How to use Support and Resistance Effectively - page 63

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Trading method explained

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flimboquest
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flimboquest  

Hmm

i do not understand where did you get that Support on second image.

why you not pick up that recent lower low.

and also can you explain deeper about entry : )

thanks

Files:
hn1.gif 14 kb
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flimboquest
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flimboquest  
bubble:
Hi Adriann,

As i said at the beginning of the last post , the key is being able to place the price into the correct swings or peaks and troughs, at the time of the trade the 60 was showing alignment with only the 240 and that low was the current swing low according to how i look at peaks and troughs and as you can see it has acted as support and the price has bounced right off it.

The daily has now come into alignment so a break below the current level of support and close confirmation may well see cable down to the level you have highlighted and the one beyond at 9404.

bubble

Thanks

i think i got it

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Latest Trade +57 Pips

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remmy007
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remmy007  

hi bubble,

i love everybit of you contribution to this thread,please keep it coming.

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gbot  

Thank you

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Gbpusd + 96

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remmy007
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remmy007  
bubble:
Hi all,

Oil trade from yesterday close with partial profit plus second half of position close at trend reversal point , and a GBPUSD short trade closed for 86 pips profit.

Trades taken live in the trading room as per the method i described in my earlier post, i will post the charts a bit later today as i have a possible long trade on USDCAD at the moment.

bubble

good one bubble,i am also keeping virgil of the usdcad but it ranging at the moment,long trip in the near future i hope.

good one on your gbpusd,keep pipping