Back testing the oversold neckline
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- #127,785
- Mar 2, 2021 10:52pm Mar 2, 2021 10:52pm
- Joined May 2014 | Status: Full Time Trader | 27,259 Posts
Wow.. waking up to a 12 pips range Asian session.. Pancake day 
Focus only on what truly matters!
- #127,787
- Mar 2, 2021 11:13pm Mar 2, 2021 11:13pm
- Joined May 2014 | Status: Full Time Trader | 27,259 Posts
Daily S/R Levels for Wednesday
Nearest resistance and bull target: 1.2114 area roughly!
Nearest support and bear target: 1.2052 area roughly!
I hope it helps
Nearest resistance and bull target: 1.2114 area roughly!
Nearest support and bear target: 1.2052 area roughly!
I hope it helps
Focus only on what truly matters!
- #127,791
- Mar 3, 2021 12:28am Mar 3, 2021 12:28am
- Joined May 2014 | Status: Full Time Trader | 27,259 Posts
For those who are interested in the formula of how the standard daily S/R levels are calculated:
P = (yesterday's high + yesterday's low + yesterday's close) / 3;
R1 = (P x 2) - yesterday's low
R2 = P + yesterday's high - yesterday's low
R3 = (P x 2) + yesterday's high - (yesterday's low x 2)
S1 = (P x 2) - yesterday's high
S2 = P - yesterday's high - yesterday's low
S3 = (P x 2) - (yesterday's high x 2) - yesterday's low
Since these values will vary from broker to broker most traders will not have the exact same value.. I hope it helps
P = (yesterday's high + yesterday's low + yesterday's close) / 3;
R1 = (P x 2) - yesterday's low
R2 = P + yesterday's high - yesterday's low
R3 = (P x 2) + yesterday's high - (yesterday's low x 2)
S1 = (P x 2) - yesterday's high
S2 = P - yesterday's high - yesterday's low
S3 = (P x 2) - (yesterday's high x 2) - yesterday's low
Since these values will vary from broker to broker most traders will not have the exact same value.. I hope it helps
Focus only on what truly matters!
- #127,792
- Mar 3, 2021 1:04am Mar 3, 2021 1:04am
- Joined May 2014 | Status: Full Time Trader | 27,259 Posts
Focus only on what truly matters!
- #127,793
- Mar 3, 2021 1:21am Mar 3, 2021 1:21am
- Joined Sep 2017 | Status: Trader | 4,493 Posts | Online Now
- #127,794
- Edited 2:11am Mar 3, 2021 1:48am | Edited 2:11am
Right now, we should experience some resistance since we are hitting this area that is broken support as resistance. Under normal circumstances I would exit my long and go short here, but my master plan says to short at 1.21258 so I will do that instead.
My stop for the long is at BE so I don't mind losing profits if I'm wrong. Another thing is I expect a M for a true reversal, I don't see one here. If 1.21258 doesn't hold, my strategy says we are no longer in a down trend and I got no idea what's gonna happen next
Edit: expecting a bounce from 1.2085 , any lower and I guess this was the reversal point.
Edit 2: When these events occurs next time and I expect a dip, I should take profit and look to re-enter long on the pullback if I truly expect this to keep going up. I avoid doing this for "simplicity" but realize I am just leaving profits on the table as this happens consistently. But I guarantee the one time I do it, price punches right through the resistance haha
My stop for the long is at BE so I don't mind losing profits if I'm wrong. Another thing is I expect a M for a true reversal, I don't see one here. If 1.21258 doesn't hold, my strategy says we are no longer in a down trend and I got no idea what's gonna happen next
Edit: expecting a bounce from 1.2085 , any lower and I guess this was the reversal point.
Edit 2: When these events occurs next time and I expect a dip, I should take profit and look to re-enter long on the pullback if I truly expect this to keep going up. I avoid doing this for "simplicity" but realize I am just leaving profits on the table as this happens consistently. But I guarantee the one time I do it, price punches right through the resistance haha
- #127,795
- Mar 3, 2021 1:52am Mar 3, 2021 1:52am
- Joined May 2014 | Status: Full Time Trader | 27,259 Posts
Focus only on what truly matters!
- #127,796
- Mar 3, 2021 2:21am Mar 3, 2021 2:21am
- Joined Jun 2020 | Status: Trader | 1,175 Posts
Another day, another dollar.
{quote} Hey Ata, many thanks for your analyses! Just wanted to ask how you determine the slope you use of the blue lines. Are these discretionary and then parallel or do they have a specific angle?
https://www.forexfactory.com/thread/...-explained-faq
Cheers
- #127,798
- Mar 3, 2021 2:36am Mar 3, 2021 2:36am
- Joined May 2014 | Status: Full Time Trader | 27,259 Posts
{quote} Hey Ata, many thanks for your analyses! Just wanted to ask how you determine the slope you use of the blue lines. Are these discretionary and then parallel or do they have a specific angle?
Focus only on what truly matters!
- #127,799
- Edited 3:03am Mar 3, 2021 2:46am | Edited 3:03am
{quote} What do you mean? could you explain that?
...//
W1 barı DwR 50% dip yapmış ve bu seviyeden geri dönüş yaptı.. UpR (çizilen 2 grafik UpR baz alındı) göre tepenin 50% olması gerekli ...bu nedenle yukarı çıkıp UpR 50% tamamlamak zorunda ve işte bunu yaptı...(ata hocam bunun size cevirisini yapar ....bol şanslar
- #127,800
- Mar 3, 2021 2:52am Mar 3, 2021 2:52am
- Joined Jun 2020 | Status: Trader | 1,175 Posts
{quote} This was asked gazillion times.. My other thread provided the answers but long story short: based on your own charts find the angle based on past candles and use the same angle as long as it works.. Think practical
Another day, another dollar.