How to use Support and Resistance Effectively - page 38

XKR1962
60
XKR1962  

Hi Speres,

when you reply to this post, scroll down a little to "additional options", click "manage attachments", browse your hard drive for the chart you want to post, click "upload"

that should do it.

fxitfx
7
fxitfx  

FX Chat Room

Folks, if anyone's interested I've opened up a Room in Paltalk where we can help each other spot trade setups. I've called it "Bubble FX Room", feel free to join. No voice, just text. Let's see how it goes & I hope Bubble won't mind if I use his name, but it's the only way I can think of to identify it. I don't see it as a forum for constant chit chat, so if you log in please hang around, even if there's no conversation, so that when a trade sets up we can discuss it. See you there.

speres
19
speres  
XKR1962:
Hi Speres,

when you reply to this post, scroll down a little to "additional options", click "manage attachments", browse your hard drive for the chart you want to post, click "upload"

that should do it.

the problem ive got is i cant save oanda charts to my hard drive.

Great idea about the chat room ....

XKR1962
60
XKR1962  

Hi Speres,

I don't use oanda but I see they have a forum, I did a search for "save charts" and found a few examples of how to save charts. I didn't post a link to their forum in case it broke this forums rules.

Basically the only way I could see to save a chart is to capture your screen shot using your prnt/scrn button on your keyboard then pasting and editing that in windows picture editor (or whatever picture editor you use).

Regards Daryl

yes the chat room is a good idea, is it working yet?

orion7
56
orion7  
speres:
the problem ive got is i cant save oanda charts to my hard drive. Great idea about the chat room ....

There is an excellent screen capture program (freeware) called MWSnap at Mirek's Free Windows Software

Sundowner
76
Sundowner  

Greetings,

Here's a chart if you're interested. Any input (positive or negative) appreciated.

Cheers

Files:
eurjpy_1.gif 11 kb
speres
19
speres  

thanks people will give it a try about the charts.

Just logged into chat hopefully see a few people popping in there.

I notice sundowner you pulled a 15 min chart. How does the SBR look in the higher time frame? say 4 hr?

NeoSOL
11
NeoSOL  

Support, Resistance and 1-2-3 Pattern

You should always combine 2 or 3 indicators/studies

to confirm price action.

Here you can see the 122.00 support/resistance level with the 1-2-3 pattern at the end of a bull market.

Files:
Starfish
8
Starfish  
Sundowner:
Any input (positive or negative) appreciated. Cheers

Hi Sundowner,

Here are my comments, given in the positive spirit in which this thread was opened.

As I understand Bubble's way of trading, he was looking to trade in the direction of the higher time frame, by entering in a lower time frame at a point at which price turns back in the direction of the higher time frame. ( I seem to remember that somewhere he said he would prefer 2 higher time frames to agree to the trend.)

Let's take the 60 min as the higher time frame, and the 15 min as the lower time frame. I have attached a 60 min chart, in which you see the longer term direction of the trend is not confirmed until yesterday's 09:00 bar when price passed 155.29. Bubble would not enter until the trend was confirmed, and as such, my reading is that you have labelled your chart too early in the process. I have also relabelled your chart with the 60 min swings.

The interesting thing now is that the 4 hour chart has not confirmed an uptrend at all, but price has broken the previous swing high. The 60 min chart has confirmed an uptrend, but price isn't making headway North, and has in fact completed a swing South, setting up a 1-2-3 down. So, it looks to me like the market doesn't know which way to turn yet, and is in the process of carving out a range, currently roughly 155.50 to 153.50.

Hope I have understood his way of looking at the markets correctly...

Sundowner
76
Sundowner  

Thanks Starfish

I appreciate the time you took to reply, Starfish. Your interpretation of my chart makes sense and your reposting of my chart relabeled was particularly helpful.

In my last post when Bubble was still here, he also said my labeling was a problem. The problem I seem to be experiencing is knowing what exactly constitutes a peak or trough. Pretty basic problem. The Pring article is clear enough and so was Bubble about what constitutes a trend, but I'm just not getting what is and is not a peak.

Please see this reposted chart. If anyone can explain why the points I have labeled with the check mark and cross aren't considered a peak and trough I'd appreciate it.

I'm asking the most basic of questions. How do I decide what is a peak and trough? What am I not getting?

Thank you

Files:
eurjpy1.gif 12 kb