Great webinar from what i could stay for. Unfortunately i had to leave early.
I was hoping you could answer some questions for me. How do you reduce the size of very wide levels? This causes me to have very small lot sizes and very wide stop losses in order to manage risk. Also how early to you put in your orders at a level before price retraces to it? I put them there as soon as i see a level but sometimes bad things happen 2nd touch or lots of resistance left above? how can i avoid that but still use limit orders?
Derek, I price usually bounces at the start of a level, or at the end of a level. This should provide you a good starting point (don’t trade the middle of a level…just the starting price and the ending price)
If we make a smooth fast move in, and a smooth fast move out, I put an order in. I also look at multiple time frames…especially the 1hr and 4 hr charts to determine level significange. If it is a great level on 4 hr chart, and gives a 3:1+ RR from the level, and price moved in AND out in a relative smooth manner…then i set a limit order.
I also am checking my orders all throughout the day, to see if i should cancel one due to support or resistance develolping
right before my order is triggered. I like a nice, fairly quick, smooth move into a level, be it supply or demand. I leave those orders alone. If price is choppy and hovers just a few pips away from the level for a week or so before touching my order…i cancel my order.
essentially, i set order, and then constantly monitor market conditions to see if conditions justify that order still.
Thanks for the reply. I really think that my not canceling orders is hurting my trading. I want to stick to my guns so i just tell myself don’t touch it. When i feel i should cancel or adjust it to a further away zone for a less aggressive entry. But I just tell my self stick to your guns. But now i know i should monitor my trades more and not to be afraid of canceling. Also the remark about price turning at the start or end of the level is good. I will start to look for those areas on wider levels. What do you think about confirmation entries?
I personally don’t use them much… but you are more than welcome to. it’s about finding what works, AND what works for you. Some I know of who are very good traders swear by them.
no i do not believe anything has been recorded. unfortunately if you did not attend the original webinars you wont be able to see it. You can wait for jays reply yourself if you care to
I will like to appeal to Jay to try and somehow record or put in writing the very basics of his trading strategy so that those of us who just found this thread and are slow learners could actually refer to it over and over again till we get it-Learning by repetition some call it.
Have gone through the whole thread but i just don’t seem to get the concept.Please Jay consider documenting your appealing strategy just for the sake of slow learners.
is there a room for one more student willing to learn as much as possible from experienced trader? WOuld love to join. If you start a new session of webinars or just could join current that would be great. However upcoming sathurday is out of scope as i will be abroad with no access to pc.
I’m self learner, trading demo previously for a while, now hopefully getting some profits on live, some losses (yesterdays SNB intervention was significant loss) and playing with S/R levels, fibo, trend, PA and candlestick patterns only. No indicators at all.
Always eager for more. Found the two Jay webinars I attended very enlightening, and have made money from all three Jay-style supply & demand setups I’ve entered.
Ok everyone… because of popular demand, and my personal time constraints, the webinars have become next to impossible to conduct in real time trading. However, I made a video outlining how you can stack supply/demand concepts, along with a few others to determine some high probability trades. Here’s a link to the videos so far, with more soon to follow!
The Intro Video - just what it says… discover what the most fundamental concept that all professional traders know and use. This video is helpful, but not necessary.
My weekly high probability trade analysis. These videos are detailing, step by step, exactly how i analyze the market to find my high probability setups. Videos are intended to be watched in order, as each concept builds on the others.