbalance...

Tuesday, 10 February 2015

R+1.5 Short EJ at Supply

Intro: Had some trouble with my directional bias on all pairs at the start of the day. This was predominantly because the H4 pivot highs and lows were not that clear/strong and because M30 price action was quite congested. Here's a video of my anguish...


Plan: Ultimately decided that the EJ was a better short as it had last touched an area of longterm/H4 supply and so shorting into longterm/H4 demand was the action I wished to take.  I labeled an M30 level of supply and shorted it once it was reached.

Summary: Had issues with profit areas, strictly speaking I should have shorted into H4 demand but ended up taking profit at the bottom of M30 congestion, where there might have been H4 demand but was unclear as the pivot low it would have been based at was imperfect (as mentioned above). Turns out it was demand, perhaps the more telling thing is not how perfect the pivot high or low is but the strength/speed of the move off the hi or low.

EJ Trade:

Monday, 9 February 2015

More Missed Trades: Late Start

Late start that meant I missed two very easy shorts, one on the GU, one on the EJ.

Interestingly the EU was at a level of H4 demand but i preferred a short on it as
1. this tallied with the GU and EJ direction
2. the EU long term trend was down and because of this...
3. demand levels would have less impact
4. finally price was at a M30 level of supply

Here's a vid...


Saturday, 7 February 2015

Entries Need Work

Intro: So got my directional bias sorted and was looking to get short the EJ and EU on Friday morning as price has most recently touched H4 supply on both so I wanted to get short into an H4 demand level below.  I labeled an M30 supply level I was interested in getting short on both pairs and placed an alert there... The alert triggered and I just didn't know how to enter, whether to use candle confirmation or sell limits around the level. Good news is I got the direction right but didn't get in.
Here's a video from Friday morning before the move.... and a screenshot in the afternoon after the move.


Summary: got to work on my entries, John left me a comment last week with a good link to a entries topic on a forum so going to start there (thanks John)...

EU missed trade:

EJ missed trade:

Wednesday, 4 February 2015

Missed EJ opportunity

Don't plan on doing too many of these but figured it might make it easier to explain my mess up...