gbpyen short trade
I think I finally caught a good S&R set up. We have lower highs and lower lows. There is a retest of the range @ 238.94 as SBR. Price action turned down and I entered @ 238.65. My entry may have been a little late but I wanted to confirm the down move before entering. Profit target was 239.10. Plus +55 pips. How was that trade set up?
hey dave, i think the entry wasn't to late at all. This was the only valid second retest. Regarding money management i would say that you should take only have your profits off and let the other part run (maybe with a trailing stop) or by measuring the previous downleg.
the end of another exciting week, the start of another weekend studying old charts and reading as much as I can find about trading using S / R and tech anaysis.
Thanks again for the assistance Bubble and to everyone else who contributes to this thread.
Enjoy your weekend folks, the Sun is shining here in the UK, so I will.
Two possible scenarios, one currency pair.
I'd appreciate it if you would have a look at these charts when you get time.
They are the four hour and one hour versions of the same currency pair. Inexperienced as I am, I can see two entirely different interpretations, both of which seem supported by S/R analysis and both of which seem to be supported by htf...
It's entirely possible I'm off base in some fashion so I thought I'd seek your opinion.
It's probably obvious, but the green horizontal line on the 4 hr chart is the same green line on the 1 hr chart. I've drawn it for easy reference to the second scenario (the one I see on the 1 hr chart).
Thanks for any input.
1. Why don't you enter on the first pullback to RBS/SBR?
The first test of s/r if it holds gives confirmation of the level being strong eg if the level is support which is where buyers would normally look to enter as the price is deemed low enough to buy, at this point sellers will try to resist the buyers the bounce shows that the buyers are taking control.
So once we have this information we can plan accordingly.
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?
The answer to that is ,there is no definable amount except to say that so long as it doesnt make a new high before the second test then its ok to enter.
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?
Price is all we need and thats all i use.
Try it for yourself and lets see if you can train yourself in one week and become a profitable trader if you can then i applaud you, any more questions feel free to ask .
I am trying to learn trading for past 18 months with no luck. I win some trade and lose some. I have spent thousands of dollars on quiet few courses including my last one which is about Support and Resistance but with some indicators. After all these months I come to this conclusion the only one way to learn treading (for long term) is with Support and Resistance and price action. This method needs a lot of practice but you will be rewarded at the end. I hope am right this final time.
I came cross your thread about month ago. I have been reading it since then. This tread is light at the end of tunnel. I fail to understand why you are doing this hard work especially when you are so busy. The only explanation I came up with is that you are a good man from your hart and you fell good helping people. May God reward you for that.
Just two question for now.
I went over the whole thread 4 times and I have great difficulty to finding turning point and whole concept of turning point. Please if you can answer following.
1. How do we find the turning point?
2. When we do find a turning point is this point is our new S/R or we use historical s/r close to turning point for entry.
Again thanks for all this good work.
Took me 2 days to read the entire thread and it was certainly time well spent!
I wasted countless manhours studying indicators and, as it turns out, S&R is not only the answer but the simplest answer of all. Not saying it will be the easiest to master but simple from the standpoint I don't have charts cluttered with a dozen indicators.
Now time to read the Pring document and start practicing this method on a demo account.
Thanks Bubble. This may be a turning point in my trading career.
Please, do use for confirmation this indicators?
i was reading this thread since yesterday, and today belong all morning and afternoon. But i had time only to see 1 time each post, so i was/am totally confused.
could anyone who had learned the method try to summarize it in steps?
the mostly difficult for me is what exactly to look in HTF.
is this (for long)
1 look for a breakout in trade time frame (for example 60)
2 look for a second test of the support
3 look for a bar up after the first test of support in HTF?
oh, a very very confused
very sad it occurs now that i have started.
What's the rule apply to draw little circle on your chart ? do u have that indicator?
Forex Indicators Collection
In the hope that this thread won't die and also hoping bubble will return, I offer this mornings trade up for debate.
Was it good or just luck......cumon Bubble I know you're out there.....WE NEED YOU...........pleeeze I'm sure we have learned our lesson.....we'll be good.
Keep posting folks