W and M still down trend, but on D price is up...did u'll buy it?
thanks
Take a look on D at my level and tell me what do you see !
Untill I see a close above 1.5990 this pair is out of game for those who aren't allready in.
Do you remember the triangle ? Watch the confluence with my level !
Hi fxgroup..
Quick question from another noob..( sorry if its sounds silly )...how do you draw your horizontal line on the monthly.? Are you looking at the places where price has been supported and rejected at the most frequent points?..
Then you go to weekly and see how its reacting around that same point..and on down to daily?...will you then trade off the daily depening on the candle type?,..( strong rejection or ir if it breaks up a further confirmation of support in the GBP/USD chart you just posted )...
Quick question from another noob..( sorry if its sounds silly )
here are no silly questions...otherwise I wouldn't start this thread!...
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how do you draw your horizontal line on the monthly.?
Let's call it static level in order to be able to make the difference.
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Are you looking at the places where price has been supported and rejected at the most frequent points?..
As I said,personally I use 3 types of static level,but at this stage of the thread, we will study only the first one: OPEN/CLOSE candle/ swing. To draw the level I'm looking to the most important swings and to those levels that acted more often as S and R.
[qote]Then you go to weekly and see how its reacting around that same point..and on down to daily?...will you then trade off the daily depening on the candle type?,..( strong rejection or ir if it breaks up a further confirmation of support in the GBP/USD chart you just posted )...[/quoted] Yes, exactly...but I wait ALWAYS the level's confirmation as S/R. Even if I look to a D chart, the level remains at the same as I identified on M/W.
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Thanks for great thread
Thak you for your contribution.
All you need to know,just ask !
personally i start doing some money in forex only after i started using s/r but even now i dont know why at some arreas of support combined with a positive pin bar it goes downg .not even touching the previous resistan area .sorry for my bad english.....and thank u for sharing with us your knowledge btw i have read somwhere this:,,I forgot to mention, TRENDS WORK ON EVERY TIME FRAME. Try to think of every trend as just a retracement on a higher time frame. What looks like an uptrend on the H1 may just be a test of resistance on a downtrend on the daily time frame, that downtrend on the daily could just be a test of support in an uptrend on the monthly timeframe, think about it!''can u show us a few examples of this ?i think hes right when he said that. my problem is if i look on 4h tf and the trend is up on h1 m30 is still up. and when u reffer at double top the line between them must be at straight?
first i found your topic very helpful but i have some questions :-
How did you deal with false breakout ?
does the difference of MT4 Server time effect the daily and monthly close ?
how did you chose your trade ..? theoretically and based on your method most of pairs will have a trading chance most of times because we enter the market in both trending and ranged condition...so if you have more than chance in the same time how did you choose or pick your trades ...
finally i hope you will give us more examples in how we will to manage SL and TP
personally i start doing some money in forex only after i started using s/r but even now i dont know why at some arreas of support combined with a positive pin bar it goes downg .not even touching the previous resistan area .sorry for my bad english.....and thank u for sharing with us your knowledge btw i have read somwhere this:,,I forgot to mention, TRENDS WORK ON EVERY TIME FRAME. Try to think of every trend as just a retracement on a higher time frame. What looks like an uptrend on the H1 may just be a test of resistance on a downtrend on the...
Hi vladutz,
Yes you are right, every trend in a TF could be a retracement in a higher TF...but...we are trying to identify the end of a D trend(as retracement) and to wait the D to turn in higher TF direction in able to keep the trades as long as possible. If someone decides to trade only in D direction, obviously he must to know if it is a short or long term direction .
The double top(DT)/ double bottom(DB) are not always right on the same level.
P.S. I'm glad that you start make money when you understod that the market is price, buyers, sellers, S, R and I'm sure that if you will look more at higher TF ,you will make even more !
I use elements of market dynamic, market psychology and volatility, that it will be explained later, but the best and safiest way is to wait first the higher TF confirmation and only after to wait a D retracement (RET).
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does the difference of MT4 Server time effect the daily and monthly close ?
No, the candles could look different, but once we learn to read the price beyond the candles...we'll see only buyers+sellers.
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how did you chose your trade ..?
The best way for my trading selection is to pick ONLY those market situations when I understand WPD+WPG. If I don't understand these 2 question, I better stay out.Another situation is when I undersatand WPD+WPG, but I see no trend and only battle between buyers and sellers.
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theoretically and based on your method most of pairs will have a trading chance most of times because we enter the market in both trending and ranged condition...so if you have more than chance in the same time how did you choose or pick your trades ...
Always better with the main trend, in RM with a tighter MM and in the main trend's direction is safer.
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finally i hope you will give us more examples in how we will to manage SL and TP
i wonder why you want to buy it, on M and W chart still no higher low available yet, can u tell me ur reason to wait buy signal?
thanks
M-strong buyers inside the RM in process.
W-DB, buyers closed above the last LH(lower high) and above the TL(trend line) that controlled the price for the 59 weeks(08.08.2010) and the price in W channel
D-bullish flag+ DB
M-strong buyers inside the RM in process.
W-DB, buyers closed above the last LH(lower high) and above the TL(trend line) that controlled the price for the 59 weeks(08.08.2010) and the price in W channel
D-bullish flag+ DB
Hi vladutz,
Yes you are right, every trend in a TF could be a retracement in a higher TF...but...we are trying to identify the end of a D trend(as retracement) and to wait the D to turn in higher TF direction in able to keep the trades as long as possible. If someone decides to trade only in D direction, obviously he must to know if it is a short or long term direction .
The double top(DT)/ double bottom(DB) are not always right on the same level.
P.S. I'm glad that you start make money when you understod that the market is price, buyers, sellers,...
the reason whi i dont trade higher tf is because i dont have patience so i preffer to trade on m30 show us more tipes of sr!!pls
I`ve recently switched over to pure PA trading now with much better success.
I have also found the 150 and 365 moving averages to be beneficial as well, work very well when used as support and resistance.
Daily and 4hr examples.
I used myself for a time the MA, but I quit in the moment when I decide to understand the price in base of buyers and sellers. You will find many entries using MA, but the MA will don't say why or where the price is going and why is going there.
In order to understand better what I say, take any 5 charts, put 5 different MAs (20, 50, 150, 200, 365) and analize the price arround the MAs. Every time you will get the same result. At the levels where the price meet the MAs, look for price levels from the past of the swings, candles,etc and you will be suprised by what you'll find.
one of the biggest problem of using lines aka trend lines and support and resistance being this line very subjective i try to use your concept to draw the lines on candles close but find 100 pip difference in M chart the place of this level is the core of the method ...and most of time i had to but it in the middle of previous top and bottoms because no single line will pass through ... if i feel suspicious about the levels and start to adjust it a little up and down and start to guessing is the price now above or below ?.....
based on your experience had did u get over this ?
