When you are posting an image so plase attach it to the forum (just edited 2 your posts to attach the images to the forum website).
Will do that next time Sir,,
How to use Support & Resistance
I will post a chart for you. It is an Interbank feed. I think these are the candles
that you are referring to. It appears that on May 16th, there was good news on USD Housing Starts. On the 18th, the GBP had good news on Righthouse Housing. This appears to be a Sunday candle or carry over, the reason for the sharp reversal. Also, note the sharp reversal at these candles on Lyn V-3.
I am posting a PDF file which is about 95 pages long. It is from Linuxser's website. Stideas.com. You can access his website at the bottom of his posts.
The chart I am posting has the indicators attached.
Also, search New Digital's ASC Trend thread. AS I remember, he has a pretty good indicator for Support & Resistance for that system. He has worked very hard on ASC Trend.
Hope this helps.
the one thing i like about Support and Resistance is the Pivot, but i don't know how to..., just see this pic.
how did u/ how could u avoid a fake spike lik those??
If you look closely at the chart, price has tested Resistance once, then twice. Second time is a failure. Linuxser's V-3 is indicating a price plus trend reversal.
Fractal Support & Resistance is sitting on the R-1 line. Fractal Support & Resistance will print after an approximate time frame of 5 minutes. That's why I shift down to 5 minutes to put a microscope on the V-3 indicator.
My theory is that any pair will either buy up to the pivot or sell down to the pivot at any given time. MACD is to slow. Momentum is real time (Discretionary). Any sort of news will move price. That's the reason I use Auto Pivot. There are many Auto Pivot indicators, so use the one that fits your trading style.
As I stated before, I trade the GBP/JPY. I use the USD/JPY as an indicator for direction of the GBP/JPY. I trade with 3 charts up, to show price direction.
There are many methods to trade "The Dragon", however I chose this method.
I have many templates I have set up and use. This one is TSR Trading by Igor.
I will post the February Non-Farm Payroll chart. (Memorable Trade) If you notice Green lines are Daily Pivots. Red Resistance, and Blue Support. On the chart, you will note that both the GBP and the USD/JPY, stumble at exactly at the Daily Pivot. You can see that the price attempts to reverse at the Daily Pivot either up or down. This is a danger zone. However the price proceeded
Also, I will will post a quote from 006. Read it carefully. It's true. That's when I saw the light, thanks to Linuxser.
no longer relevant
MP --- pivots and others that go boom in the nite !
who below said the price will always head for the pivot at some point? Correctamondo, in my experience.
if heading down and broken, there will be a retrace to the pivot and/or at least the prior days high or opening price, reverse for price heading up --- happens every day !
knowledge of the trend and the time of day will allow you to predict a breakup, failure or breakdown ( use the lrc and zigzags on the H1 to garner trend)
time of day becomes important as it is a wonderful indicator of when intraday reversals will begin ---- ever notice around 11:30 am EDT that ALL price movement ceases ? What you are seeing is the banks equivilent of "running out the clock" till they hit the 12 noon reversal.
normally the banks will hit the noon reversal spot on (theyve been doing this for years and know the game) but every now and then they either arrive at support or resistance early or late --- if LATE, that is the reason you see a sudden spike to support or resistance just at noon, or a minute or two before (got caught in that friday with EUR$ when they spiked the price in the last 30 seconds, after i had exited ! (only a few pips, so i wasnt crying, but a perfect example of what i speak -- SEE THE CHART !)
I exited one minute before reversal time, at the bols(see the three white arrows -- I had NO s+r overlay there, but i chickened out) and the last minute drove the price higher to the reversal point, which i didnt have the guts to hold for that last minute --- gotta love them. LOL
enjoy and trade well
Nice picture... perfect, clear...BEST