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YTC Price Action Trader (www.ytcpriceactiontrader.com)

  #40 (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
Thanks: 146 given, 235 received


Zwaen View Post
Hello,

I put my view of the market(6E) today in chart below.
In my view quite a boring day, only 1 small trade. ( 11.40u)
Feel free to comment/discuss/see improvements/mistakes please.

Here is my chart on 6E for today. I didn't take the trade that's marked but that was good for about 40 pips.

As far as your questions, those are great questions and I will attempt to answer them. I have seen these levels drawn both ways, including the wicks on both the lower and upper bound of your range. However, like @trendisyourfriend has eluded to in his post, you are more interested at the ORIGIN of the move. The stronger the drop from the level, the better the level. Some levels are just not good enough. So instead of placing a limit order there and just waiting to be filled, they are "watch it trades". By this I mean if the level is not "good enough" (take a look at the word document with the odd enhancers that I posted). Since the width of the zone is your risk, you just would have to pass on some of these if you draw your zones to include the wicks (to the top side for supply zone and to the downside for demand levels)

Again, the key is the origin of the move. The less time spent consolidating, the better the level (that means supply and demand are way way off balance that's why price spent just a little time at that level). As far as the size of the consolidation (fight between buyers and sellers), again the "smaller" the consolidation the better. But again, I don't have a time period or number of candles to qualify "small"

Just look at your charts, see a level, mark it and see if it worked out or not. Sooner than later you will start to differentiate between the good levels and the not so good levels. This stuff works, and you just need to practice it. I am sure you know that trading is about probabilities. It's not about being wrong or right. These setups are high probability setups. The reward usually far out weighs the risks and you don't need a very high win% to be profitable. However the higher the better.

Again, how do most of these big traders make net their millions a year? Example, your gross profit of $20M and your gross loss of $19M, and the you will have made a million dollars for the year. My point is, it's not about being right, it's a numbers game. Your winners have to be bigger than your losses to survive in this game. I personally think price action with support (demand) and resistance (supply) is key to being consistently profitable. This is my opinion though.

I hope I answered most of your questions. If not, please let me know and I will try to explain further.

Kulu

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