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YTC Price Action Trader (www.ytcpriceactiontrader.com)

  #24 (permalink)

Elite Member
Buckeye Nation
 
Futures Experience: Intermediate
Platform: Ninja Trader
Broker/Data: Amp/CQG, TOS
Favorite Futures: CL, 6E, YM and ES
 
Posts: 201 since Jul 2010
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Odd enhancers


Zwaen View Post
Good post Kulu,

regarding to a free video I found the following enhancers:

Regarding the level:
1. How long stayed price at level? Shorter is better
2. How fast dit prices leave the level? Stronger is better
3. Levels on top of level enhances changes since more supply is available.

Regarding revisting the level again:
1. Is profit margin sufficient? 3:1 or better. This also take into account congestion before your entry.
2. Is it the first time the level gets revisited. How more times, the more supply will be “ eaten up”.

Additional enhancers:
1. Regarding higher timeframe, is the higher timeframe trend in your favor and no higher timeframe S/R “ in the way “.
2. Stock/Bond also in opposite direction?
3. Time of the day? ( for example trade in lunchtime is not good)
4. Bollinger bands. Comfirming your entry? ( for example short on touch upper band)
5. Globex high and low ( don’t know what this is, but I think he just means high or low of the day of yesterday: act as S/R)


But I indeed think taking all enhancers into account will not result in better results. It is the same as thinking using 10 indicators instead of 3 will enhance you're chart reading.

I was interested in Seiden because I wanted to gauge where a trend could posssible end. Most of the time, when you scroll to the left you will indeed see a level in the past where price really jumped out.

I think you are right when you say just practise and practise, it is the only way you will learn to spot good opportunities, let alone gain confidence in the setups.

I have other odds enhancers. I will post them when I get home this evening. Practice is key. Like I said, for me, I need to see at least two things before I can take that trade: a good profit margin, and a strong rejection at a level, and first pullback. Then when those two conditions are met, then do I look at other enhancers such as, where are we on a larger timeframe, time of the day for the instrument I am trading, prior day/week/month highs/lows/close (I look at the close too because I think unlike the open price, smart money determine the close of most candles, again, that's my opinion).time of the day for the instrument I am trading.

One of my problems when I started trading was the urge to be right. Sometime price will just move through these levels and stop you out. These don't bother me any more, because I am comfortable taking a loss as long as it's within my parameters. Take today for instance, I had my FDAX levels marked up, my limit order got filled and while I was away from my desk, my trailing stop got hit for a very small loss (I don't use trailing stops any more, but since I am trading at work, I use an ATM strategy and move my stops manually). However, when I got back to my desk, I re-enter the trade at the low of the supply zone. The finally hit my target for a nice gain.

Just keep looking at those charts and draw in your levels and take trades off of them. This is powerful information. You just need to be patience and know what you are looking for. Let price come to you. For this reason, it is wise to watch several markets. This way when something sets up, you can take the best setup. Sorry for the long message.

Kulu

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YTC Price Action Trader (www.ytcpriceactiontrader.com)-fdax-09-11-60-min-09_01_2011.jpg   YTC Price Action Trader (www.ytcpriceactiontrader.com)-fdax-09-11-60-min-2-09_01_2011.jpg   YTC Price Action Trader (www.ytcpriceactiontrader.com)-fdax-09-11-60-min-3-09_01_2011.jpg  
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