Fractals indicator that comes with MT4 default installation is also good to obtain some idea about SR.
thanks for the links Linuxser.
but most of indicators to draw s&r are useless. But there are too another ways of drawing s&r using indicators that i have interest.
one of them i am investiganting is Drummond Geometry.
i don't know how to use it but i know that Mark Douglas, one of the most quoted and famous author in trading (i did not read Douglas yet but i itend to read as soon as possible) said that it is a very accurately way to define support and resistance.
there are only a few results in google for it. But i found people saying that it is extremely complicated. Some people saying it is good, some saying it is crap, etc. So i don't know if i want to start with it yet.
i have a few files about it but i first want to know if anyone here have experience with it.
thanks for comment.
Something about Drummond in our forum
yeah...i know, i know
Mp --- Not So Sure About This
Greetings again ForexBabe,
Ive attached two charts, one of which is a zoom in of dec 27 -- what you did was enter AFTER the price had hit resistance, and was now falling. Unfortunately, your long should have been a short.
The second chart is a DAILY chart of UJ with the gaggle of arrows pointing at what i believe is the correct day in question. PLEASE NOTE that the currency had HIT its TOP Linear Regression Channel (which is actually a super support and resistance channel based on s+r and TREND !
Understand that almost perfectly, a currency will rise to its TOP LRC and then bounce back to the BOTTOM, repeating this procedure until it BREAKS OUT or BREAKS DOWN, should that be in the cards ! I gave you enough of the daily chart for you to see this in action !
SO, what you had working against you here was a currency that TECHNICALLY was already moving DOWN while you were playing it as a LONG !
One can have numerous conversations as to whether news moves the currency or does technicals, and from years of watching, MY money is on the technicals, as the banks are already moving the currency in the best direction for any coming news (u think maybe they dont know what the news will be, with tons of peoples working in their research depts ?)
In other words, if the news is going to be BAD, you will notice the currency price MOVING UP a few days prior to the announcement, which is EXACTLY what happened --- this allows the banks to have the greatest RANGE to be able to SHORT the currency, which is EXACTLY what happened here ! ----- The news from Pakistan, and NO other news moved this currency as it was already to go in that direction !
Using the LRC on the daily chart, one would (or should) have been FLAT and waited to see if there was a breakout, or the anticipated reversal DOWN !
IT WENT DOWN , as was to be expected !! (lol)
enjoy and trade well
Support and Resistance
Can anyone help me play and amend this indicator please?
Trend trading with s/r alive and kicking
no longer relevant
help with manual trendlines
Maybe this isn't the proper place to post this question However I am sure many of you plot manual trendlines, horizontal and vertical lines. At the moment, I have altered some settings for the lines and now I find the lines will not stay plotted on the chart for more than a few seconds. WHat do I have to change to the lines will plot and save on the charts as they normally do?
#537 (permalink) Today, 01:08 PM
Junior Member Join Date: Oct 2005
trend trading is alive and kicking ,take a look at todays trade on GBPJPY netting over 100 pips profit.
Chart 1 - a nice trend develops on the 15min chart
Chart 2 - 60m trend is down therefore the trend on the 15 min chart may be a correction against the current downtrend.
knowing this information makes trading a damn site easier.
Also a cracking trend trade on cable too ,taking out the days whole range, with support and resistance.
for those unfamiliar with Yiddish, a Putz is not a compliment, but certainly better than being called a SCHMUCK, which sounds pretty much as what it means !
2 posts below I tell you if news is coming and the price is rising, LOOK for the news release to DROP the price of the stock --- if it was going to go up instead, then the banks would have LOWERED THE PRICE, so they could RAISE it with more room to go upside.
Forex gives itself away, every single day --- all ya need to do is watch and read !
had you been watching, over 200 pips was in the move, which should complete with close to 300 pips !
I dont know who the hell you think you are but i do not take too kindly to these kind of comments in your post , i suggest you amend your post and make an apology or i will make a strong protest to admin to have you banned.
bubble --- there are few on this site or others that do not know i speak with my tongue firmly planted in my cheek
While you missed a lot of profit with a very late entry the rest of it is purely in fun --- its WHO I am and how I speak to most everyone --- think of me as an old dutch uncle, who insults on one hand and teaches on the other !