tradewonk
Education

When Not To Take A Trade

FX:EURGBP   Euro / British Pound
Every sunday i watch all pairs, draw the strongest fresh supply & demand zones and set the alarm. But do i always take the trade when the price hit the zone?
Hi Tradewonk,
In my opinion the structure is more important than S/R
Reply
Thanks. very good info
Reply
Thanks for this, I've made this error a few times and seeing it explained this way just makes me understand where i'm going wrong.
Reply
tradewonk lanreshonowo
@lanreshonowo, Thank you, i hope it will help you.
Reply
Cabezadeltoro tradewonk
@tradewonk, Dude I don't disagree with your analysis of supply demand and support and resistance. In fact everything you said was written about in books over 80 years ago.by Richard Schabaker and Edwards and Magee in their now classic books. (Look them upon Google). So you are preaching nothing new here (only to the amateurs maybe). What I do disagree on is the fact that you and a a whole lot of other traders on this site trade support and resistance and supply demand (same damn thing actually) as if they will hold! You always need a price confirmation such as a higher ascending bottom or a lower descending top depending on whether you are going long or short. And then you need a momentum thrust above/below those points. This is all explained in the outstanding book by William Dunnigan "The One Way Formula" I would suggest you read it and become enlightened to the way the market really works.
+1 Reply
Ty for ur advice, but i got a Question: on the Second reason, which u have stated " it the price hit the zone (Monday Morning) " Did u refer to ur current time zone of where u live, or the time zone from the pair of ur trade?
Reply
@Khobi7, yes utc/gmt time, because it's in the beginning of london market opens after a weekend, and there can be many things happend in the weekend that can change the direction of the market.
+1 Reply
Khobi7 tradewonk
@tradewonk, Did u mean " Big News = Breaking News ? or ?
Reply
@Khobi7, no just a normal big news, that moves the prices in a not normal way. You can see my example, i didn't even know what kind of news it was, but just by looking at the candle and how fast it moves, i could see that it was a big news.
+1 Reply
Khobi7 tradewonk
@tradewonk, Thank you !! appreciated that :D
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out