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450

I noticed that pair too however I have a sell limit order at .9060 because I have R1 there, with 127% fib extension of both the previous daily range and the last upswing low high range, and it was a prior supply area a couple weeks ago. My stop is just above that high at .9080,… 20 pips. I have 3 profit targets…1= daily high, 2 = .9000, 3 resitance turned support at .8956 (upper lime green line, also last weeks high).

USDCHF-20111107.jpg700×299 35 KB

None of my other pairs are in any significant S&D zones that I’ve mapped out, so my order is set and now I go and do something else and wait…

451

Glad to hear I wasn’t totally out to lunch on that trade. I do have another order set to sell at .9080, the high of 10/20. Stop is 20 pips above which should give extra breathing room for any stop raids, profit target is .9040 which is right where the congestion is at this moment. Liking these 2-1 setups on these set and forget style trades.

452

Well look at that…target 1 pretty much hit! I closed earlier at +20 but its nice to see it would have. Ill check back later to see if the other targets hit too. Until I get more practice and confidence in the potential of these zones, I will only take around 20 pips for now. Then I`ll work up to hold out for a little more :slight_smile:

453

Congrats on making your first profit target, Sweet Pip. Hope the trade continues to go well for you, looking again at a 30 minute chart I can see where you spotted the supply/demand level that triggered the price to turn down just above your entry. I think if I was going to name an entry price on the supply/demand zone alone I would have to enter at .9050, it looks like price reacted to that level a few times before turning downward. Good job with placing the fibs to get a better entry at .9060!

Unfortunately the TOS platform restricts me from seeing intraday data under an hour on charts older than 30 days. Although that will hinder some of the trades I could be taking at the moment, I will have no problem planning now for future trades.

Are any of you guys trading pairs besides the majors? I was looking at Euro, Pound, and Yen crosses as well, obviously all will have the same supply/demand zones. Although some will be very closely correlated, it seems like as long as you weren’t trading 2 closely correlated pairs at the same time you would get more trading signals that could be just as successful as trading the majors.

Still have my limit order set for USD/CHF at .9080. Would like to see a stop raid that will hopefully bring a few pips my way.

454

Thanks RC. I cheat a little with the fibs…I manually draw the fibs from the last major weekly swing high/low on the hourly chart, but I also have an indicator that automatically draws the daily fib levels for me, as well as the pivots. So then out of those levels I wait for at least 2 to closely converge within the S&D zones that I mapped out at the beginning of the week…and that’s what happened here…makes things so much easier :slight_smile:

You could always get an MT4 demo account just so you can access more data, and still use your TOS platform…???

I am curious to compare how well the fibs & pivots will align in their respective S&D zones for the correlated pairs and act as a filter for choosing which pair would be the better one to to trade when they all seem likely.

455

Hello Sweetpip,

I just couldn’t help it but to ask if you will be in a position to share the indicator to that draws the daily fibs automatically.It will make things much easier for me and other traders i guess.

Thanks.

456

Hi Kays…sure I can do that…I originally found it on the internet and tweaked it a little. You’ll need MT4 if you didn’t know.

PIVOTS_FIBS.zip (27.7 KB)

Just checked USDCHF and all three profit targets had been reached :slight_smile:

458

Is anyone watching for USD/CHF to fill the small gap it made on Sunday night at .8858? The gap is within price range on a daily swing low from last thursday.

The entry would be long, but what I want to know is if the weekly relative supply and demand fibs show overbought at that price, does it cancel the trade out? Right inbetween the 61% & 78% fibs drawn from last weeks low to high.

459

I don’t normally trade gaps which for me occur mid afternoon on Sundays and I’m not usually around for them.

I would consider a long somewhere around there if other factors converged together nicely too…daily fibs, pivots etc. but I won’t know that until just after 0 GMT today (4pm?) when the new “day” starts and my pivots and fibs recalculate.

Problem is, I can see 3 possible demand levels stacked up down there…hmmmm

460

Hi SweetPip,

You are simply awesome.Thanks for taking the time to upload the Pivot indi.Am curious though, how do u mean when u say u tweaked it a little.did u have to adjust some settings to suit those that came with your broker?Please enlighten me.

Thanks again.

461

Hi,

The custom indicator was originally called “TZ-Pivot” which wasn’t as meaningful a name as Pivot-Fibs…lol…so I changed it. I left the credit to the original author within the code tho. I suppose I was mostly referring to the changes I made to the original code to make it just that much better like changing the colors and price levels display (easier to see) as well as adding the daily fib extension levels (it only had the retracement levels before).

However, there are some settings that you can change the input for, like turning certain calculations on or off, and changing the time when calculations are done depending on your time zone, the brokers time zone, and what session you want to start with. There is some info text within the code that tries to explain that…I leave it at zeros because it seems to reflect my setup as is. I don’t use the Camarilla pivot levels, the mid point pivots, or the sweet spot levels. It depends on what you like or know…use them all, or just select what you like best.

:slight_smile:

462

Price has once again returned to this USDCHF supply area in the .9060ish zone. I entered a short trade again, but chickened out about an hour later due to how long it’s taking to bounce down, so I closed for 2ish pips…could have gotten a little more but delayed in case a rush of shorts came in, but then I had to leave for work and didn’t want to wait anymore…arrgh.

A few comments from Sam Seiden’s videos kept creeping into my thoughts that caused the doubt…something about “odd enhancers.” One was regarding how far price dropped from the same area last time…it didn’t seem to drop very far. Next was something about buyers removing the supply…I have to re-review those videos again.

