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When price moves into and out of an area rapidly as it did here that shows us there is a strong imbalance between supply and demand at 53.00. We either draw our zones by surrounding the candle on the daily chart or drill down to the hourly chart if this zone is too big. If we used the hourly chart the zone would be from from 52.99 to 53.32 which is a narrower zone. (By drilling down to the hourly chart I noticed the bottom of the zone was actually 52.99 not 53)
If price breaks through 52.99 then we know that imbalance is no longer there and we have no reason to be in the trade anymore.
Can you help answer these questions from other members on NexusFi?
This sounds like Sam Seiden at Online Trading Academy. What sort of win rate do you experience with this strategy?
Persistence! Nothing in the world can take the place of persistence.
Talent will not ... nothing is more common than unsuccessful men with talent.
Genius will not ... Unrewarded genius is almost a proverb.
Education will not ... The world is full of educated derelicts.
Persistence and determination alone are omnipotent! Calvin Coolidge
Typically when you trade such a strategy you aim for a minimum of 3:1 reward vs risk so the win rate is less important. The challenge is to find opportunities. Using this technique on Futures only would not provide lots of opportunities.
@kbaker9247 Didn't you post this earlier?
I have a copy of it that was downloaded from futures.io (formerly BMT).
"We don't need no stinkin indicators" by K Baker
Rejoice in the Thunderstorms of Life . . .
Knowing it's not about Clouds or Wind. . .
But Learning to Dance in the Rain ! ! !
I downloaded it, too. Saw the post early one morning, downloaded it & then POOF! the post magically vanished. I PM'd Mike & asked what was up with that & he said "Removed - Self promotion". Glad I caught it before it disappeared (much like MedianRenko posted by Roonius years ago - caught just before the post disappeared). Interesting e-book, but much the same as Sam Seiden of Online Trading Academy touts.
Same as I mentioned in an earlier post regarding mk77ch's indicator: mkSupDemZones.
It draws the S/D levels automatically. I use it every day.
Perhaps it would be best to PM the e-book to those interested. Just a suggestion.
After all, it's what you learn AFTER you know it all, that counts!
Win rate and risk/reward go hand in hand. One doesn't tell you much without the other.
Persistence! Nothing in the world can take the place of persistence.
Talent will not ... nothing is more common than unsuccessful men with talent.
Genius will not ... Unrewarded genius is almost a proverb.
Education will not ... The world is full of educated derelicts.
Persistence and determination alone are omnipotent! Calvin Coolidge
Buy as close to 15.18 as possible. Close position if it breaks through 15.18.
Target exit 16.30. (Swing trade)
The closer price gets to 15.18 the higher the reward to risk ratio.
Day traders: if price gets close to 15.18 with plenty of time left in the trading day this could be a good day trading opportunity. If price hits 15.18 -15.20 and starts to turn buy with a very small stop. If price turns against you and breaks 15.18 close the trade.