S & R Cracked

OK, here's the deal.
I will only respond to questions that exhibit study has been involved.
Flipant Tell Me How and Tell Me the Quick Way, will be ignored.

I have my own opinions on what s&r is but 'am willing to admit that I still learn from others.[hopefully on a daily basis]

I don't trade Naked Charts. Never have and probably Never Will. I don't like leaving such events to my current state of mind. I build graphics and take my time doing so to ensure, to the best of my ability, that it is based in calm evaluation and judgement of the current situation. These are my hammers and saws. The tools of my trade.

Enough pre-amble. Let's get to the point.

The Market(s)are actually a living entity.
You push, I push back.
I get injured, You attack with more resources.
I take from you, You want it back, and then some.
Allies arrive and I storm your camp, You defend the "Keep" to the last man.
I have camped on your doorstep for 6 months or more and finally break it down. Do you expect me to wander in and say hello or storm through your cargo with triumphant zeal?

And so on...

Price action is, in fact, King. But that doesn't mean it can't be measured or observed with the use of a pretty coloured line.

I haven't used an MA based system for > than a decade. Too wishy washy soft and fingers crossed in hope that this will be the big one.

S&R = Milestones and I believe this is how the players measure progress or regress.

The attached image is 100% the result of my own observations of the health and wellness of {pick one} EURUSD.

I suppose the question I have is, Is it interesting enough to you to study it and become proactive or simply say "Draw enough lines on a chart and some of them are bound to be relevant."

ps. FF has been a major contributor to the education of Fresh Meat to the point that I would be interested to get a count on...
Trading FX less than 2 Years.
Still above Initial Deposit {or close to}
Member of Forex Factory Since...

pps. I changed the lipstick on the chart from what I normally use in an effort to ensure you could see it.

A little closer look

intresting

yes, very interesting. go on please. i am also including some significant S/R points in my trading plan.....

This is very near my idea of S&R and ops in trading

The first chart is a Weekly view. only when all the trend lines agree can trades be taken. In this case only longs, because GU is positive

The second chart is a close up of some recent trades made. Only long. because all trend lines must agree...

Right now neither long not short, until price action improves. There are mixed signals

Edit, here is a Daily view and shows when trading stopped just a day ago.

From your chart, S/R did work. Great posts.

I am also interested in S & R trading...when I look for support and resistance I go to the left on my weekly, daily, 4hr and 1 hr chart and just look for bottoms/tops where price moved significantly...I believe it also helps if these points have been hit more than once...

Tails on multiple candles at these points give clues also...if price traded above/below the S & R areas but did not close above/below but instead left a tail(s) that could be a clue that the S or R is holding...I will continue to study this and try to learn more.


PS. Somebody out there is buying low and selling high....we need to find out who and what they know that we don't!

Bemac,

This is very interesting especially considering that is coming from you. A question if I may:

It seems that the S/R are calculated and drawn automatically. Do you see any advantages to this as opposed to manually analyzing the charts and manually drawing the lines?

It's amazing how one chart might seem very clear to one trader and totally confusing to the next one. I look at your charts guys and I see nothing whatsoever.

Anyway, here is my last trade (and the only one I have taken this week). A short on EURCAD for +35 and +40 pips.

Yes I do see advantages. These lines are calculated Subjectivly, Not Objectively.

The only requirement is that you [in the code] Define the criteria {Not the price} of relevant barricades.

Anyone caught the relationship between the Grey & Dark Red yet?

Clue; they are the only straight lines that are Not Horizontal.
Never really know if others see the same colours as I post.

Very nice to see how r/s line can play a big role in our daily trades. Trendlines have been probably the most beneficial in my trades as well, many traders have asked the same question i have asked my self a couple of times; "do you count the wicks of a high/low or just the close of the candle's body?" After some analysis i have come to the conclusion that you take both the wicks and body's close and average them together, i don't expect the price to bounce off the trend line support/res. right away so i use a little help from Rsi once it has clearly created a new trend.

Quite a clue

The Grey lines seem to have smth. to do with bounces and Dark Red with break outs...

The thick grey and dark red dots are drawn at the week open, but I am unable to crack what they mean.

Red is Last Weeks Trendline. Low to High or vice versa.
Grey is the reflection of same.

Man, that's a tough one but I "generally" consider Wicks & Shadows as Inexperienced Overshoot. ie, Noise.
So; How do you know if it is a break or noise?
Ohh.. that's another topic.

I personally tend to respect recent wicks, older ones I'm not concerned with. Someone else on here stated exactly how I feel about indicators and S/R "they are simply points of interest where one makes a decision". The best place to look for price action.

Here's a S/R pic, red is daily (generally respect yesterdays lines, until late in the day) green is the weekly (a tad off, can't select the time period on this mt4 script).

http://filexoom.com/files/2007/4/29/72272/mt4.gif

I personally think that they have little use. They just measure a point in time when price reached a value and reversed and you never know this point until after the event.

Then the same can be said about trend lines... after all, these are points where prices bounced, and you can only draw them after the fact. The only difference between S&R lines and trend lines is that one is always horizontal, and the other is at various angles.

Hi Bemac,

I trade off SR levels... I don't want to hijack your thread. Would you mind me posting my charts?

Actually I and several others here at FF have found that trendlines act very nicely as future S/R lines, and while the future can never be predicted, price often finds S or R at projected trendlines.