How to use Support and Resistance Effectively - page 12

jerrydeng
42
jerrydeng  

I think today Euro must touch the daily down trendline, so cant go up. Am' i right, bubble? see chart

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jerrydeng
42
jerrydeng  

Is this a gap on EURO chart?

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jerrydeng
42
jerrydeng  

i'm a bit confused. the chart i post seem a bit like the pic you post at first page.

jerrydeng
42
jerrydeng  

yes, i notice the minor difference. thank you.

nosam
103
nosam  

style of charts, my recommendation is we follow bubble's style, it's easier for us to see the similarities or differences.

I even have multiple views of the same pair and TF, and each charts represent its own style, then I put some weight on some charts, the process itself is changing now, but one thing I know that some charts will complete another chart, but if we put it altogether into one, hardly I can focus or give weights.

bubble, your signature about buying at support, does it get along with don't buy at breakout ? how about buying at resistance after role changing to support ?

we really do need many examples of this, so our eyes can be trained to easily spot it.

homestudy
196
homestudy  

role reversal

I used a M15 chart to show how the role reversed on cadjpy this morning. Do I have this correct Bubble?

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nosam
103
nosam  
bubble:
mas0n,

If you buy a breakout you are buying at resistance which is not as you know a good idea,im not sure what you mean by your second point but assuming a resistance is broken it only becomes support if price makes a new peak.

bubble

thank you for the answers, you're correct in interpreting the 2nd point, that's what I need to know.

Now, waiting for next lessons, hope this thread will keep going, nothing will be the same if the author left it.

nosam
103
nosam  
homestudy:
I used a M15 chart to show how the role reversed on cadjpy this morning. Do I have this correct Bubble?

my suggestions are to compress the bars so you can see wider, and use higher TF such as h1 or h4, your chart will span and tell you how many retest and role changing price has been. the more retest, the more accurate.

MT4 support each bar increment when visual backtesting by pressing F12, just in case you need it.

jerrydeng
42
jerrydeng  
mas0n:
thank you for the answers, you're correct in interpreting the 2nd point, that's what I need to know. Now, waiting for next lessons, hope this thread will keep going, nothing will be the same if the author left it.

Mas0n, will you enter when first test S/R, or enter second retest and third...?

i use H4 chart to decide order direction, use H1 for entry . And you?

nosam
103
nosam  
jerrydeng:
Mas0n, will you enter when first test S/R, or enter second retest and third...? i use H4 chart to decide order direction, use H1 for entry . And you?

In using bubble principals, yes I enter on 2nd and close it when price near the other side of S/R.

If I can stay to monitor the price, I will check on H1, but I prefer to see in H4, as it shows me more history in one screen. I am going to try this independently and with other method such as Price Action or Price Pattern, which off course we already know what it is but usually don't pay enough attention to it (myself included).

bubble gives us another view that will try to complete our interpretation to current situation, like EURUSD H4, price make 2nd test to support before it went up and break resistance.

I have been through the chaos of charts and then want to keep it as clear as possible, but I think you don't feel the need a clear chart if you haven't been the chaos chart, that's a life lesson for me.

I have another suggestion, why don't we start on major pairs and ignoring non-majors, it is best if bubble want to specify it.

This will be the most critical times for this thread, as people will still want to know how can they benefit from this, and yet contributed, but I believe that if we stay long enough, we will get something from this and hopefully will spread it freely to others just like our seniors.