Need help with my supply and demand trading

matty_65

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Hi, Im looking someone to help me out with my supply and demand trading.
daily.JPG
The picture above I look at the daily for the trend and who is in control for either supply or demand. In this instance its supply in control and the trendline is telling us the trend is down, so I'm looking for shorts.
Then I go to the H4 chart and look for the extremes there for the pull back i.e over bought and oversold in the attached picture.h4.JPG
Then I go to the 1 hour chart for the entry in the picture attached when the trend has broken by about 5 to 10 pipsH1.JPG

So in the pictures it looks great in the real world but I have found problem is defining away how to filter the bad pull backs to good ones! I was wondering anyone on here has any input that could help me with finding the best setups and the strongest setups? The only thing I can think of is say in this scenario is lining up resistance from the daily to the 4h time frames...
Would love someone who knows a better way I could master this simple strategy as its been doing my head in for such a long time.
Mathew:cry::clap:
 
First, you're waiting far too long to enter your short trade(s), and the longer you wait, the more likely the market will be to turn against you. The best entry is that which is made at the turn of the tide.

Second, use only what you need in order to make a decision. If the stochastics are of no help, get rid of them. If the candles are of no help, get rid of them. If the colors are of no help, get rid of them. If you must plot something besides price, plot volume, even if it's forex volume.

Determining who is in control is no great trick if one can tell up from down. The challenge lies in determining when they took control. In your example, draw a straight line on the daily tracking the last important upmove, from 1/4 to 1/20. Note that price breaks that line the following day. The decisive break of that line tells you that something's afoot. Then wait for the first retracement. This is the first instance of serious short-covering, and if there is further weakness, you'll want to be a part of it. So your short trade is entered on 1/26. If you place your sellstop at a level that won't be triggered if that further weakness doesn't show itself, then you won't be in the trade at all if it isn't a good one. If you enter successfully, just draw a line along those swing highs and stay in until it's broken, which so far price has yet to do.

If this approach interests you, click my signature.

Db
 
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