How to use Support and Resistance Effectively - page 38
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Hi Speres,
I don't use oanda but I see they have a forum, I did a search for "save charts" and found a few examples of how to save charts. I didn't post a link to their forum in case it broke this forums rules.
Basically the only way I could see to save a chart is to capture your screen shot using your prnt/scrn button on your keyboard then pasting and editing that in windows picture editor (or whatever picture editor you use).
Regards Daryl
yes the chat room is a good idea, is it working yet?
Greetings,
Here's a chart if you're interested. Any input (positive or negative) appreciated.
Cheers
FX Chat Room
Folks, if anyone's interested I've opened up a Room in Paltalk where we can help each other spot trade setups. I've called it "Bubble FX Room", feel free to join. No voice, just text. Let's see how it goes & I hope Bubble won't mind if I use his name, but it's the only way I can think of to identify it. I don't see it as a forum for constant chit chat, so if you log in please hang around, even if there's no conversation, so that when a trade sets up we can discuss it. See you there.
thanks people will give it a try about the charts.
Just logged into chat hopefully see a few people popping in there.
I notice sundowner you pulled a 15 min chart. How does the SBR look in the higher time frame? say 4 hr?
Support, Resistance and 1-2-3 Pattern
You should always combine 2 or 3 indicators/studies
to confirm price action.
Here you can see the 122.00 support/resistance level with the 1-2-3 pattern at the end of a bull market.
Thanks Starfish
I appreciate the time you took to reply, Starfish. Your interpretation of my chart makes sense and your reposting of my chart relabeled was particularly helpful.
In my last post when Bubble was still here, he also said my labeling was a problem. The problem I seem to be experiencing is knowing what exactly constitutes a peak or trough. Pretty basic problem. The Pring article is clear enough and so was Bubble about what constitutes a trend, but I'm just not getting what is and is not a peak.
Please see this reposted chart. If anyone can explain why the points I have labeled with the check mark and cross aren't considered a peak and trough I'd appreciate it.
I'm asking the most basic of questions. How do I decide what is a peak and trough? What am I not getting?
Thank you
Any input (positive or negative) appreciated. Cheers
Hi Sundowner,
Here are my comments, given in the positive spirit in which this thread was opened.
As I understand Bubble's way of trading, he was looking to trade in the direction of the higher time frame, by entering in a lower time frame at a point at which price turns back in the direction of the higher time frame. ( I seem to remember that somewhere he said he would prefer 2 higher time frames to agree to the trend.)
Let's take the 60 min as the higher time frame, and the 15 min as the lower time frame. I have attached a 60 min chart, in which you see the longer term direction of the trend is not confirmed until yesterday's 09:00 bar when price passed 155.29. Bubble would not enter until the trend was confirmed, and as such, my reading is that you have labelled your chart too early in the process. I have also relabelled your chart with the 60 min swings.
The interesting thing now is that the 4 hour chart has not confirmed an uptrend at all, but price has broken the previous swing high. The 60 min chart has confirmed an uptrend, but price isn't making headway North, and has in fact completed a swing South, setting up a 1-2-3 down. So, it looks to me like the market doesn't know which way to turn yet, and is in the process of carving out a range, currently roughly 155.50 to 153.50.
Hope I have understood his way of looking at the markets correctly...
I'm asking the most basic of questions. How do I decide what is a peak and trough? What am I not getting?
Hi Sundowner,
This is how I do it.
First, I determine the trend on the higher time frame. So to label the 15 min chart, I look at the 60 min chart. So I bring up the 60 min time frame, and mark the swing highs and lows. Then change the setting for the chart you have just marked to the 15 min time frame. If you try to mark the highs and lows on the 15 min time frame directly, you will experience the problem that you are having. Which is that you will have highs and lows marked that are not visible to a 60 min time frame player.
Then, there is a difference between "swing points" and a "swing high" or a "swing low". A swing point is a bar that has a lower high immediately before it and after it, or a higher low immediately before it and after it. However, a swing high is the first swing point once the previous swing high has been passed. What complicates the issue is that a swing low (in this example in an uptrend) is only confirmed, once the next swing high has been passed upwards. Which means you can spend quite a long time thinking "was that a swing low made just then?". You've no way of being sure until the high has been breached.
To confirm an uptrend, Bubble would wait for a Low, a HH, then a HL (which is only confirmed once price has passed the HH upwards) on the higher time frame, before looking for the SBR line. At least, that's what I think.... if I followed him correctly.
I've put on a couple of 60 min EURJPY charts with some of these points on them.
PS I am not sure if that is how anybody else does this, but that's how I do it. In addition, I have to say the charts only started to make sense to me once I had seen some kind of market structure forming.
PPS. This is video very good as well if you haven't seen it. From the LBR site. Linda Raschke MarketVu presentation part 3.
Created by Camtasia Studio 3
PPS Basic questions are GOOD ...... the more basic the better, I find
Wow, very much appreciated Starfish
Hi Starfish,
Fantastic! Thanks for the video and all the information/examples. I'll have a good long study of everything you've presented. At first glance it seems as though I'm confusing swing points with swing highs and lows and I need to start looking at price action on a htf first.
Thanks again.
Cheers
I need to start looking at price action on a htf first.
There is nothing to stop you defining a trend on the 15 min time frame using the swing highs and lows, but I understood Bubble's way of looking for trades, was to enter on a lower time frame, in the direction of the higher time frame, and to do that you have to define the trend in the higher time frame. This then tells you whether to look for longs or for shorts. No trend in the higher time frame means no trades. So on EURJPY, there is no trend confirmed on the 4 hour time frame, and the 60 min time frame confirmed an uptrend which didn't go very far, and then a down trend, which hasn't gone very far either.
Where I am slightly confused is that Bubble said, I think, don't look at the higher time frame first, but rather look at the lower time frame to find multiple points of support or resistance, and only then check on the higher time frames. It would be good if anybody else could throw any light on this, because I am not sure if I have this correct.