Had to start out with the emoji that was for you Captain Will! $812.50 per contract on a trade you spent that much time on in class deserves at least that much! Wish I was in your neck of the woods we would have all had to go out for a nice dinner saturday night! You did a great job analyzing this trade in class today so I wont re-hash it, just wanted to do a quick post as a gesture of thanks. Its not steak and lobster but will have to do, thanks for spending some time on it with us!Quite a few of us (and I think you as well Will) took this trade today in class and sure enough it filled later around lunch time. It was a classic supply zone, fresh and with the short term down trend, also carrying a great risk vs. reward. To top it off as the rest of us have been discussing news in the other post, the trade tensions, trump talk etc- all sent it in the right direction at the Aussie/Asian open. Where it promptly took out my target at the demand zone below for a nice quick profit before it bounced. Anyway here is an image, we all know the HTF situation/analysis from class. I have been waiting on the big supply above from my daily chart (sort of salivating) like more than a few others for a couple months at least. I entered and exited with a nice profit on the 25K volume as my STF as you can see in the image.
Will, appreciate you man for everything from the software to the forum and analysis. Have a great weekend buddy, God Bless! and good luck everybody, B
I am so very happy for you my friend and congratulations! Indeed this was a great area and hit the mark quite nicely!
I look forward to a steak dinner together some day, I'm always up for that
You know me, I like to seize a moment when I can... For all that are viewing this, I am sure that BillPrivate would agree, it is all about the area that the trade took place. As hard as it is to not get wrapped up the small details, what is most important is always the location and being able to define that for potential future turning points; this one was discussed months in advance so you can see the power of proper analysis.
One other thing that I'd like to mention is how we can use the origin of the market turning point for stop placement. The goal is to be able to determine the market turning points and pull much profit from the turn itself. So with that in mind it is quite logical to attempt to place our entry as close to the origin as possible so that we can be certain this is not the market turning point if the origin is violated, thus proving us wrong. I certainly hope this helps!
A special thank you to BillPrivate for this and many other posts. I am seeing a very nice pattern in your trading my friend and it is one that many can learn from so thank you for being a pillar of the PFA Community!
I look forward to a steak dinner together some day, I'm always up for that
You know me, I like to seize a moment when I can... For all that are viewing this, I am sure that BillPrivate would agree, it is all about the area that the trade took place. As hard as it is to not get wrapped up the small details, what is most important is always the location and being able to define that for potential future turning points; this one was discussed months in advance so you can see the power of proper analysis.
One other thing that I'd like to mention is how we can use the origin of the market turning point for stop placement. The goal is to be able to determine the market turning points and pull much profit from the turn itself. So with that in mind it is quite logical to attempt to place our entry as close to the origin as possible so that we can be certain this is not the market turning point if the origin is violated, thus proving us wrong. I certainly hope this helps!
A special thank you to BillPrivate for this and many other posts. I am seeing a very nice pattern in your trading my friend and it is one that many can learn from so thank you for being a pillar of the PFA Community!
- BillPrivate
- 2 years ago
- #442
Thanks Will, appreciate the kind words. Good point on the stop placement. I usually exit my non-currency futures trades by Friday, not always but most of the time. So I had this in mind when placing my stops and targets on this one. I would add that in a situation like this one if it had of been earlier in the week I would have divided my targets above the three lower areas of demand in case it kept falling. Thanks again, have a great weekend! B
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Great post Bill. Your success from what you have obviously learned from Will truly reinforces the fact that I am finally in the right place for learning this craft.
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