How to use Support and Resistance Effectively - page 28

[steveshutts]

Guys,

Does this look like a potential short on Nzd/Usd to you? We have a downtrend on the 240, with the second touch of the s+r zone on the hourly, giving us a short around 73 with a target zone of around 7550?

Any comments?

[substanz1973]

Hey ! Another good trade on USD/CAD ! +27 pips !

Fixed the take profit at 1.05577, but the trade was good for +41 pips !

[substanz1973]

Yes i know Bubble !

But i have a big problem with what. I never know when to close the trade. Generally i take the last resistance or support to close.

Will try to apply this basic rule of money management on the next trade.

Many thanks.

[midnightrider]

bubble:
Second trade was on the GBPJPY making 120 pips ,very much the same scenario as the EURJPY trade ,i will leave the chart for you to work out.

Yes, those pairs along with $jpy all displayed decent strikes thru their respective levels today.

[Sosan]

Bubbling

Hi Bubble,

wanted you feedback on this trade I did today on the eurjpy.

I have downtrends for the 1hr and Trend up but direction down on the 4hr. Took my short entry on the 15min @ 162.90 SL @ 163.05 and TP @ 161.88.

Well, what do you know I got stopped out.

Did I miss something?

mairangi

ps this has taken me most of the day to post, had problems with the internet connection......

[hagadol]

Hi Bubble

Trying to nail down the way you view RBS / SBR. Was up late with the candles burning chart watching !

I have attached a 30 min Cable chart, which shows the break up yesterday late afternoon.

RBS 1 2.0347 retraced to 2..0268. Then I have marked RBS 2 at 2.02328, which last retraced before the break to 2.0304 (the 15 min indicated a HL at 2.0311).

So in this situation, where you have 2 local RBS points (the former higher than the later) : -

What happens when RBS 1 get broken, does RBS 2 still remain a valid support line ?

When RBS 1 gets broken which swing lo do you reference to get your lower point of the support range for a possible entry ?

Then one issue re ranges:- Is there a point in length of range which invalidates the trend up, even though there has not been a LH, LL swing ? (A point at which you would not take a long trade).

Good luck today to all in the NFPR circus.

Hagadol

[steveshutts]

Ok Guys,

Comments welcome, gone long Nzd/Jpy on second touch of support at 91 with a target area of next peak at 92. If gets there then will scale, move stop to BE and look for 9230, next peak on hourly.

Entry a little late at 20, stop at 90.

[steveshutts]

Hope u don't mind me posting all these charts. Missed a nice little opp this morning on Gbp/Chf, entry from the 15 min.

Posting away to ensure i am spotting the right trades.

[steveshutts]

bubble:
Steve,

not so many charts please,

sorry Bubble, got a bit carried away!

the bounce should come after the high ,on the first chart you labelled the first bounce before the high, the second trade looks fine.

ok, i see, the bounce has already taken place off old resistance, although it wasn't a great setup anyway. I see now.

Any future charts can you label them as i have asked with the High,Low,HH,HL,LH,LL, one line for support/resistance and one line for the target.

Will do.

good job

Thanks

bubble

Thanks Steve.

[Sosan]

Bubbling

bubble:
mairangi,

can you lable the chart with the HIGH,LOW,HH,HL,LH,LL and only the s/r area that you are trading from and the target, and post it again, if you dont understand see my last chart.

Everyone who posts charts here in the future please label them as above .

bubble

Hi Bubble,

I know it ain't pretty in hindsight but at the time I think this is how I saw it.

TP was at the S line @ 1.6051

Your chart looks better!

mairangi