My 8/31/20 NQ Futures Day Trade (No Sound...Sorry)

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    rollandthomas

    Published on Sep 01, 2020
    About :

    This is a Nasdaq futures trade I took yesterday after the opening bell. Price pulled back into a 4 hr demand zone. I recorded a play by play price action video, but it was only after the recording did I realize I didn’t have my headset plugged into my computer. As they say a picture is worth a thousand words and I was going to post this video whether the trade was successful or not.

    1. This year I have become more patient and just wait for price to tell me that is wants to go higher. I’m now able to consistent recognize the exhausted candles…in this case the last of the sellers.

    NOTE: after price started to rally, price formed demand denoted by the green box. That’s the level I placed my buy limit, so if price pulled back, that’s where I wanted to get long at. The entry was made on a 1000 volume chart.

    1. At times, in this case, price doesn’t always go straight up, but likes to test the larger zone. What we see is price reacting to newly created zone where I went long.

    2. I knew that the trade had a chance when it formed another demand zone above my original demand zone…signifying the buyers were in control.

    3. This is what I call the candle in control, meaning it controls the current trend my entry time frame. If prices close above the candle in control, price resume higher. If prices close below the candle in control price go lower.

    4. This zone represented the 60 min supply zone. So if price was going to resume its upward move, the 60 min supply zone had to be breached and the control in control had to stay in control.

    MY TRADING METHODOLOGY IN A NUTSHELL BELOW

    I’m a supply and demand trader. The premise of supply and demand trading is when the market makes a sharp move up or down the large institutions i.e banks/hedge funds are not able to get their entire trade placed into the market, leaving pending orders to buy or sell at the zone with the expectation the market will return to the zone and the rest of their trading position will be filled.

    I use multiple time frame (MTF) analysis to improve my discretionary trading decisions. MTF analysis involves analyzing the same asset on multiple time frames. The rule of thumb when using MFT is you want your charts to scale down/up by 4X – 6X. In my case I tend to look at:

    Monthly Charts (curve time frame) – which represents that jet fighter flying over the football stadium.
    Weekly Charts (trend time frame) – which represents the concession stands looking down at the field.
    Daily Charts (entry time frame) – which represents being on the football field with the player.
    4 Hr Charts (entry time frame) – which represents the center hiking the ball to the quarterback.

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