2 Open EU and EG shorts, 1 Pending EA short

More when positions close...

Method Update + vid and a Couple Orders+ vid

So as anyone who follows my youtube page or blog will know, I have predominantly been trading with supply and demand this year.

My coach Paul Wallace (@fxtraderpaul, www.fxtradepaul.com, www.tradingbeliefs.com) has been helping me implement this method more effectively and recently included me on a course he usually runs for veterans of the armed services, it is called the Veterans Trading Program (VTP). Its content have been extremely thorough and informative and has given me more a far more extensive and I believe professional framework to place my trading ideas around, manage them and analysis there outcomes. 

It is clearly not my place to share the specifics of the VTP course but in this video I hope you get the broad strokes of where my trading is moving with the aid of its input.

Method Update Video...

Sell orders

R-1: 1 Loss, Stopped by the Pip

intro: reverted to old method of IDing S&D. this helped and ensured I wasn't missing anything obvious. Got short the EJ and just got stopped before it started to return to my trade direction. Also got short EU , which I'm still in.



thoughts: slightly adapted my levels of S/D to be slightly nearer momentum this was to avoid just missing an entry by a few pips,



summary: moving levels so there nearer momentum was a good idea I also I think adding a 5-10 pip margin on top of my stop to avoid premature stops would be a good despite increasing the risk size.



EJ trade:

Nothing Triggered

intro: reverted to my old method of IDing S&D. Nothing triggered but orders remain in place. See method tab for more details of method.

R-2: 2 Full Losses

intro: Got short the EU and EJ this morning (tuesday 21st) on sell limits at supply. The Euro entered a hard uptrend and both shortly triggered and got stopped out. Failed to notice they were both at daily demand!



thoughts: I changed my method for identifying S/D areas on Monday and it doesn't seem to have helped! Couple this with the fact that I failed to to measure the potential moves, both of which were sub 1:3 which is not the game plan, so many faults



summary: Faultly by nature, "hip stop horray". Either got to set limit orders at daily levels or at least have them marked to avoid being on the wrong side of the move and to measure risk correctly!



EJ trade:

EU trade:

R+1: 1 Win, 3 Misses

EG trade:

intro: Got short the EG some point this PM on a sell limit set this morning, exited this PM for R+1. Closed as end of day and an intraday position , so didn't want to be exposed overnight. My other sell limits didn't trigger.

thoughts: Slight change of approach in identifying S/D zones which can be seen on the "method" tab
or as follows...

1. Look for the very nearest pivot, gap, counter trend bar in a hard trend or cluster and draw a rectangle around it. Levels below price are demand, above supply. 
2. Now drill down to next timeframe Ie MN to W1. W1 to D1, D1 to H4 or H4 to M30. 
3. The move will now look far stronger on the shorter timeframe, use it to find where the momentum really kicked in and adjust the rectangle accordingly, it should usually get tighter. 
4. Set limit order around this momentum adjusted level, this is your supply/demand level for that time frame. 
5. Levels that are pivots, untested, near LT S/D with fast returns are preferable to the counter. 
6. Include any up/down fractals around the same price to avoid premature stop outs. 
7. Measure the distance between the demand and supply level and determine whether or not there is a desirable profit margin (approx 1:3 Swing / 1:1 Intraday), if there is not you will have to widen your search. 

summary: Like the method above, it is shorter, simpler and easier to follow. Re trade, followed the plan so execution and performance were good all round.

video: 

Nothing Triggered, Orders Left in Place

As said nothing triggered so didn't bother updating video. Orders left in place as swing trades, so should still be valid tomorrow.