How to use Support and Resistance Effectively - page 16
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Also, S+R is more a zone than an exact point or price. I am amazed that you enter with just a 10 pip stop. I am assuming you entered at market when you saw price coming off from the top? Otherwise, how can you be so certain of price coming up to your price and moving back down so precisely.
Forgive me, if i am misunderstanding this, i am not questioning the ability of your methodology at all, just trying to understand it.
Cheers,
Steve
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.
bubbleYou know the big money, it knows your using these levels, it sees them too, and does the opposite to get your money.It also sees how many are at these levels.
Look now at this delayed news spike from NFP, they waited for everyone to go short, then when they felt like it, they bought everyones losses.
[People who need revenue from selling trading info and systems cant trade themselves.
Why would you buy trading systems off someone who cant trade? )
Why do people put this satement or even think of this as always true?
I don't sell anything but would like someday to make some extra $ aside from trading.
This is like saying Michael Jordan couldn't play basketball so he had to sell sneakers on the side to pay his bills.
Thanks for asking the question about the usdchf Steve. It had me scratching my head as well. I thought the turning point was the point at which the market actually reversed and headed upwards.
Thanks for your reply Bubble. These questions help clarify things. So the turning point is when the market turns upward, but you use a trend indicator to decide when that turning point has been hit...as in this case the actual turning point was earlier, but your trend following indicator pinpointed it where I have the lines on the 60 minute chart (approximately)., correct?
I'm looking forward to your discussion of range, bubble and I hope you'll speak to your method of determining trend. I am also interested in minor s/r levels in so far as I seem to be thinking they are trading opportunities and having difficulty getting to when they're important.
On the 240 chart I have, it seems to me the trend has been up for a while. You said you were waiting for the 240 to go long..from the previous bar? I have included the charts.
...probably the best thread I've encountered by the way. It seems to speak to the essence of trading so I hoping you won't get bored, frustrated or tired for a while yet.
Cheers
sorry, I can't seem to edit my last post.
When I say the usdchf 240 chart seems to be heading up, I mean recently, since when I look at what I consider the overall trend, it's clear the currency has been in a downtrend since June 15th, as indicated by the 240 and the daily.
Bubble, I just want to take the time to say thank you for the effort and knowledge you put into this thread. I haven't posted because I haven't wanted to cloud up the thread and I find your posting clear and concise, but rest assured I read the thread every day and continue to look at charts in a different way. As my trading continues to grow and improve one of the pillars of my trading will be the knowledge you shared with us all with here. Great job!!!!!!
Hola, home boy, let it sink unto you. It's unbelievable what a good trader YOU can BECOME! Keep at it!
Oh, bubble, I applaud you for the time, effort, and contents you have put forth in this thread. You make it so much easier to many members to understand the importance and the recognition of these KEY areas in day to day trading.
ENJOY!
fxcruiser
Thanks
Bubble,
I just want to take the time to say thank you for the effort and knowledge you put into this thread. I haven't posted because I haven't wanted to cloud up the thread and I find your posting clear and concise, but rest assured I read the thread every day and continue to look at charts in a different way. As my trading continues to grow and improve one of the pillars of my trading will be the knowledge you shared with us all here. Great job!!!!!!
kiwi 2007-07-08
hello guys,
wonderful thread. i love support/resistance trading.
i have this setup that just happened in the kiwi.
do we take it short? i am seriously considering it.
CJ.-
Hi bubble,
How about going short on cable at 2.0130? Is it a correct entry? Where would you place the stop and the target?
Thanks
Malcik, i think the market has already answered this one.
We are close to a shorting opportunity on the GBPUSD at the moment,just waiting for the price @ 2.0154 to make a turning point and then retest.
bubbleI am getting a bit confused here. You mainly trade off the 1 hour? I see that price broke through the 2.0140 area and has since been back up to retest this zone. Now, i would say that the timeframe above (240), which you would never contra trend, is up, so how come you are looking at shorts?
I don't think i am understanding your identification of trends perhaps?