How to use Support and Resistance Effectively - page 50
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Mp -- Trend And S/r
50 pages are a bit excessive to read for a trading methodology Ive used for years (and woe be to anyone who doesnt trade with the trend) but allow me to enter the word "bands", into this conversation.
if they have been discussed already, simply throw this post away or at the very least, print it out and polish your monitor face with it --- the ink makes an extremely good polish !
three bands I use are Mr. Keltner's dixieland, Mr. Bollinger's R + B and the creme de la creme of any battle of the bands --- the LRC !
armed with "bubbles" excellent advice, these bands applied to any timeframe, will show you trend like a bloodhound will show you an escaped convict (if you happen to have one handy !)
I use three because NOT EVERY CURRENCY reacts with absolute precision to each, although ALL react to the LRC ! (but then, I'm an indicator geek so use them all !)
Forex is a wonderfully predictive trading vehicle, moving from one side of a channel to the other over a period of time which can be a day, week or month, just depending on news driven momentum, and the direction of that channel tells you at a glance the trend !
Trends come in all sizes and shapes, including monthly, weekly, daily and then down all the timeframes shown on MT4 charting --- of particular fun is playing 4 of them at the same time as it keeps the fingers flying and the mind bubbling (sorry bubble, devil made me say it !)
support and resistance comes in dozens and dozens of indicators which all tend to be pretty much correct, as long as one understands what its telling you --- for instance, the well maligned "super signals" redraws its arrows continuously, and when the next day arrives, looks ABSOLUTELY PERFECT on a chart, because thats where it stopped redrawing.
what most dont realize is its a DYNAMIC (dictionary says "moving, readjusting) support and resistance indicator that continues up (or down) as long as momentum and strength is increasing in the currency involved. To "finalize" a tp point, examine it on longer and longer timeframes until you reach a tp point that is no longer increasing, then place your tp point there. If youve chosen a long timeframe, examine a few hours later to see if a new arrow has formed.
literally, there are dozens, and few do not do the job, but the ones I use are zig zag pointer, super signals, support resistance, support AND resistance, Calculation the future day, EMAPredictive, i-DRProjections and Trendsignal.
NO, you dont need that many at all --- i am just constantly checking one against the other --- simple and fast would be "support and resistance, super signals and zig zag pointer --- that will tell you just about everything you want to know, except her phone number.
merry and happy (holidays optional !)
mp
Please note that the method that i described in detail is not new ,trends have always been in existence as has the concept of support and resistance, it is the techniques that i developed that quantify and identify trends in the early stages and areas of support and resistance with a fair degree of accuracy that are new.
Be aware this is not a system but trading based on the true flow of any market which is based on the two concepts of trend and s/r .
merry xmas and happy new year all
bubbleHappy Xmas all
Great to see this thread still alive and kicking after all this time.
Have a great Christmas break all!!
50 pages are a bit excessive to read for a trading methodology Ive used for years (and woe be to anyone who doesnt trade with the trend) but allow me to enter the word "bands", into this conversation.
if they have been discussed already, simply throw this post away or at the very least, print it out and polish your monitor face with it --- the ink makes an extremely good polish !
three bands I use are Mr. Keltner's dixieland, Mr. Bollinger's R + B and the creme de la creme of any battle of the bands --- the LRC !
armed with "bubbles" excellent advice, these bands applied to any timeframe, will show you trend like a bloodhound will show you an escaped convict (if you happen to have one handy !)
I use three because NOT EVERY CURRENCY reacts with absolute precision to each, although ALL react to the LRC ! (but then, I'm an indicator geek so use them all !)
Forex is a wonderfully predictive trading vehicle, moving from one side of a channel to the other over a period of time which can be a day, week or month, just depending on news driven momentum, and the direction of that channel tells you at a glance the trend !
Trends come in all sizes and shapes, including monthly, weekly, daily and then down all the timeframes shown on MT4 charting --- of particular fun is playing 4 of them at the same time as it keeps the fingers flying and the mind bubbling (sorry bubble, devil made me say it !)
support and resistance comes in dozens and dozens of indicators which all tend to be pretty much correct, as long as one understands what its telling you --- for instance, the well maligned "super signals" redraws its arrows continuously, and when the next day arrives, looks ABSOLUTELY PERFECT on a chart, because thats where it stopped redrawing.
what most dont realize is its a DYNAMIC (dictionary says "moving, readjusting) support and resistance indicator that continues up (or down) as long as momentum and strength is increasing in the currency involved. To "finalize" a tp point, examine it on longer and longer timeframes until you reach a tp point that is no longer increasing, then place your tp point there. If youve chosen a long timeframe, examine a few hours later to see if a new arrow has formed.
literally, there are dozens, and few do not do the job, but the ones I use are zig zag pointer, super signals, support resistance, support AND resistance, Calculation the future day, EMAPredictive, i-DRProjections and Trendsignal.
NO, you dont need that many at all --- i am just constantly checking one against the other --- simple and fast would be "support and resistance, super signals and zig zag pointer --- that will tell you just about everything you want to know, except her phone number.
merry and happy (holidays optional !)
mpHi,
please, can you add any pictures or templete ?
Hi, I see a turning point forming on hr chart. I draw all the support and resistance lines above and below it.
heres the chart
its also a support line on h4
its also a support line on daily, but previoisly this was broken. this area was in range previously.
gone long with sl and tp as shown by yellow lines. sl just below the turning point and tp is the previous peak.
see attached
going ice skating. cya.
somerset house, london