Hi Jamblobby, Like your chart, although I never use Weekly myself. I usually draw Supply and
Demand levels on Daily, 4H and 1H. 30+ charts on all 3 time frames. Usually trade off the
two higher time frames and use the Hourly for confirmation. Sometimes may have 10 trades
trigger at once, if so correlation between pairs decides how many of the trades I will take. Also
pip value, S/L distance and my risk in AUDollar value will decide if I take the trade and the
Position Size.
I draw my Supply and Demand areas in the following way. In Supply, after a larger bearish
candle down, my supply area starts at the open of the nearest bullish candle and high of the
same candle to the left. Same for Demand levels except you reverse it and use the nearest
red candle with open and low. The idea being there were sell orders by the big players up
at supply and they may not have been filled, It will sometimes retrace to that level and that
can be the time to enter short if you are not in the trade.
Here are two charts on AUDNZD. I'm not saying I will trade this pair as there are a few ways
it could go. If on the Daily it retraces to Supply area and the chart shows sell orders are still
there I will go short. If it breaks above that level I will be looking for Longs.
If Short S/L @ 1.09395 high. T/P will be taken off 4H chart.
This is only one of many trades I will be looking at for the week. I may take it, it may be a
loser or it may be a winner or I may just leave it. Right now there is no trigger to enter.
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Hi Jamblobby, Like your chart, although I never use Weekly...
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