How to use Support and Resistance Effectively - page 29

hagadol
55
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

Files:
steveshutts
49
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.

Files:
nzdjpy_1.gif 51 kb
nzdjpy_2.gif 51 kb
steveshutts
49
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.

Files:
steveshutts
49
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
32
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

Files:
Sosan
32
Sosan  

Bubbling

Hi Bubble,

quick answer here as im in some trades at the moment,

No problem when you have time.

do you understand how to label the charts with the LH,LL etc because from the chart it does not look like it ,sorry to be harsh ,

I thought I did know!

No need to be sorry. I don't think it is harsh of you to say that. In fact it is one of your qualities, direct and clear.

I had the feeling at the time I had overlooked somethng.

if you want some help on this i will summarise it in a post later ,let me know, but as far as i can see that is the major error you made here.

Yes, anything that you think would help.

I will do another chart and post that.

again thanks for your help.

mairangi

Sosan
32
Sosan  

Bubbling

Hi Bubble,

here is my new attempt at HH, HL, LH, LL on the gbpusd.

does this look better?

mairangi

Files:
gbpusd_1.gif 14 kb
substanz1973
7
substanz1973  

The last trade on EUR/JPY. Don't have stomach to wait more profits, this trade make my week positive.

Files:
jpy.bmp 1801 kb
Sosan
32
Sosan  

Bubbling

bubble:
This is how your chart should look bubble

Hi Bubble,

you have made it easy for me but I post the corrected chart for the record.

My RBS was at the wrong level at 2.0376 and should have been at 2.0347, correct?

The HH, HL,LH,LL look the same as yours, correct?

thanks for your help

mairangi

Files:
gbpusd_2.gif 9 kb
Sosan
32
Sosan  

Bubbling

bubble:
Look at my chart again,yours is still wrong . bubble

Hi Bubble,

mairangi

Files:
gbpusd_3.gif 9 kb