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Is this the correct way to draw S&R lines?

  • #21
  • Aug 20, 2023 7:57pm Aug 20, 2023 7:57pm
Quoting Stevooo
{quote} i kind like got it right here anything you want to me to improve? Broken point and close above {image}
you took entry on the first candle that broke resistant, not waiting for retest.
this is risky.
ITB - Seeing Orderliness amongst 'Randomness'
  • #22
  • Aug 20, 2023 10:34pm Aug 20, 2023 10:34pm
Quoting Inthebox
{quote} you took entry on the first candle that broke resistant, not waiting for retest. this is risky.
I remembered that and you said 3 candles swing low and close above it right ? But what is 3 candles swing low ?
  • #23
  • Aug 20, 2023 10:53pm Aug 20, 2023 10:53pm
Quoting Stevooo
{quote} I remembered that and you said 3 candles swing low and close above it right ? But what is 3 candles swing low ?
3 candles swing low is a fractal.
instead of the normal 5 candles fractal, 2 to the left, 2 to to the right, you have only 1 to the left above 1 to the right above the middle candle.

your first entry did not close above line 2, only line 1.
further more there was no retracement at all.
line 2 can still act as resistant right?
the price action is like half hearted attempt, very sloppy.
remember break, then retracement, then above the broken line.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #24
  • Aug 20, 2023 11:23pm Aug 20, 2023 11:23pm
Quoting Inthebox
{quote} 3 candles swing low is a fractal. instead of the normal 5 candles fractal, 2 to the left, 2 to to the right, you have only 1 to the left above 1 to the right above the middle candle. your first entry did not close above line 2, only line 1. further more there was no retracement at all. line 2 can still act as resistant right? the price action is like half hearted attempt, very sloppy. remember break, then retracement, then above the broken line. {image}
lol i kind of understand that like we can't long at broken point. we need to wait until the retracement points close above that resistance, right? But i don't get it when breaks the resistance point sometimes i when back to the resistance or even lower than the resistance
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  • #25
  • Edited 11:41pm Aug 20, 2023 11:29pm | Edited 11:41pm
Quoting Stevooo
{quote} lol i kind of understand that like we can't long at broken point. we need to wait until the retracement points close above that resistance, right? But i don't get it when breaks the resistance point sometimes i when back to the resistance or even lower than the resistance {image}
you drawn 2 resistant line and that confused you want to enter long when line 1 broken and retraced.
do not look at them as exact lines to enter.
look at them as zones. line 1 and line 2 formed one resistant zone.
so the top of resistant zone has to be cleared out.

most times when resistant broken, price will want to retrace and test that resistant.
how far the retracement can go below, that we do not know.
or when the resistant is not a strong one, can later turned back into a support.
we just do not know.
we can only use our past years of experiences to make a judgement.
this one cannot explain. it's a gut feeling.
ITB - Seeing Orderliness amongst 'Randomness'
  • #26
  • Aug 20, 2023 11:32pm Aug 20, 2023 11:32pm
this chart tells you the whole story line and it is very clear.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #27
  • Aug 20, 2023 11:45pm Aug 20, 2023 11:45pm
Quoting Inthebox
this chart tells you the whole story line and it is very clear. {image}
Another example is like this, i can short here right ?
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  • #28
  • Aug 21, 2023 12:08am Aug 21, 2023 12:08am
Quoting Stevooo
{quote} Another example is like this, i can short here right ? {image}
follow the higher time frame direction

