How to use Support and Resistance Effectively - page 18

atomz
6
atomz  

cable S/R trade

Is this resistance becomes support trade or is it pure luck?

PRADIP RUPARELIA
5975
PRADIP RUPARELIA  

Intraday support and resistance indicator

https://www.mql5.com/en/forum

I would like you to make 1 indicator for me to use this manually

The indicator draws hourly supprt and resistance lines throughout the day as you will see on my chart .I use a dozen indicators for drawing lines for the next two hours after a support or resistance is established.I would like just one indicator which will draw all the support and resistance lines , rather than me having 24 indicators to show hourly support and resistance lines.

In addition to the support and resistance lines ,four additional lines(in different colours) are required above the resistance line at a spacing of 10 pips ,and four additional lines are required below each support line at a spacing of 10 pips.The indicator also has pips for entry option (to add /deduct)pips to the supprt /resistance lines

Guyver
1152
Guyver  

usdchf

i like this thread alot but still not a customed to resitance becomes support or support becomes resistance just maybe slowly i will .. usdchf breakout

RickW00716
733
RickW00716  
bubble:
steve,rick,

i have to put my hands up and say i made a big **** up today ,it happens sometimes, i was trying to trade a reversal and my fingers were burnt, fortunately a small stop saved me and my positive mind frame is still intact.

This one will go in the losing file and i will take a look at it later as there is no point in dwelling on it now.

bubble

You mean you don't get every trade right? You are not the "holy grail"?

LOL!!

You proved the importance of stops!

It is interesting though...just when I think cable has hit a possible top, it keeps going!

Is it human nature to try and see/pick absolute tops/bottoms?

What do you use(if it is not proprietary) to determine trend?

I have been using a combination of things...Ichimoku on daily and 4hr charts and also the direction and cross of a 5 period moving avg of close and a 6 period moving avg of open.

atomz
6
atomz  

3 cable scenarios, as of July 11. Trend is up - higher probability to go long.

Files:
atomz
6
atomz  

Cable target hit (+67 pips)

Files:
atomz
6
atomz  

bubble,

sorry - won't post my charts. Looking forward to your charts/trades.

Sundowner
76
Sundowner  

Hi Bubble,

If you wouldn't mind having a look at these charts, I'd appreciate it.

On the 60 minute chart between the gold vertical lines I see a definite area of resistance...consolidation? So when I look at the 240 I see the trend is definitely down but the same area on the 240 is resistance as well. On the hourly chart, the price (as I see it) has been rejected twice.

I figure the price is at the bottom of a trough and seems to have tested that area of resistance twice and should rise..the ma and macd seem to be confirming a turning point.

Price rose slightly and plummeted. Am I wrong about this area of resistance or because the larger trend was down don't trade?

Another thing I have been noticing at points I think are support/resistance , is a channel where the price is rejected from both sides and so I'm unsure about price direction.For example, if you were to draw a horizontal line at about 2305 here.

Thanks for any clarification.

Cheers

Files:
usdchf60.gif 26 kb
usdchf240.gif 26 kb
Sundowner
76
Sundowner  

Thank you for the reply Bubble.

It would seem I have to take a longer term view of the charts.

Cheers

RickW00716
733
RickW00716  

bubble:take a look at this 1hr chart on cable.

See how previous res. became sup. at the 1400 gmt pinbar and then previous sup became res at the 1600,1700 and 1800 gmt bars.

If the 2.0278 sup. is taken out do you forsee a possible fall to 2.0187? (previous res. now possible sup. on 4hr chart)

The 1hr sup/res lines are minor compared to the 4hr lines.

What is your opinion?

Files:
902.gif 12 kb