I did have a couple of things going for the short trade such as it being the previous daily high, the 127% fib from last weeks high low range, and it had exhausted it’s average daily range…that’s 3 confluences, but still…

463

I found a bunch of Sam’s videos on the FX Street website, don’t want to post an actual link because it will probably be removed and I’ll get a warning for it (happened before) but are there any other resources that have any more of his material?

464

I don’t really know. I tend to think that regardless of where the videos are, they’d be the same ones. I did a search on youtube and found several there that had been uploaded by FX Street.

Perhaps you posted a link before you reached the required 50 posts? After that, as long as the link is to something educational, it’s allowed as far as I understood…let’s try this one …

Identifying Swing Trading Opportunities in the Forex Market - YouTube

465

I’m glad now I got out of that trade!

Looking at the bigger picture, it may very well have a bit of a down bounce here being at a nice round price of .9100. Will wait to see how the new pivot and fib levels line up arond there at the start of Asian later today…the start of tomorrow :wink:

However longer term I see it perhaps heading for that supply area higher up between .9240-.9270ish.


466

We’ll hope that as long as it’s educational it’ll be alright to post the link, here it is: Sam Seiden

I had 2 more trades trigger last night and both ended up being losers again. Watched another one of Sam’s videos this morning and he teaches NOT to look at pivots in the market because they are generally areas reversing from a previous supply/demand zone. It is in the short term market timing video uploaded on 10/13.

Makes things a bit more tricky to look for valid entries taking that into account.

467

Hi Sweet Pip!

As our friend RC24 posted the link with sam seidens recorded webinars, I’ll talk a little about them as I saw almost all of them +_+. Right now the couting is 37 vids.
They are almost 1h each one and they are both trading examples and educational (sometimes one more than the other), but basically they’ll teach the foudation of price action, how institutional minds think and other minors stuff.

The most impressing thing about this free educational videos is the will to teach the real deal, like Jay here at BP, he is pretty committed to show all that he can about trading even though he is a VP educator at Online Trading Academy.

Well I don’t know if you knew all this before, but it sure helps for the most ones who’re starting now trading!

And Jay, Could you post one video that shows you putting that strategy into any charts besides the USD/CAD example?
For example, use that methodical way in EUR/USD even if the charts are bad and point it out that it isn’t good to trade it because of “that”, “that” and “that” based on the strategy. Something short but with more examples.

Thanks and keep it up the good work!

468

Wow guys…i get sick for a couple days, I come back, and you’ve all been helping each other out!

Thanks!

Ya, Rmieck…there are a couple’a crazy folks out there that just wanna give all sortsa great valuable stuff away for free! Seiden, ICT, Petefader, Myself.

Well, OK, seiden’s work serves a dual purpose…it is GREAT advertising for the trading educational company he works for. But still…i never took the class… studied those videos, combined with my own market knowledge, worked very hard to find out what circumstances increased or decreased my success rate with his setups, and lo and behold… after all that…it really did work! :wink:

So, forget the school he works for… it IS possible to learn from those alone…well those videos, and a great deal of further study to learn the neuances of the method.

but what else is new when it comes to trading?? I mean, aside from finding a professional trader who is willing to provide one-on-one personalized mentoring/coaching, this is as good as it gets.

Anyway, I took a pic of eur/jpy as it set up. I start with the 1 day.

Then i narrow the zone done to the 4 hr.

Then i narrow it again…to the 1 hr.

I put a sell order at the beginning of the 1 hr zone…my stop is just above the end of the daily supply zone.

So, it’s about a 45 pip stop. Target 2:1. Easy money.

Could have got 3:1 on this one.

Sorry rmeieck… i hate making videos. I’m about as tech savvy as a glass of prune juice. I’ll make more later… but for now. pics will have to do.

Daily:

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4 hour:

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1hr:

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The daily lines are yellow. The 4 hr zone starts at the dashed red line. the 1hr starts at the dashed purple line.

If you’d waited for price to hit the purple line (the 1 hr zone) and then sold there, with a stop a few pips above the top of the daily zone (about 50 pips), and a 2:1 or 3:1 target…you’d have hit both targets.

Try to draw these lines in on your own charts…to get a clearer feel for them.

Jay

P.S. As for EUR/USD, I’d draw a daily supply zone (we JUST came into it on friday) from 1.3720 - 1.3870.

I’d zoom in on a 4 hr, and I see the zone between 1.3817, to the end of the daily zone at 1.3870

Then, on a 1 hr… I like the zone 1.3830, to the end of the daily zone around 1.3870

I’m looking to go short anywhere from 1.3817-1.3870… and if we can get up around 1.3830, i may take a trade short right
then and there.

469

Randy. You took 2nd touch of a daily level. This will work sometimes, but it’s lower probability all around. The foundation for this whole thing is: VIRGIN daily supply or demand zones.

Once price retraces even once after it broke down or up from the zone… well… half the magic’s gone.

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Jay

Well… ok… there was another good trade deeper in the level, i think sweet took it for a profit.

But… get the basics down first. only virgin daily levels. then… if you choose to enter a trade on a 2nd touch because
you’ve seen under XYZ condition it works very well…be my guest.

Walk first :wink:

Jay

470

I really dig the multiple time frame analysis. i have always though it to be a critical component of my trading system. It allows you to reduce risk, increase profit potential and R:R. And who doesnt love pin point accuracy. I used this method on a swissy trade this week. My draw down was 3 pips before it reversed and took out my TP. Its redicoulous to me that you can be so accurate that the spread is equivilent to your draw down. That is really mind boggling. Anyway keep up the good work.