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ITB - Seeing Orderliness amongst 'Randomness'
  • #29
  • Aug 21, 2023 12:34am Aug 21, 2023 12:34am
my current trade.
after tp1 put to break even.
go to my thread if you want to know more.
however they are all advanced stuff.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #30
  • Aug 21, 2023 1:39am Aug 21, 2023 1:39am
Quoting Inthebox
{quote} follow the higher time frame direction {image}
on this time frame is up trend so can wait for it to break and retest and close above so i can long right ?
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  • #31
  • Aug 21, 2023 2:06am Aug 21, 2023 2:06am
Quoting Stevooo
{quote} on this time frame is up trend so can wait for it to break and retest and close above so i can long right ? {image}
higher time frame for direction bias.
price above 2 trend lines, so look for long.
go lower time frames to find trade set ups.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #32
  • Aug 21, 2023 2:21am Aug 21, 2023 2:21am
One can use the fibs as levels too. But i prefer the one's with equal distance like if its .5 then .5 all throughout. If .3 then .3 all throughout.
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Trading is gambling. So gamble responsibly.
  • #33
  • Aug 21, 2023 4:52am Aug 21, 2023 4:52am
Quoting Inthebox
{quote} higher time frame for direction bias. price above 2 trend lines, so look for long. go lower time frames to find trade set ups. {image}
the result
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ITB - Seeing Orderliness amongst 'Randomness'
  • #34
  • Aug 21, 2023 5:07am Aug 21, 2023 5:07am
[quote=Inthebox;14543264]{quote} higher time frame for direction bias. price above 2 trend lines, so look for long. go lower time frames to find trade set ups. {image}[/quoti
i know i'm wrong but i don't what's wrong with this? Please tell me
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  • #35
  • Aug 21, 2023 5:50am Aug 21, 2023 5:50am
[quote=Stevooo;14543489]
Quoting Inthebox
{quote} higher time frame for direction bias. price above 2 trend lines, so look for long. go lower time frames to find trade set ups. {image}[/quoti i know i'm wrong but i don't what's wrong with this? Please tell me {image}
1. you had chosen a pair that has been ranging for more than 3 days.
2. price reacted to higher time frame h4 engulf candle as a stronger support.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #36
  • Aug 21, 2023 6:02am Aug 21, 2023 6:02am
[quote=Inthebox;14543537]
Quoting Stevooo
{quote} 1. you had chosen a pair that has been ranging for more than 3 days. 2. price reacted to higher time frame h4 engulf candle as a stronger support. {image} {image}
1. So, we can the engulf candle when that the body of the candle is bigger than the previous one right? The example is the pic under here. can i call it engulf? just want to understand engulf candle clearly
2. i need to avoid the pair that sideway for many days right?
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  • #37
  • Aug 21, 2023 6:11am Aug 21, 2023 6:11am
[quote=Stevooo;14543550]
Quoting Inthebox
{quote} 1. So, we can the engulf candle when that the body of the candle is bigger than the previous one right? The example is the pic under here. can i call it engulf? just want to understand engulf candle clearly 2. i need to avoid the pair that sideway for many days right? {image}
1. yes. which one is more powerful. m15 or h4 engulf candle?
2. if you have 4 points touching in a rectangle, 2 on top, 2 below, that is already ranging.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #38
  • Aug 21, 2023 6:22am Aug 21, 2023 6:22am
[quote=Inthebox;14543560]
Quoting Stevooo
{quote} 1. yes. which one is more powerful. m15 or h4 engulf candle? 2. if you have 4 points touching in a rectangle, 2 on top, 2 below, that is already ranging. {image}
1. i think 4hour one is more powerful right?
2. Do you think trading in london and new york session has more chance of taking tp due to high volume?
3. Just want to ask if I identify the resistance, right? and i will put the entry if it breaks the point and retracement close above the resistance point right?
4. Which time frame you prefer to set up the trade 5 or 15?
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  • #39
  • Aug 21, 2023 6:25am Aug 21, 2023 6:25am
[quote=Stevooo;14543570]
Quoting Inthebox
{quote} 1. i think 4hour one is more powerful right ? 2. Do you think trading in london and new york session has more chance of taking tp due to high volume?
1. yes.
2. yes. but be very careful of news, especially ny session which is not straight forward.
at times when ldn session moved a lot, ny session ranging.
or ldn session ranging, ny session moved a lot. something like that.
ITB - Seeing Orderliness amongst 'Randomness'
  • #40
  • Edited 7:09am Aug 21, 2023 6:35am | Edited 7:09am
[quote=Inthebox;14543573]
Quoting Stevooo
{quote} 1. yes. 2. yes. but be very careful of news, especially ny session which is not straight forward. at times when ldn session moved a lot, ny session ranging. or ldn session ranging, ny session moved a lot. something like that.
About this trade i got this afternoon. On the time frame 15 and 5, they all have difference entry points. i'm crurious about that which one should i choose or i prefer
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