Thanks for sharing ChowClown.
I must admit that I still find using S/R, pivot points, channels etc effectively a bit elusive.
Could you be so kind as to post an illustration of what you were speaking of here?
My previous question to VyNNer regarding S/R is what data does he use for the calculations ie. the previous month, week, day etc ? Can you please advise me on this ?
I've done a google seach and have found a pivot point and S/R calculator at http://www.fxstreet.com/forex-tools/...nt-calculator/
Do you think this would be sufficient ?
Your estimation was certainly correct regarding caution on going long...we've seen cable turn to the downside after the basic swing trade setup criteria was met.
VyNNer has mentioned before that price action must also be considered and that's where your input is invaluable...and I hope that VyNNer can also elaborate on this so that I can get a better understanding of price action factors that can influence this system.
Hoping to hear more from you soon.
mike
I must admit that I still find using S/R, pivot points, channels etc effectively a bit elusive.
Could you be so kind as to post an illustration of what you were speaking of here?
My previous question to VyNNer regarding S/R is what data does he use for the calculations ie. the previous month, week, day etc ? Can you please advise me on this ?
I've done a google seach and have found a pivot point and S/R calculator at http://www.fxstreet.com/forex-tools/...nt-calculator/
Do you think this would be sufficient ?
Your estimation was certainly correct regarding caution on going long...we've seen cable turn to the downside after the basic swing trade setup criteria was met.
VyNNer has mentioned before that price action must also be considered and that's where your input is invaluable...and I hope that VyNNer can also elaborate on this so that I can get a better understanding of price action factors that can influence this system.
Hoping to hear more from you soon.
mike
DislikedJust a couple of observations...imo taking support and resistance into account on both entries and exits will help lower the risk and increase the probability of winning VyNNeR trades.
What we see now (on GBP/USD) is a good example. The 4x13x50 entry was signalled, but this was before the resistance area (of the last week or so) had been tested. The current momentum of the test now underway, might even be enough to swing the EMAs to generate a short cross...who knows.
As an aside, using the weekly timeframe and plotting channels and support/resistance areas coupled with a few basic candlestick formations also helps to put each VyNNeR signal in context. On the weekly chart recently there was 'bearish engulfing' price action at the top of a significant channel line...a strong caution against longs imo.
Good trading.Ignored