How to use Support and Resistance Effectively - page 13

Malcik
158
Malcik  
mas0n:
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.

I agree. I was stuck with full screens of indicators and wasted several months of my life on them until I realized they were worthless -- at least for me. Therefore I'm glad that bubble started this. He said he had more of his insights for us about this trading methodology so let him come up with it and let's be patient till then.

bluto
1142
bluto  

Brilliant thread here...one of the best ever...

Guyver
1152
Guyver  
bluto:
Brilliant thread here...one of the best ever...

yep the best !!

jerrydeng
42
jerrydeng  

bubble, according to your principle, you use 3 TF, but i get used to only 2TF, HTF e.g. H4 for trend direction and 1H for entry, how do you think of this? and can i enter when first test s/r, if the s/r same time match H1 and H4.

looking forward to your answer.

nosam
103
nosam  
bubble:
Question time

Its been a week since starting this thread ,this should have given those that are interested in learning to trade a chance to digest the info that has been posted so far.

Before i move on with the next set of topics here is your chance to ask me any questions regarding any of the topics covered so far.

I would also ask everyone to refrain from answering or asking questions of other participants regarding this subject as it only makes it more dificult for me to follow the thread.

bubble

Sorry for little trouble from me.

1. How many S/R lines should we draw, including minor ones, does it have to be every points that bar touches couples of time ? I suspect this will be critical and discretionary to traders, I prefer to pick 3 couple of S/R (6 lines)

2. In attachment, EURUSD H1, H4 and D1 before March 1st, are all in uptrend, then how should we interpret price after that (eu4.gif) ?

3. Do you believe in diagonal S/R aka trendlines and zig zag that creates patterns ?

Thanks for giving us a chance to know better.

Files:
eu1_1.gif 16 kb
eu2.gif 16 kb
eu3.gif 15 kb
eu4.gif 21 kb
RickW00716
733
RickW00716  

Bubble: What do you use for confirmation of a price turn?

Candle formations? Indicator(s)?

Malcik
158
Malcik  

Thanks for these real-time comments bubble... they are extremely helpful.

How would you have handled the initial stops? Would you place them at the level of the previous S/R that has been created during the ongoing trend? Or do you have some other method?

Thanks again!

steveshutts
49
steveshutts  
bubble:
As we have seen today EURUSD very strong support @3436,second retest came early this morning , with price reaching the top of the previous peak @3470 so a nice trade with the trend for 30 pips, i would of liked to see it move further up .

Same with the GBPUSD strong support @9944 with a retest gap to 9955 for a jump back to the previous peak @2003 for 50+ pips

USDCHF -strong resistance@2308 has been tested 3 times now and is holding for a possible short.

bubble

Hi Bubble,

Great thread. Ok, you mentioned that you used the hour to get into trades. Looking at the above cable trade you mentioned, yeah, it went 50 pips but where would you have taken your entry. Do you take them blind off 55, anticipating a move back up? If not, and you wait for confirming price action then there was none on the hourly. There was a hammer on the 15 min chart, with a higher low after so you could have taken a long from there but then you are zooming into the faster timeframes, is this something you do?

Just curious as to how you would have played this. Its easy enough to spot these levels, its knowing how to enter and exit that is the hard part for us. Waiting for price signals to confirm leads us into a higher probability trade but can also reduce the risk/reward.

Cheers,

Steve

nosam
103
nosam  
bubble:
mas0n,

we are looking for a turning point in the price then from the area where the turning point occurs we look to see if this is a s/r so why all the lines all over the charts?

Re trendlines and zigzag.

- they have no relevance to what i am trying to show in this thread.

I really dont have the time to go through all those charts if you see a turning point during the trading day post that chart with your s/r lines and i will look at that.

bubble

bubble, if you just spend less than a minute to look at those charts again, it really helps me, as I want to backtest this method.

But I will understand, if you still prefer not to do it.

your "turning point", does it mean usual current S/R line (not changing between S and R) or current S that change to R after price make a trough (current R that change to S after price make a peak) ?

And about USDCHF, I put arrows where I think why you put your TP over there.

Files:
uc.gif 21 kb
chrislee
19
chrislee  

I've just found this thread and can i say, after a brief look, what a fantastic thing you have going here, Bubble. Price action combined with S/R levels is my thing - you can forget all the fancy indicators and systems - keep it simple is the way.

I will have a proper read tomorrow.

Regards Chris