Been trading that a little of late, but has been a bit of an unpredictable beast recently, but it def looks like it is heading back down to challenge those lows. Needs to break through that 0477 zone eh!
Thanks for the explanation on the Swiss. I have never really considered that before and that will really help in my decision making process now. You often get times when looking at multiple timeframes that you just can't decide for sure where price is going to go. That little tid bit will definitely help, thanks, it all makes sense.
Below is a chart of cable this morning. Would this be a valid setup if price came back down to challenge 0340-50 area again, for a long?
Thanks again for your quick response. Yes, that makes sense to me, just jumping the gun, i must wait for that confirmed HL, HH first.
Nice one on the swissy there, the market isn't always going to give the amazing r/r that you have been getting eh!
I am still in this trade from yest, and would be nice to see that low of yest broken for this to continue on down. The structure is still there so i am holding for now!
Just a quick question about how you draw your s+r lines. Once you have located the general area of s+r, do you just look left and try and fit your line in between as many of the highs and lows of the bars as you can, or are you more focusing on the opens/closes and if so, which do you concentrate on, the open or close?
Also, just wondering. Did you short that trade as price touched 56 the second time, so just prior to price pulling back for a test of your stoploss?
If i am overposting again then tell me to stop but i am generating more questions that i hope are valid and not wasting your time.
Below is a chart of the Cad. We are in downtrend. Price broke through the 0500 level and retested it as Anna showed earlier. This can be a bit unpredictable at times probably due to its correlation with oil prices. Hope you can see what i am getting at from the chart. The fact that price has pushed through and closed above the 0500 area again, does this invalidate a potential short at the potential HL peak, which is currently at a s+r zone?
We never know whether a trade will work out for sure or not but would this be an example to stay away from given the break of resistance. I am voting for 'Yes' given your recent explanation of the swissy?
bubble, may i ask you some questions?
1. Why don't you enter on the first pullback to RBS/SBR?
2. You say that you only enter after the second pullback, right? So, let's say that there's a first pullback to RBS/SBR after the break of s/r. How much does price have to continue(after the first pullback), before it pulls back to touch r/s a second time?
3. Are you only trading price with s/r? Did it really took you 3 years to recognize that trading only s/r, without that indicator stuff is one of the best "systems"?
I mean this is a very simple concept, which could be trained within one week, which would mean that you could quit you're job after one week learning trading (this concept). I hope you understand me. Or is there more behind trading. If yes, would you be that kind to clear me up?
Thank you very much in advance and thanks for providing such enlightening stuff.
Below is a chart of the Cad.
We are in downtrend.
Price broke through the 0500 level and retested it as Anna showed earlier.
The fact that price has pushed through and closed above the 0500 area again, does this invalidate a potential short at the potential HL peak, which is currently at a s+r zone?
Yeah, it's a pain in the ass instrument at times. Buk won't have it on his chart platform LOL, but I'll give it the time of day ever now & again.
That one simply would have gone A.W.O.L Steve, & yes, that punch back thru invalidated it from my perspective.
The observations & trend counts start over from scratch again.
hey, thank you bubble,
For how long have you been trading this concept?
I mean 2-3 month are not a guarantee that it'll work in future. Did you every try other concepts, for example playing volatility like Open Range Breakout or sth..
Why don't you combine your system with indicators like stochastic or so?
Maybe your system works really fine right now, but don't you think that it'll perform even better with filters? Or do you think that you'll miss to many signals?
Another question is: Why do you always go from shorter to longer timeframe? In every book it's said, that you should move from the big to the small picture?
And why are you ignoring trendlines? It's one of the obvioust forms of technical analysis, that works? Why don't you use it?
Like to hear from you.
Trading only using sup/res I believe is the simplest, most accurate and profitable way to trade...I have used/tested just about every indicator out there and I find that the price charts alone give me all I need.
Indicators are based on price anyway, so i have found that they lag behind price...Using bubbles trading philosophy you can enter near the top or bottom of a move which gives you the greatest reward with the lowest risk...
True sup/res as defined by bubble in this thread is a known level that price has already reacted to...I know that indicators look neat and they are a temptation(I still occasionally download a new one to check it)to use to generate signals but I urge you to carefully read this thread from the beginning...you will not be disappointed and it will make your trading simpler and more profitable.
Thank a lot ..of course, sorry... no indicators in the chart.
Please take a look .....I hope my chart is OK but it is not real trade , isnt very good trade ...it was on 15 min and in this case was difficult for me set turning point very close to RBS...I set Turning point on the base 1 min chart at 161.29 and used classic teaching about change trend (Prings theory applied on 1 min chart) and I think 161.29 is too far from RBS in this case ( or target profit is too close from turning point) ...Please if you are not too busy write me your opinion. Thank you a lot for teaching,thread and particularly your patience
sorry my picture somwhere disappear