How to use Support and Resistance Effectively - page 8

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Malcik
158
Malcik  
el cid:
here is how a pro trades support and resistance 7 entries on cable with stop loss of 20 and total profit of over 100 pips in 1 day

Hi el cid,

Thanks for this encouraging chart... However I know how I would have traded any chart like a pro when I see it complete... the problem is how to do it with the same results when you don't see to the right of your screen

So how do you determine such entry points in real time?

homestudy
196
homestudy  

Great Thread!!

Bubble thanks for taking the time to share this great info!!!! I am wondering if I have S/R lines drawn correctly on this chart? Thanks

Files:
sr_cj.gif 33 kb
gordon12
67
gordon12  

Bubble,

Very good example on the Euro at the moment. It will break but which way? My indicators on the 4hr suggest a bounce how do you trade these situations?

Gordon

Files:
eur.gif 14 kb
prasxz
1259
prasxz  

hi

I used for S&R is camarilla indicator...it's profitable if you know the pattern behaviour near the line

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Forex Indicators Collection

thegunslinger
3
thegunslinger  

Hi Bubble,

Eagerly awaiting future installments. I'm a fan of S/R trading but don't practice it currently in my trading. Maybe this will prompt me to start looking into the method. A quick question I have for you:

Do you manually draw out the S/R lines as ranges are established, or do you use one of the S/R indicators that draws them based on pivots? Or do you use both methods?

homestudy
196
homestudy  

Time Frames

Do you adjust your lines when you back out to a larger time frame and see that it is a little off or do you stick with the 60m.

Thanks again!

RickW00716
733
RickW00716  

When you are drawing your support/resistance lines do go by the extreme high or low? Or do you use the close?

When I look at a 1 or 4 hr chart for support, sometimes I notice that there will be several price bars together with long "tails" into previous support...Is this a strong hint of a possible reversal?

Same for resistance...

Also, do you use any pivot sup/res in your trading?

RickW00716
733
RickW00716  

Thanks for answering my questions!

I believe that true support/resistance is the way to trade because these are actual prices where price has turned before...Looking forward to more lessons!

Malcik
158
Malcik  

Hi bubble,

Thanks for your latest posts. Do you think you could be so kind and post some more charts, showing some actual entries and exits? I believe I can determine the S/R levels pretty well but it's not so clear as to how to trade them effectively. I think I can use them very well for exits but not quite so for entries... I just need you to get me on track

If you have a fixed timeline for your lessons in this thread and are going to cover this later, please disregard this post

Thanks very much

PRADIP RUPARELIA
5975
PRADIP RUPARELIA  
Malcik:
Hi el cid,

Thanks for this encouraging chart... However I know how I would have traded any chart like a pro when I see it complete... the problem is how to do it with the same results when you don't see to the right of your screen

So how do you determine such entry points in real time?

The chart is self explanatory.The first top and resistance of the day is on the far left of the chart ,so is the first bottom and support.

After the first top and bottom is made , you buy everytime the price goes back to the support or previous bottom line and u sell everytime it goes back to the resistance line or previous resistance line.

One does not need to see the right side of the chart .....just the left side of the chart where the first support and resistance.

Day traders can download indicators which show intraday support and resistance lines.from post 63

https://www.mql5.com/en/forum/177070

One can backtest the support and resistance strategy manually by seeing the left side of the screen and scrolling forward minute by minute, in that way the trader uses only previous support levels and a price action filter

El Cid

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