Just a reminder again, the focus of a trader should always be on fresh order flow to spot the price behaviour changes and also potential bounces or squeezes. An M1 trader tracking a 1 month old 1 minute supply level is doing something in a very wrong way, there is 0 edge to that, if anything its just a luck if price acts on it.
Price moves generally come from repositioning and also due to new intake of added order flow thus for that every supply/demand, support/resistance level needs to be aligned with the strenght and time relative to current structure.
Focus on left side of chart yes, but dont go too much to the left. The more on left you go based on current structure you are following the more likely is one is tracking exhausted or non existent order flow at that levels. Price movements are auction process, if on previous auction horses were sold but on current one cows are sold its likely using old auction as data might lead to distorted expectations. Make sure your auction is aligned with proper context. At the end there is no such thing to put that down mathematically to find relevance, relevance is all about finding and fitting it into proper context. For example you cant just say well 50 candles in history back thats how one identifys old or not important price data, its not that simple. Its more about fitting whole structure overall and its legs towards what you are trying to compare it to. Volatility and size of structure should make sense to what one is trying to compare it to.
Gold on the up move, RUB down spiking, likely a risk event related to Russia in play, checking news to see whats the case.
Ignored
Yep thats right....indeed it was announcement of additional sanctions to be considered. As noted yesterday, gold and RUB are still on watch for potential play, sanctions likely to come its just hard to tell on which day, follow the momentum thus.
GM would be nice to see this one develop some more turning into potential solid long play on takeout, lets see. The denser that supply gets the more likely it will be targeted.
The blueprint to succeed at trading price action from this thread
One needs to execute on all areas of the blueprint to have chances of succeeding at trading price with consistency. Not covering large portion of blueprint will most likely result in failure, it usually does. That by default means that in order to succeed, since every area of the blueprint requires one common variable across all of them: time it means that in order to succeed one will not be able to get there with putting 5 minutes a day and hopping to get it within few months, it simply will not happen. Thus its an active study process one needs to fully realize that by practicing each area of blueprint to see how much time it really takes. Everyone even those with full time jobs have chance to make it if free time is structured well but it depends how much one really wants to make it to sacrifice that free time for some while in order to get there.
Its all about long term vision, do you want to be in time a consistent trader, and are you willing to sacrifice short term for long term? Everyone that ever succeed at anything was willing to sacrify some short term wishes / things to get to the long term goal, there is no way around it. Every trader will want to pop with fresh deposited account and trade some random strategy just to make profits, but that will never yield a consistent profits, it will actually yield what it really happens in most of such cases. Once trader becomes consistent, only then the time factor that needs to be put into market decreases significantly.
MRK for potential solid end of the day play. Consistency of bulls is marked, just needs decent takeout and hold. Hands revealed, it only counts now to trade managment. Play that can bake the end of the day well enough, with other words one trade a day like this is all one needs for consistency if properly executed.
(binned per thread starter's request) Market bottom rotation trad
