How to use Support and Resistance Effectively - page 70

FXPimp
1006
FXPimp  

Gold Weekly set-up

Now I am not a big fan of fundamentals. Nor am I a fan of so-called experts on one side of the fence calling Crude oil to $200, whilst the other side are calling it to $50.

Being no expert myself I am more a 'trade what I see' type.

I am new to this thread and this is my first post.

I trade off a 60m or a 5m chart and average a couple of hundred pips each day so am not accustomed to weekly charts, but I do like them for support and resistance, which is why I come here, to try and share an opinion.

Many anal-ists are calling gold back up to $1000 and beyond. Some are as bold as to call it to $1800 as people seek a safehaven for their money.

I'm just wondering whether they are right.

If you had a bank and were going broke, but all your deposits were backed by an equal amount of Gold what would you do?

Personally, I'd take the loot and run for the hills but I suspect that a lot of central banks that have not already done do will be outing some of their wares in the forthcoming months.

That is neither here nor there when it comes to S&R, but it makes you wonder.

This weekly chart clearly demonstrates that Gold has been supported heavily since 2005.

However, since about May of this year it has been making lower highs too and a nice resistance line is coming down from the $1030 levels of the beginning of the year.

Now from this we can gain an insight to what is likely to happen over the forthcoming weeks.

We will either :-

Breakout of the top

Breakout of the bottom, or

Range with support and resistance.

I realise it's probably not my place to base my own opinion on the other indicators I use on this thread, but my guess is that a fall is more likely than a push higher.

Why? Well m.a's are also support and resitance too so I suppose there is no harm in me talking a little bit.

The price has fallen below the 20ema (pink)

The 20ema has now fallen below the 50sma (light blue)

This is a brearish signal and both are now acting as a double protection resistance to the upside.

Price has bounced off the supprt line and the monthly 20ema (bold red)

but has struggled so far to put a dent in the armour of the 20 under 50 mentioned above.

If next's Heiken ashi is a red one, be prepared.

This could smash the supports and go $600 !

Have a good weekend.

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Michael B
3377
Michael B  

Better yet...can a kind coder add a lotsize input?

https://c.mql5.com/forextsd/forum/50/supportresisttrade.mq4

ES

Manjch:
Can someone pls advise me on changing this ea lot size to 0.1? Currently it starts with 1.0 lot size.. Thanks you..
Arshed Qureshi
158
Arshed Qureshi  

LotSize Added to SupportResisTrade

I added LotSize ...........

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Blazer1965
309
Blazer1965  
richemarks
13
richemarks  

Forex trading tips

Everybody should follow some of the tips to gain the profits in forex market.So they just start discuss in the forum and then they will know how to trade in forex market.Yhis will make them very easy way to earn profits....

tradertt
23
tradertt  

Does anyone have a copy of bubbles drawings of the support and resistance areas as I cannot seem to find them? or a Guide? Please PM me if you do and I will send you my email.

Thank you

ooandajb
39
ooandajb  

Support and resistance count a lot here. I would sat that with any targets no work can be achieved. Here it becomes necessary that you receive analysis and targets for that particular currency which you are trading or want to trade in. These support and resistance will help you in making profits at regular intervals.

Lewis Evans
59
Lewis Evans  

Support and resistance can easily be seen on the Absolute Fibonacci Framework. They are in fixed positions and their relative strength can easily be evaluated so you know if you have a bounce or a wave.

Walander
576
Walander  

Do you actually know what you're talking about? Or did you read a bunch of articles and slap them together to make it sound right?.

The "Absolute" Fibonacci Framework? Mind expanding on that?

Fixed Positions?... Please expand on how Fibo's are "fixed"

Relative Strength in conjunction with Fibo numbers?.. What?

Then evaluate all of this to a bounce of a wave? Seriously?

If you can explain, i'll publicly apologize for degrading your post, but that's the first time I've heard the term "Absolute Fibonacci Framework"

.. before actually submitting my post, I did a google search, and lo and behold all the posts with such a term is by you! Nice website btw- where's the catch? Right- you're selling the coined term.

Anyways, have fun.

niceguy777:
Support and resistance can easily be seen on the Absolute Fibonacci Framework. They are in fixed positions and their relative strength can easily be evaluated so you know if you have a bounce or a wave.

Edit: http://www.forexfactory.com/member.php?u=4221 - Infraction Overload FF

Edit: http://www.leftbraintrading.com/ Commercial Garbage

Edit: http://www.fxstreet.com/forum/showpost.php?p=4341&postcount=3 : Marketing Exposure

Edit: http://www.youtube.com/watch?v=bRBZ0WB-JtA&feature=PlayList&p=AA8D18FA0FE78FC5&index=0 : Supportive Marketing Tactics

Edit: http://www.adguru.org/foriegn-exchange-forex-f40-using-the-absolute-fibonacci-framework-t9269.html : Updating post on new youtube videos, may and or maybe the actual author above posting his own videos, and or a person simply updating his website forum- no details of the admin to link directly with author above

Edit: http://www.metacafe.com/watch/1966953/how_lewis_evans_discovered_the_absolute_fibonacci_framework_for/ : Supportive Marketing Tactic

Edit: http://twitter.com/lewisevans777 - Author of LeftBrainTrading solicitation for a marketing specialist.....

Hey, too bad you ran into a marketing specialist here on this forum who trades Forex!

Edit:http://www.insideoutmedia.net/ - Lewis, for a marketing specialist, you do a very poor job- considering this is the company website on your FACEBOOK profile.

Edit: http://forextrading.meetup.com/boards/thread/2010884 : Take a look at Lewis' post- talk about desperate marketing tactics.

Lewis Evans
59
Lewis Evans  

Well, thanks for putting all those links up for me. I never thought of that! You are truly a marketing professional, obviously!

I'm always interested as to why idiots like you prefer to condemn something first before you find out about it. You need an open mind to be able to learn. It may take you some time! I wrote the book and do the videos so people can start to understand it. It's quite different to most trading methods, and I have no intention of trying to justify or prove it to you here.

I have discovered something fundamental about the way currencies move, which others seem to have missed. It's predictive, and that can be handy for traders. I have been teaching it since 2005 when the book was published, I have thousands of happy traders who use it, and if you were a bit more plugged in, you would have heard about it long ago.

The reason I post is to give others the opportunity to find out about it as well, as it can save traders a lot of time and heartache as, when they learn about it, they realise what a load of rubbish there is being said about how to trade.

I'm glad you like the website. Do yourself a favour - and other traders who come here - instead of making knee-jerk judgments and trying to be clever, watch and learn. You may just find it helpful.