[B]This is my long term Supply & Demand strategy.[/B]
I use supply & demand a little bit different to what is taught conventionally. I think of S & D as two magnets. I want to trade the highest profit potential between S & D levels following the path of least resistance (Bias). I also use market correlation for confluence to my bias.
I then decide where my stop & my target will be placed. I calculate the distance between stop & target then divide between four. This gives me my entry to stop number of pips (3 to 1 reward to risk).
If entry is initiated, I let price breath until reaching 2 to 1 then manage trade aggressively which will be explained in videos.
I aim to lock in 2 to 1 with the possibility of price reaching 3 to 1. The trade will be closed either by stop hit, target hit or time expire (again this will be explained in my videos as & when).
Some of these rules are very mechanical, the rest is discretionary & down to my own experience.
I shall also incorporate lower time frame levels to increase reward & reduce risk where possible.
[B]Monthly uses Daily levels
Weekly uses 240min levels
Daily uses 60min levels[/B]
More on this later as you follow my journal.
Now to control my emotion & losses, these timed controls are in place.
I only take:
One trade per week
One trade per month
One trade per quarter
How this works.
I use the same Lot size per time frame traded.
I scan over 20 instruments.
I look for one set up per time frame.
If stopped out for win/loss or break even, I may wait for new week, month or quarter.
Break down:
Daily chart = One trade per week - 52 trades per year max.
Weekly chart = One trade per month - 12 trades per year max.
Monthly chart = One trade per quarter (every 3 months) - 4 trades per year max.
Total 68 trades per year max.
Full explanation will be recorded & uploaded to my youtube channel YouTube. Links will be posted here on this journal along with account balance.
I will wait till the end of the Month before analysing the Monthly trade setup. The Weekly setup will be recorded over the weekend & uploaded with full detailed analysis. I Will post my Quarterly setup shortly.
This weeks new trade setup - Supply & Demand 28 Apr 2014 - YouTube
Balance still $100
Closed last weeks EURUSD trade at $0.42 loss. This weeks trade is to short the AUDJPY as explained in the video.
The CADCHF trade seems to be working out so far but I still have all of June before closing or locking in profit.
[I]Not done to much trading as the markets are not looking to good for the way I trade supply & demand, however the AUDUSD & AUDCAD may have some shorting opportunities in the next week or two. I will post if I take any trades.[/I]
[QUOTE=“Tyrone Archer;630926”]Account update 26 May 2014 - Supply & Demand Live 26 May 2014 - YouTube Balance $94.52 Floating $123 The CADCHF trade seems to be working out so far but I still have all of June before closing or locking in profit. Not done to much trading as the markets are not looking to good for the way I trade supply & demand, however the AUDUSD & AUDCAD may have some shorting opportunities in the next week or two. I will post if I take any trades.[/QUOTE]
Hi fellow traders. I have made a video explaining my rational behind trading supply & demand profitably. I have suffered many years with finding rules to really help give me an edge trading supply & demand even though I have spent many years with Online Trading Academy in the XLT forex classroom.
In truth…I keep it high probability & high reward. Its all a numbers game but the hard part is emotion & rules. To control emotion I restrict myself to one trade per time frame traded. This has been a revelation to my trading & gave me great emotional control over this discretionary trading approach.
I now build my own personal savings slowly & confidently.
This video is only for those who understand supply & demand so please watch plenty of Sam Seidens webinars at - Sam Seiden | FXStreet before commenting on my approach.
All others who have suffered losses trading supply & demand may find this very helpful.
[video=youtube_share;AffK50Me6q4]http://youtu.be/AffK50Me6q4[/video]
Had a stop out on the Daily/60 combo so I will not trade this combo till next week. There is a nice setup im waiting on in the Weekly/240 combo.
I have also setup some 240/15 combo pairs for some examples of how I would day trade. Unfortunately I work full time so do not trade seriously this way for now. This is the way I would look for one setup per day, win or loose. This would control emotions & my bank balance too
