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  #447  
Old Sep 5, 2009 1:40pm
One Life, One Chance.
 
Member Since Feb 2006
1 Voucher  113 Posts
Question IMHO

Just to make one thing clear: watching charts won?t give you any QUANTIFIABLE INFORMATION about orders placed at different levels (type of orders, their size, exact position, etc.). Those posted charts with price swings creating S/R zones are nice to look at after the fact, but DID YOU TRADE IT based on the information about orders or orderflow derived from the chart itself live?

This post is meant only as sort of a reality check for retail trader. The post above mine says it better.

Bluefish

Last edited Sep 5, 2009 2:25pm
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  #469  
Old Sep 5, 2009 6:00pm
One Life, One Chance.
 
Member Since Feb 2006
1 Voucher  113 Posts
Question

Quote:
Originally Posted by jpat1023 View Post
I would definitely disagree.
See above.

Yes.
Friday, Eur/Usd...if I have time later (and decide I want to) I'll go through my entire thought process...I went long at 1.4206 (with a limit order even) as price quickly left the obvious area of demand...where do you think I exited?
@jpat1023

Since You definitely disagree with me, maybe we could exchange views on this topic to move on. Im here to learn. Correct me, if I?m wrong.

I assume you refer to the PAST major swing highs/lows as a POTENTIAL area of supply/demand. Is that right?
If that is so, what makes You think, that there have been orders sitting NOW? (history repeats itself, right?)

Im sorry, if this seems a bit too strict, but placing buy limit order somewhere 200-300 pips below current price with maybe 50 pips SL is a bit ... predictive. You expect price to fall few hundred pips and REVERSE approximately in your PREDICTED area and then go back for You to exit with cool profit.

Is this how You traded EURUSD on Friday?
Don?t get me wrong. Im not saying it?s not possible. Just trying to understand the rationale behind the trade as I learned the hard way, that in order to measure some edge (assuming You have one) you need to be able to quantify it somehow.

Bluefish

P.S. To answer Your question: I think and I wish You exited somewhere around 1.4315

Last edited Sep 5, 2009 6:11pm
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  #492  
Old Sep 6, 2009 3:54am
One Life, One Chance.
 
Member Since Feb 2006
1 Voucher  113 Posts
Default

Quote:
Originally Posted by pipmutt View Post

Anyway, I'm off to count the steps between my keyboard and the coffee pot, but first I've got to understand the significance of the steps and their relation to the dynamics of the coffee, the pot, and the water.......or, how about this for a whacky off-the-wall idea, I could just go and make a cup of coffee, the end result is the same!
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  #561  
Old Sep 21, 2009 4:55am
One Life, One Chance.
 
Member Since Feb 2006
1 Voucher  113 Posts
Thumbs up

Quote:
Originally Posted by Darkstar View Post
Not to be a stickler for accuracy, but this isn't orderflow trading. All your doing is commenting on market mechanics. There is no predictive value.

To trade order flow you need data from outside the chart.
Thank You, Darkstar! You made my day.

Bluefish
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