resistance/support strategy question. - page 2
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@Dadas: Ah, sick nasty ;) I like it! I downloaded the indicators n' it makes sense. Thanks for sharing your indicators and the link!
Now, as far as your concept of SR levels, sorry, but I am too tired to make sense of it now.
It probably makes sense, why not? The point is, do you believe it makes sense?
And if you do, can You make sense of it while trading?
After all, if You created it, You understand it best!
Just do it on a Demo account. Trade your strategy for 2 months.
If it works, put to work in real.
And let us know how you are doing!
I am busy with my strategy and my style of trading, so I will not have time to try out yours!
Everyone can have their own way of trading! Yours is no better or worse than any other.
But, if it works for you, it is the best one for you.
So, just DO IT!
@Dadas: Ah, sick nasty ;) I like it! I downloaded the indicators n' it makes sense. Thanks for sharing your indicators and the link!
You are most welcome!
Hi Guys, I use S/R in trading, as with fibs, without being too involved, a resistance broken up becomes support and a support broken down ... etc.. you know the script, without giving too much away, you have to watch the price action around these areas, take into consideration there is noise in the lower time frames, it's the higher ones where you get a better picture, all said, the lower time frames do give an inclin as to how things could turn, a bit like scanning the hedgerows on a winding road, ultimately, it' the motorway you want to be traveling, but you have to travel these roads inbetween hope this makes sense, R
My boycott is over, and its a pleasure to be able to give some input albeit my knowledge of coding is useless, my trading is not, only another 999999 days of trading and making $1 per point and its breakeven for me.
short cable,eurusd and gbyjpy, there due a fall !!!
@robbo: Glad to hear your thoughts regarding support and resistance! I agree with most everything that you have posted. You and I might agree that the "Noise" (you are referring to) seems to possibly be ranges that are simply too small to be traded. (this is because the size of the range does not cover the spread of the currency pair) I believe that you are 99% right, BUT, I will write that even though you stated that there seems to less "noise" in higher time frames, this also means that there are less trades to be had. So, in my head I believe the solution is to filter out the smaller ranges ("the noise as you call it") from the larger ranges witch provide higher probability winning trades. So the bottom line is this... ;) ... I would choose a small time frame because there seems to be more signals (and "noise") BUT the noise can possibly be filtered out. Just my two cents for you robbo.
I also enjoyed reading the metaphor you wrote, "a bit like scanning the hedgerows on a winding road, ultimately, it' the motorway you want to be traveling, but you have to travel these roads inbetween hope this makes sense," Quite good and this makes sense!
Thank you much for sharing your thoughts robbo!
@WhooDoo22 So basically buy/sell on break of previous zigzag high/low....I have EA for this strategy but its not profitable b'coz many times you gets zigzag length very short to profit from it...
I have just had a week of intesive training with a 7-year Forex trader.
He has put my mind where it is supposed to be.
So, now I do it like this:
2 monitors:
D1 and H1 on the left monitor.
D1 to identify big trends and important SR levels looking to the left.
H1 to identify local trends, basically I look at the range of 2 days on H1.
On the right monitor I have 2/3 of the screen M5 chart which I sometimes switch to M1
in order to identify the best entrance moment, depends on the instrument!
The other 1/3 is for my special helper - EA calculator with buttons for different actions.
I do not use pivots any more.
Together with a friend of mine, we have written a little helper indy:
I called it CustomTime_VLine_HL.mq4 (find it attached).
What it does is:
It draws 3 vertical time lines and 2 horizontal price lines, according to TF setting.
By default TF=60.
I run this indy on all my charts like this:
On D1 I set TF to 1440 and I set the VLines colors to the background color of the chart,
because there I do not want the time lines.
The HLines draw the High and Low price lines of the ended day as local/daily S/R.
On H1 chart, I set the TF to 1440 as well.
I set my color for the VLines and I have 3 VLines which stand for 2 days.
The HLines draw the S/R lines for the ended day.
On M5 chart, I set TF to 60, so I get 3 VLines representing 2 hours.
The HLines draw S/R levels for the ended hour.
If I identify a possible entry, I will change M5 to M1, and I see my lines already there.
In this way, I save myself the chore of hand drawing the lines every time.
Play with this on Demos. You will get the point pretty quickly!
Just be consistent!
If your trend is Bulls, look for Bulls, play Bulls only!
If your trend is Bears, look for Bears, play Bears only!
Look out for important long term S/R's those on your D1 charts.
Watch the price action, not price value, but price action PA!
You can often identify other stronger local S/R's on M5 by watching price action
and looking to the left. They may not look obvious, but they are there!
Look out for contexts within contexts! I.e. overtrends in smaller trends.
Like Friday 2012-09-21 on EURUSD. These S/R's will work, if you will see the larger context,
the larger channel set by an 82 pips hour bar, or candle.
Learn by doing backwards analisys!
Do not believe any automatic EA, they cannot work!
BTW: I have discovered, that ZigZag is just a dim and complicated
way of explaining that which is very simple!
Check out my way! Make ZigZags just Straight Lines!
Hope you have fun!
I have just had a week of intesive training with a 7-year Forex trader.
He has put my mind where it is supposed to be.
So, now I do it like this:
2 monitors:
D1 and H1 on the left monitor.
D1 to identify big trends and important SR levels looking to the left.
Dadas:
I have just had a week of intesive training with a 7-year Forex trader.
Do not believe any automatic EA, they cannot work!
Just be consitant!
Hopefully he didn't charge you too much for your new found outlook on markets. Stop sending mixed messages. If someone [consistently/constantly] used your system [whatever it may be] they'll in effect be acting no differently from a automatic EA. If the Expert cannot win by staying [consistent/constant] neither can a human.
Can't expect different result when Human and Expert trade the Exact same way. All accusation, no-proof either way.
@Dadas: Wow, great stuff! Thank you much for sharing Dadas! When I have a spare moment, I will be sure to run it in a demo account to experience this trading style.
Thank you much.