Daily S&R breaks - page 2
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I felt we would retrace a little deeper today down to around 1.9880/1.9860 but it began to pick up support at the end of the day here so we'll have to wait it out for them to show their hand now. I was thinking we were going to see next week going short, since 2.0033 held today time will tell. Another failed attempt there and we might just get it.
From the 4 hour its more obvious and we can see support was found at the 1.9925 area.
The highlighted area is where i was looking for price to come to a rest at and we should see a trade devlope from there.
Wont be able to make a decent analysis until we get some action Sun/Monday.
Trade 9
9th trade of the forward testing is now triggered at 1.9919 the low of Sunday. Ive set the stoploss to the previous high which was Friday at 2.0055, as it will take a break there to change the sentiment. No target is set since we want to watch the price action from the smaller timeframes also in the event a rate cut from the UK may start to be priced in.
A daily close below 1.9845 would be a good sign!
Thanks for your vids Bobokus. Very useful stuff.
Thanks for your vids Bobokus. Very useful stuff.
Yep, the video's make things easier to understand verses through text.
It will need to draw the 2 horizontal lines on the chart and move them based on these rules.
Long Entry Signal
The blue horizontal line represents the long signal price (break of the previous candles high +8 pips). In a long position the red horizontal line is the stop and reverse signal line (prev candles low -5 pips) As each new candle is formed the stop and reverse Red signal line is adjusted to the prev candles low -5 pips.
Short Entry Signal
The red line represents the short signal price (break of the previous candles low -5 pips). In a short position the blue horizontal line will act as the stop and reverse signal line.(prev candles high +8 pips) As each new candle is formed the blue horizontal signal line adjusts itself to the previous candles high +8 pips.
****************************************************
Is this something like you want, i have coded this indicator after briefly reading through your 1st post on the thread, Let me know about any changes or alterations needed
cja
Yes, that displays the entry points.
The next part is once one of the entry lines is penetrated by price...that one remians in place to signify the entry point, now as each new candle opens another or the opposite line, will trail the new candles to display the stoploss point.
In that I mean the entry line stays in place and another or the opposite line will trail the highs of each new candle by +8pips after the short line is penetrated...and the opposite after the long entry line is penetrated, the opposite or red line will trail the lows -5pips of each new candle as each new candle opens. (The trailing lines that signify the stoploss are always on the previous days low or high.) The reasoning is price would have to break a previous high or low to signify a reversal.
But yes this is what I wanted to try and get programmed.
Thank You !!
Side note: It may be easier to make this into 2 indicators, one for long entry's and its stoploss...the other for the short entry's and its stoploss.Just thinking outloud.
Trade 9 update
Ive moved my stoploss down to the high of yesterday now to protect 121 pips. Very close to price but necessary, Cable has been well bid before a rate cut announcement so they are either coiling up for a major break short or they know something we dont, either way this is a free trade now. I havnt set a buy stop in the event the stoploss is hit to stop and reverse, I will wait it out until after the dust settles and look to reset either Friday of early next week on the next break after making my analysis of the resent events and fib levels.
BreakOut indicator
It will need to draw the 2 horizontal lines on the chart and move them based on these rules.
Long Entry Signal
The blue horizontal line represents the long signal price (break of the previous candles high +8 pips). In a long position the red horizontal line is the stop and reverse signal line (prev candles low -5 pips) As each new candle is formed the stop and reverse Red signal line is adjusted to the prev candles low -5 pips.
Short Entry Signal
The red line represents the short signal price (break of the previous candles low -5 pips). In a short position the blue horizontal line will act as the stop and reverse signal line.(prev candles high +8 pips) As each new candle is formed the blue horizontal signal line adjusts itself to the previous candles high +8 pips.
****************************************************
Is this something like you want, i have coded this indicator after briefly reading through your 1st post on the thread, Let me know about any changes or alterations needed
11/04/2008
Updated Indicator & added in the Trailing Levels.The Trailing Levels will only appear after price has gone above or below the previous
days High+8/Low-5 Levels.
let me know if i need to adjust anything or set something out differently.
cja
daily_breakout.mq4
Trade 10
The 10th trade now has been triggered with the break of 1.9700. Stoploss should be placed at 1.9775 (high of friday) but with this being a Daily chart its too close for comfort, after Sun/Mon action we may feel better about it if we get the continuation short. From the S&R view from fib levels price should be contained below (1.9762) Pivot point of the initial push down in cable since the high of thursday and the breaking point for this to continue down. So the stoploss is within reach. Once the market opens I may not place the stop until more information and price action occurs.
Looking at this from the 1 hour perspective price is already testing resistance levels from the movement of Friday, For the trade to have that good feeling to it price need to fail to break long here as an early indication the trade is in good standing, if it does break here 1.9734 during Sun/Mon action well see price test the upper levels of 1.9740/1.9760/1.9780, from the move down since Friday If price can be contained from there well enter the stoploss on the rejection to fridays High.
Horizontal Line indicator
Hey Guys,
I am looking for an indicator that will work on every time frame and all it does is put a horizontal line on the last high and low - that way I can have visual confirmation of price action levels.
I hope this is clear, if not I will try clarify.
Thanks in advance for anyones help,
Jawpip
...
Hey Guys,
I am looking for an indicator that will work on every time frame and all it does is put a horizontal line on the last high and low - that way I can have visual confirmation of price action levels.
I hope this is clear, if not I will try clarify.
Thanks in advance for anyones help,
Jawpipsupport & resistance indic