How to use Support and Resistance Effectively - page 15

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I totaly understand and thanks again for all you have shared sofar. It already helped me a lot. Take care

samso

 

I don't think anyone here has a problem with you keeping some of your indicators a secret...It is much appreciated the lessons on support/resistance/charting...PLEASE keep teaching!! When we all here learn the basics we can find our own indicators to use(or not use)

Thanks again!!

 

I have read your last post several times, but couldn't understand the last sentance. I think the examples which you mentioned would make it easy to understand. Thanks again for the good work. By the way I have gone through the whole thread once again yesterday and it made things more clear.

samso

 

Hi Bubble,

great work, using your methods I spotted that one myself got on board a little late but having identifyed the target felt it was worth the risk.

Fantastic. I really feel like I am learning now. Thanks again.

 

thank you it's great. I agree the best part of your method is stress free. Also the risk/reward ratio is great too. It definitely helping a lot. Thanks again

samso

 

Bubble

Nice trade. What timeframe are you using to get such a tight stop, and do you always trade with such a tight stop? I suppose with such a high risk/reward you can afford to be wrong quite a bit and still be profitable.

When using the 240 chart for the main direction, do you always wait for the second touch using the hourly chart? I take it that when you see price coming back to the resistance zone for a second time you zoom into the smaller timeframes to watch for price action for a tight entry?

Steve

 

bubble, great risk reward , i think , it will be the biggest advantage here.

 

hi bubble,

someone told me abt this earlier regarding support and resistance level...

he said that levels ending with xx30, xx50 and xx80 number is a strong one. he also said that these 3 levels are a psychological level.

can u give your thought on this?

thanks.

 
bubble:
Personally i dont believe in such things , i think its all hype there is no logical reason why the price should bounce of xx30 etc the same as fibo and pivots these are all tools designed to fool the amateurs, coincidence does occur but not convicingly enough for me.

True support and resistance is based on logic which has been proven to work over and over as i have said many a time , it is the interpretation that is the difficult part.

bubble

great! and that clears me up. thank you bubble

 
bubble:
Stevehutts

Having said that we have a another turning point on the swissy for a long , a couple of things to note with this one are that the 240 hour needs to close long and looking at the last two swings we have a higher low and a lower high indicating a trend change, in this situation we need to look lower for an entry at around 2132.

bubble

Hi Bubble,

Sorry, i don't understand what made u decide to take a long here and why 32? Was it the second bounce on the hourly off 2100?

Can u possibly explain the turn identification?

Cheers,

Steve

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