Steve's call on AMD was great, a $7 reversal from that
resistance he posted ahead of time.
I understand you have a long term position that you don't want
to sell on a short term pattern, I get that. But, the info still
could have been useful to you as you could have bought some AMD
Puts there to hedge your Long AMD position, then taken profits, or
even shorted a few AMD futures all at the same time keeping your
longer term position, etc. It was good info, and the comment about
'they work out once in a while...I'd say our patterns work out a
good 80/90% of the time
and the trade idea was for the community as a whole not for you,
if it wasn't for you that's fine, but no reason to even
comment about it then
Next time will simply share with others who actually appreciate
such input. If I was a Long I would surely say thanks for
identifying a supply zone which was the reason I posted earlier
today and then it dumped 7 points (guess that's not enough for
you). Best wishes.
note the doji candle and range, and look at as many examples as
possible, we show charts almost every night with a support or
demand zone on it, best to look at as many as possible to calibrate
your eye
I have outlined how supply and demand zones "properly" form -
use the search function on the blog. There is a difference
between supply/demand zones (where institutions tend to act) versus
simple support and resistance. Supply and demand zones
form with a break in structure and there is an art to identifying
such zones - this not just drawing a bunch of lines at the
highs or lows which everyone can see.
AMD Updated
Posted by steve on 14th of Jul 2023 at 10:49 am
AMD - Chart Link- pointed out Supply Zone and you can see the reaction - can recover but nice to know where to look for sellers
Like a precision missile -
Posted by steve on 14th of Jul 2023 at 12:50 pm
Like a precision missile - 4 points down from Supply. Again, wise to know where to expect a reaction
Make that 5 points on
Posted by steve on 14th of Jul 2023 at 01:01 pm
Make that 5 points on AMD
Now 6+ points - Arun
Posted by steve on 14th of Jul 2023 at 02:27 pm
Now 6+ points - Arun you can take next week off now
Glad your short worked...I decided
Posted by arun on 14th of Jul 2023 at 02:48 pm
Glad your short worked...I decided not to play countertrend trades...They work once in a while. No need for instant gratification. Too old for that
work once in a while?
Posted by matt on 14th of Jul 2023 at 03:54 pm
work once in a while? yeah okay
Steve's call on AMD was great, a $7 reversal from that resistance he posted ahead of time.
I understand you have a long term position that you don't want to sell on a short term pattern, I get that. But, the info still could have been useful to you as you could have bought some AMD Puts there to hedge your Long AMD position, then taken profits, or even shorted a few AMD futures all at the same time keeping your longer term position, etc. It was good info, and the comment about 'they work out once in a while...I'd say our patterns work out a good 80/90% of the time
and the trade idea was for the community as a whole not for you, if it wasn't for you that's fine, but no reason to even comment about it then
Next time will simply share
Posted by steve on 14th of Jul 2023 at 03:57 pm
Next time will simply share with others who actually appreciate such input. If I was a Long I would surely say thanks for identifying a supply zone which was the reason I posted earlier today and then it dumped 7 points (guess that's not enough for you). Best wishes.
I'm such an idiot, I'm
Posted by timebandit on 14th of Jul 2023 at 03:59 pm
I'm such an idiot, I'm going to take some of that foolish trade home with me
Yep, sweet trade
Posted by timebandit on 14th of Jul 2023 at 01:02 pm
Yep, sweet trade
How do you define your
Posted by auni on 14th of Jul 2023 at 11:55 am
How do you define your supply zones?
note the doji candle and
Posted by matt on 14th of Jul 2023 at 12:00 pm
note the doji candle and range, and look at as many examples as possible, we show charts almost every night with a support or demand zone on it, best to look at as many as possible to calibrate your eye
Sorry, don't see it on
Posted by auni on 14th of Jul 2023 at 12:34 pm
Sorry, don't see it on this chart. Why not extend the range all the way over to the right of the 2 peaks?
I have outlined how supply
Posted by steve on 14th of Jul 2023 at 12:38 pm
I have outlined how supply and demand zones "properly" form - use the search function on the blog. There is a difference between supply/demand zones (where institutions tend to act) versus simple support and resistance. Supply and demand zones form with a break in structure and there is an art to identifying such zones - this not just drawing a bunch of lines at the highs or lows which everyone can see.
AMD Structure Break and Subsequent Supply Zone Shown
I did use the search
Posted by auni on 14th of Jul 2023 at 04:01 pm
I did use the search function, found nothing, which is why I asked. Could you point to your outline of supply and demand post for me?
Yes Auni - I actually
Posted by steve on 14th of Jul 2023 at 04:03 pm
Yes Auni - I actually added a link to me earlier post showing how the supply zone was formed on AMD.
Steve, Still not finding it. Is
Posted by auni on 14th of Jul 2023 at 04:12 pm
Steve,
Still not finding it. Is there any reason you can't just help a guy out and post it, I have been here for about 15 years.
Never mind I found this: https://www.tradersimon.com/2021/06/the-correct-way-to-draw-supply-demand-zones/
Have a great weekend.
Auni
tradersimon.com
How To Draw Supply & Demand Zones – The Right Way! – TraderSimon.com
Drawing Supply & Demand Zones - The Right Way! In over a decade of teaching Supply & Demand trading, I still see Supply and Demand zones drawn the wrong way. In this article, we're going to address some common mistakes and clear up the confusion of how to draw Supply & Demand zones once