Hi troparzum, the video would be about 3 hours of me sitting around waiting for a nice entry! 
I’ll post a trade review for one pair of the previous day, but the best thing you can do is get plenty of screen time practising. Thanks for following along, JN.
I thought I’d post this review (of the three) as it’s really interesting to see price work with the previous day’s high, the psychological level of 1.3600 and show’s what happens if you trail a stop loss to catch a bigger fish, versus taking multiple small profits.
[ol]
[li]Price on EURUSD is rangebound prior to the Frankfurt Open, pretty normal. Wait for a breakout to give a bias.
[/li][li]Nice Opening Range breakout long, the bulls win the arm wrestle initially, we’re looking for buys as long as price stays above the OR. There’s a 5 minute bar of No Supply right on the 1.3600 level, an initial entry but not enough of a pullback for me.
[/li][li]Up above we’ve got S&R and the previous day’s high, would expect profit taking or some attempt at selling here. I wouldn’t look for a reversal, but worth keeping in mind that price won’t break through the PDH without a struggle.
[/li][li]This point is on a big Euro news announcement, price initially dropped, but finished with a big wick on the bottom on high volume, our “stopping volume” of sorts, interesting to note the bottom of the wick was held up by the opening range and price finished above 1.3600. All great signs for longs. And entry is on offer but only if you’ve got big balls!
[/li][li]I’ve waited for price to break and test the previous day’s high, got a sign of no supply volume, and set a buy stop. Should have had a target profit set where noted but trailed & closed just in front of B/E.
[/li][li]Another entry opportunity at 6, with my stop-loss keeping me in the game, this is an example of not choking a trade, it gives you another chance for a profit.
[/li][li]New York Open, sentiment change as price breaks below the opening range, and then tumbles! Not entry valid until we get a breakout below and pullback on low volume underneath 1.3600.
[/li][/ol]
Brilliant work Ninja! The way you have explained it all has been excellent (maybe it’s just Aussies being on the same wave length :p) and fits exactly with the style I am aiming for. I’m impressed! It has reaffirmed what I need to do along with a couple of extra ideas such as opening ranges. Thank you.
10/10 mate.
Hello Jalapenoninja,
The sytem looks good. But I have some problem with the indis.
For example the market sessions does not work correctly. on my chart it shows current session as London session
Can u suggest something to rectify that?
DD
That’s because you need to set the indi time to your MT4 platform time, you can do that on the indi’s settings. Find out which time your MT4 platform uses and change it.
For example, I use Alpari UK, which uses GMT+3; so, on the Market Sessions indi settings, I changed the gmtServerOffset to 3
thank for , i will try, because my port -99% T T :49:
Hi dubadat, in the market sessions indi you can adjust the GMT time to move the sessions around. I was hesitant to post the indis, as if you download it from adamjowett.com there are instructions on how to use the indi.
Simply change the London server offset on the session indicator. I am in Thailand and had to change it to 2.
No, unfortunately the NY session coincides with the evening here, trading and keeping two boys and the wife happy doesnt work well!
You can almost guarantee that when high impact news is due early in the US session, that the preceding Euro session will be a tight grind. USDJPY offered a couple of entries that I’ll review in the morning.
Here’s the result of the US GDP news, would the system have picked it up? I’m not saying it would have, but it ticked the box for trend definition, and opening range breakout and a sign of no supply volume right before price popped.
(Bonus points tonight for the way price interacted with the 1.3600 mark and resistance at 1.36185.
Great commentary on the charts. Clear, concise and easy to follow. Is your volume indicator “Better Volume”?
I think I started with better volume, or one of the NSND teacher volumes, actually yep, the second one now I think about it. And just chopped up a bit of the code to do what I wanted. So it’s a bit of a mish mash. But basically flags No Demand (volume less than previous 2 + bearish candle) and No Supply (volume less than 2 + bullish candle).
Not essential but handy, I used MT4’s standard volume for a long time, with the green/red colours.
Hi andynm,
Sorry for late reply. Saw your message a bit late and triend what you said. It Worked.
Thanks very much mate.
