Identifying true S/R is the next REAL question. Still having issues with it personally.
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Dislikedpost a marked chart, please god not the geppy, and show us where you think it is and why that might help.
SizzIgnored
Dislikedthanks my man.... price goes up and stops...ok then down and stops got it... then back up...sure does.... then back DOWN!..... he he gotcha..... the geepys long term future seems obvious to anyone with half a brain.... fundamentals alone could tell ya the story....anyway, I hope i wasn't too presumptuous in posting a real time geppy chart ....just thought the geppy is the best to learn in real time as it moves fast and furious..and we can hit them fibs quickly as we learn.... anyway....
1. MR. Super Skunny writes: "There are some good posts here that go in the right direction and then it becomes over thought and goes off track"
It would be nice to know which parts of which posts to concentrate on and so we can ignore the rest of the noise......
2. O.K i learned something new... forget multiple time frames and concentrate on one time frame.... OK I choose to concentrate on the geppy daily time frame since we can post a chart each day and learn..... if that's acceptable to you o supper master sensei....
Now.... back to my learning experiment with the geppy.... 1. have i drawn my fibs correctly? I used a tool to do it? If not...why not? assuming I did, and we just going to use the daily fibs as suggested, then we should see the -138 extention and then possibly the -161 extention soon and then bounce back up... am i getting this>>> Interestingly enough the extentions line up with support...hmmmmmmmmmmmmm, I noticed in vhands that Trendline supports and Resistances are sometimes penetrated but fail to break and make a maor move...they just get penetrated and form a big ole pinbar.....and even if support is penetrated.... its only penetrated enough to hit 138 or 161 extentions..... no THAT IS something isn't it! aS A STUDENT OF tOM dEMARK AND BIG FAN OF TRENDLINES AND SUPPORT AND RESITANCE LINES AND HOW PRICE REACTS AROUND THEM.....I CAN SEE HOW THIS CAN BE....OK i AM RAMBLING.... I'm going to shut up now and let all you more experienced traders take it from here and teach me.....
PS In answer to my own quiz....IF my assumptions are correct then the next geppy move would be down to the -138 and then probably back up for a bit before the bigger move DOWN...... Of course I'm a nooob so I could just be wrong again...no biggie if I am.... MM helps with that..... If I am way off base I can alwasy go back to my favorite indicator = flipping a coin ( very important to remember that Tails = long and heads = short, this is where many traders get screwed up!!!!!) wishing you all good success in the new year!Ignored
DislikedKeeping it simple means to stay off long term trades, you don't need to know where it might end up in 3 weeks.When you create a fib range price can retrace anywhere in that range, this could be hundreds to thousands of pips. You would need to enter the market in "hedge fashion" if you are going to concentrate on getting a large move.
Here is an example of support and resistance setting up on 2 hourly candles. Each candle marked clearly shows that one candle found support while the other found resistance.
If you want to know where price is heading start small. Hourly charts are the most accurate throughout the world time table. 4hr/daily can start at different times giving you different candles depending on your broker's start time. So, I trade 1 hour most often.Ignored
DislikedOk.
K.I.S.S.!!!!
I am making a prediction based on this 1hr G/J chart. If price penetrates either 224.92 or 224.06 it will hit the ext. on that side before it breaks the other side again.
Lets see!Ignored
DislikedIn this case the price is close enough anyway but make sure you fib the closest resistance as the high if you are going short and the closest support if you go long. I think I said that right....lol. I think you will know what I mean.
15mn GJ isn't an easy read, so make sure you aren't trading against the 1 hour or at least make sure your ext isn't sandwiched by S/R from another move. 1hr is a safer bet for those just starting out.Ignored
DislikedAppreciated Skunny! In this case I am pretty sure price is headed to 223.55 for at least another decent bounce. Because of some longer term Res. there.
Care to comment on my 1hr fib?Ignored
DislikedNice work Lowell I love it when a plan comes together!
I had my tp 3 set at 233.60 because I love round #s tp 4 looks like a no go.. but both were 6's so meh.I got lazy
I agree with that level 223.55 but I can deal with 5 pips
I MIGHT draw the 1hr differently just due to the s/r being set at lower levels but maybe as a controlling range. I see 3 different 100's from yours.
I would do that to tag the moves quicker and capitalize on movements faster.
Sizz.Ignored
DislikedKeeping it simple means to stay off long term trades, you don't need to know where it might end up in 3 weeks.When you create a fib range price can retrace anywhere in that range, this could be hundreds to thousands of pips. You would need to enter the market in "hedge fashion" if you are going to concentrate on getting a large move.
Here is an example of support and resistance setting up on 2 hourly candles. Each candle marked clearly shows that one candle found support while the other found resistance.
If you want to know where price is heading start small. Hourly charts are the most accurate throughout the world time table. 4hr/daily can start at different times giving you different candles depending on your broker's start time. So, I trade 1 hour most often.Ignored