Just wanted to say I went through the course yesterday – it’s fantastic and I really enjoyed it. It was very clear and hugely beneficial. It’s also a real eye opener and completely different to the regular stuff.
As I went through it so quickly, vid after vid, I will probably go through it in full again.
I have a few questions regarding the content that I was hoping you could clarify but will leave that to another day.
My question now is (apologies if you did cover it) but I don’t think you touch upon where you take profits or any strategy based round that. Is this something you would consider doing a video or article on? I have my own system of profit taking in place – I generally take 1/3 of profit at the first resistance / support where my trade could run into trouble.
This level is usually equal to a 1-1 on risk (minimum), then generally move stop to break even and target a bigger profit for the remaining part and try to stay in unless price action dictates otherwise.
I seem to struggle though with my take profits mentally, always questioning if I am doing the correct thing.
Anyway, your thoughts would be much appreciated.
I would appreciate if when you have the time, you could let me have your thoughts on the email below.
In the meanwhile, I just wanted to share with you my chart and see if it seems along the right line as per your course.
I appreciate you have provided a supply / demand indicator, but I would like to draw out the zones myself.
Please see as an example the Usd/cad chart. I tend to plot what I think are the S/D zones based on aggressive price movement. I do this in the higher time frame such as the 4hr and then go down to the 1hr to look for trade opportunities via price action such as engulfing candles / large pin bars.
Does this all look correct as per your course?
My Response:
Alrighty, here are some answers for you…
Chart Zones:
Your zones look mostly on point, but I’ve noticed a couple of things we need to tweak.
First up, make sure your zones are hitting the candle highs and lows. Don’t leave any of the low or high sticking out; the zone should cover it all.
Look at my pic… it’ll give you a better idea.
Believe it or not, price often hits the low or high before bouncing… so even a teensy gap can mess up your entry or mislead you about where the zone ends.
Second issue: your zones aren’t lining up with the most recent major swing highs or lows.
Check out the 4h image… See the far-left zone?
You’ve drawn it down to the swing low, but it should actually be hitting the most recent major swing low—or high for demand zones.
By ‘major,’ I’m talking about swings which set off big price shifts.
In my zone, you can see it’s drawn from the previous swing low.
That’s because that low set off a major reversal.
This is where the banks went in, especially considering how bearish the market was before the turnaround.
The more bearish the market, the more traders were selling, the more the banks could buy.
By the time the next low forms around, the market has swung up, and the banks can’t buy as much; there’s a lot more buyers due to the rise and fewer sellers around.
This makes it a weaker spot for a reversal, ’cause the banks just don’t have as many positions executed here.
So, always draw your zones to the nearest major swing low—that’s where the banks main positions are and where price is most likely to reverse.
Profit Taking:
When it comes to taking profits, I usually cash out once price hits a higher timeframe supply or demand zone or if price shows signs of wanting to reverse. I take small profits as price moves in my favor, and then take a chunk out once price hits a sticky spot.
It’s not rocket science, but it does the trick.
Taking profits can be a real head-scratcher—you never really know when the perfect time to take them is. Just do your best and don’t beat yourself up if you jump the gun or make a mistake.
Hope that clears things up…
PAN.