Have a great day.
DD
Thanks - as Pete Faders no demand/ supply strategy, which I like very much.
Regarding the opening range. Am I correct in assuming that once Frankfurt opens, the Asian open range is no longer relevant and therefore the levels can be removed or do you keep them on the chart?
Daxter
re: Asian Opening Range, I still keep it on the chart. If price tested & re-tested it during the Asian session, it’s more significant. If price was no where near it or ignored it, it’s less significant. But I leave it on there. Today for example (Thursday 26th), EURUSD, the opening range breakout stopped & pulled back from the Asian Opening Range High.
Hi folks,
Poor form on my part for starting a forum but not trading much this week, in the middle of a renovation.
Here’s a nice EURUSD breakout of the opening range that I wish I was around for.
Flat price action prior to frankfurt, No clean moves for the Frankfurt hour. London open, breakout below OR, first pullback below Support with No Demand, second pullback mid S&R with no demand.
I’d like to highlight the two candles I’ve marked “1” & “2”. Equal volumes, the first is a strong sign of selling, the second is a sign of stopping volume/buying coming in. Trying to show how you should read both the candle (with any associated wicks) as well as the volume. When I get a big volume, I like to look across the chart, find another volume that’s around the same figure, and see what effect that had on price.
Morning Folks,
Just completed my review of yesterday’s action, the Aussie was stuck between a rock and a hard place (Previous Day’s High/sellers and 0.9400) but the Euro trended nicely during the Frankfurt session.
Here’s a nice little example of fading entries (setting a sell stop order below bullish candles or setting a buy stop order above bearish candles), too many times I’ve entered a trade, only to have it drag into my stop loss, then move into profit. Fading entries helps to get rid of that.
We’ve got an established downtrend, a breakthrough below S&R, a pullback S&R and ideally we’d be looking for a No Demand Volume once price interacts with the 14EMA.
The yellow lines indicate each location where you could set a stop sell order. each time price moves up you’re “chasing” your sell order upwards, either getting a better price (sell high) or chasing a dream!
Either way, keeping your sell order below a bullish candle ensures that price has to be strong enough to break the barrier of buyers. The sell stop order at ‘4’ also coincides with taking an entry from S&R (higher probability).
Good stuff JN. One thing I would note on the sell/buy stops though is that sometimes you get a sneaky wick drop through with a fakeout and the more important thing (to me) is the close price as this confirms an engulfing candle. Pro’s and con’s to that though as entry can be a bit later which can be significant on a big candle, but if you are watching ready to hit sell or buy rather than use a sell/buy stop this can be negated a bit.
There is an example of this in your previous days chart for 26th June. Not a great one admittedly haha. But if you were to be placing sell stops below bullish candles after the candles you marked 1 and 2 you would have been triggered before the very large green candle which may tempt you to take a loss.
Not saying the sell/buy stops are a bad thing but just pointing out the pro’s and con’s.
Cheers
Hey Jimmeh,
For that 26th Chart, are you talking about the two candles marked “ND”? Good call though, it’s all risk/reward, I’d be earlier with a bigger R:R, but could lose the trade. Waiting for a close for sure, a bit of confirmation in your favour. The last month or so I’ve leant toward a wider stop, so looking back over the last hour or so for any signifcant SH or SL (or candle high/candle low).
On the first ND candle, i’d be tempted to have my stop within the OR as a bit of a buffer, the second ND, I’d be hoping that the candle went higher before entry and not after! Again, a battle between not B.S’ing a hindsight chart versus Live trading.
(unless I’ve misread your comment and you meant the actual candles marked 1. & 2., then I’m lost! 
Fakeys is the perpetual problem and accounts for a fair proportion of the losses we all suffer. On the higher time frames it can be mitigated to a degree by waiting for a candle from the next lower down time frame to close above/ below your stop entry or stop loss, but I am not sure whether it would work with the 5 minute chart.
If the entry criteria is fully met, place the trade. If the trade goes against you, so what, simply wait for the next set up. As long as you are winning more than you are losing with proper money management in place, you cannot lose.
Daxter
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