How to use Support and Resistance Effectively - page 45

Sundowner
76
Sundowner  

Hi XRK 1962

Greetings XRK

I notice you are posting a 15 minute chart. Is that your trading chart? Are you find s/r easy to determine on that chat?

It seems to me that Bubble was using peaks for determining support and resistance...is that your understanding? The troughs seem more like guidelines.

Nice trade.

Joined pal talk but work during peak times.

Cheers

Sergey Golubev
Moderator
113341
Sergey Golubev  
renefx:
Thanks You,

Thanks to you ND.

I always believe you are the right man who can help everyone here.

Please check my last post and share us your thoughts.

Rene

I am not right man in any systems as I can not know everything. I am learning together with everybody. Regular - may be

I am thinking that it is difficult to describe about support/resistance without trend lines. In your image the price touched the trend line two times (you did not write this trend line) and finally broke this line.

And if we see your support/resistance line so the price touched or tried to break this line two times and finally did it.

I did not trade support/resistance/trend lines. I traded channel trading system. It is very similar.

Some people said that it is easier to trade inside the channel (inside support/resistance lines) as rebound. But it is very difficult to trade on breakout those lines (breakout systems). And there is some theory about how many times the price should touch support/resistance/trend line to be sure the price did not break this lines. Usually the trades are counting: "one touch, second touch, 3rd touch - that's fine - no breakout today. I may open the order on rebound now". If price broke support/resistance line finally so we are having the new support/resistance line which may be more stronger that previous one.

I traded on rebound and on breakout. It was much more difficult to trade on breakout.

That's all my knowledge about it.

It is very good thread and I am learning together with everybody.

sjerar
146
sjerar  

Just to keep in mind.

Any strategy based on support/resistance must take into consideration the support/resistance of other correlated pairs.

Some are leading, others are lagging.

renefx
32
renefx  

I am not right man in any systems as I can not know everything. I am learning together with everybody. Regular - may be

And if we see your support/resistance line so the price touched or tried to break this line two times and finally did it.

-------------------------------------------

You're right ND, The price touched it twice and then broke it on third time.

At any rate I'll stay here, It's a good Thread to learn.

Rene

Sergey Golubev
Moderator
113341
Sergey Golubev  

Just for information:

MTF Dynamic Resistance/Support https://www.mql5.com/en/forum/173574

etrader58
337
etrader58  
fxid10t:
the attached indicator for mt4 uses ZigZag to plot S/R trendlines for User Selectable Timeframes...

Does it use ZigZag ?

You mean the last bars are not stable like ZigZag ?

etrader58
337
etrader58  
mas0n:
First, thank you to bubble and anybody that post in this thread, for their valueable and meaningful posts.

Now let me apply this to current chart, and please correct me if I did mistake in drawing s/r

EURUSD H1 shows gap, looks to me as blow-off, price now already break current resistance and in the gap

EURUSD H4 shows no gap, price is in current resistance

How should we interpret this, wait for other confirmation from other trading system ?

My guess would be H4 will dominate the decision, if price bounce back (down), price will hit current support, but if price breaks out (up), price will face 3 minor resistances, so it is waiting moment.

PS. should we draw minor s/r (as different color) ? and how abour spike (1-3 bars) that is false breakout ?

could you please tell me what is exactly this indicator ?

spynamax
34
spynamax  
Files:
grafica1.jpg 78 kb
XKR1962
60
XKR1962  
Sundowner:
Greetings XRK

I notice you are posting a 15 minute chart. Is that your trading chart? Are you find s/r easy to determine on that chat?

It seems to me that Bubble was using peaks for determining support and resistance...is that your understanding? The troughs seem more like guidelines.

Nice trade.

Joined pal talk but work during peak times.

Cheers

Hi Sundowner,

sorry for the late reply. As you know we're all trying to learn Bubbles system in Fxitfx's Paltalk chatroom. Hence we are switching between most tf's from the 5 min to the weekly.

I am happy to take trades in any tf as long as they follow Bubbles rules.

As I understand it peaks and troughs / high and lows both show support and resistance dependent on the direction you are trading, long or short.

renefx
32
renefx  

Point S/R

newdigital:
Just for information: MTF Dynamic Resistance/Support https://www.mql5.com/en/forum/173574

Dear NewDigital,

Would you mind modify the attached .mq4, As I test, It does not work

in proper as in chart sample 1.

I set the high and low to true on the parameter, but the result is not as suppose to be, I saw some highs of the same levels those suppose to have

lines but the indicator did not draw lines on the YELLOW Lines I draw.

The Indicator draws only the blue horizontal lines, as per chart sample 2.

Please forgive me for saying too much.

You consideration will be appreciated.

Thank You,

Rene