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soltani's support/resistance trading

  • #21
  • Jun 30, 2008 5:07pm Jun 30, 2008 5:07pm
Quoting soltani
Went short the usd/chf after the touch of the resistance at 1.0215 with a confluence of 61.2.

entered: 1.0211
s/l: 1.0241
t/p: 1.0135
Isn't it funny how things work out? For whatever reason, I picked 1.0215 as my exit price on my quick long I took this morning, so your post makes me feel much more firmly in my decision since now I can see things from a different perspective. Best of luck mate!
Never underestimate the powers of the Force.
  • #22
  • Jun 30, 2008 9:15pm Jun 30, 2008 9:15pm
Quoting The Jedi
Isn't it funny how things work out? For whatever reason, I picked 1.0215 as my exit price on my quick long I took this morning, so your post makes me feel much more firmly in my decision since now I can see things from a different perspective. Best of luck mate!
Glad I could be of some help. Same to you buddy.
  • #23
  • Edited 6:38am Jul 1, 2008 6:15am | Edited 6:38am
usd/cad: -30 pips

manually closed usd/chf at 1.0145 for +66 pips

I just entered a new trade for usd/cad. A retracement to a major support with a confluence of 50.

long: 1.0145
s/l: 1.0125
t/p: 1.0170

*edit: t/p hit for usd/cad: +25 pips
Attached Image
  • #24
  • Jul 1, 2008 6:51am Jul 1, 2008 6:51am
A weekly pinbar on eur/jpy and a retracement to a major resistance with confluence of 61.8.

sell limit: 166.85
s/l: 167.15
t/p: 165.65
Attached Images
  • #25
  • Jul 1, 2008 4:30pm Jul 1, 2008 4:30pm
Well, I guess sometimes it works and sometimes it doesn't. My way of trading is pretty risky. I usually enter trades based on touches of support/resistance with confluence. There might be strings of losses. On the other hand the r/r is well worth it which enables me to be profitable in the long run.

eur/jpy: -30 pips

New trade: eur/jpy
short: 167.60
s/l: 167.90
t/p: 167.10

Reason: As you can see on the chart, price has reached resistance with confluence of 61.8 and trendline.
Attached Images
  • #26
  • Jul 1, 2008 5:38pm Jul 1, 2008 5:38pm
short: 2.0350
s/l: 2.0387
t/p: 2.0240
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  • #27
  • Jul 2, 2008 8:18pm Jul 2, 2008 8:18pm
eur/jpy: -30 pips
gbp/chf: +110 pips

usd/jpy
long: 105.82
s/l: 105.52
t/p: 106.65
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  • #28
  • Jul 2, 2008 8:21pm Jul 2, 2008 8:21pm
long: 168.05
s/l: 167.75
t/p: 168.60
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  • #29
  • Jul 2, 2008 8:25pm Jul 2, 2008 8:25pm
short: 1.6515
s/l: 1.6545
t/p: 1.6450
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  • #30
  • Jul 2, 2008 8:28pm Jul 2, 2008 8:28pm
short: 1.6090
s/l: 1.6120
t/p: 1.6020
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  • #31
  • Jul 3, 2008 7:50am Jul 3, 2008 7:50am
eur/jpy: +55 pips
usd:/jpy: manually closed for +73 pips
eur/cad: -30 pips
eur/aud -30 pips

Total this week: +99 pips
Total since June 27: +226 pips
  • #32
  • Jul 8, 2008 5:31am Jul 8, 2008 5:31am
Waited for break of support and entered on pullback.

short: 106.60
s/l: 106.90
t/p: 106.15
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  • #33
  • Jul 8, 2008 12:53pm Jul 8, 2008 12:53pm
usd/jpy: -30 pips

Just entered eur/usd on pullback.
short: 1.5672
s/l: 1.5700
t/p: 1.5615

Also shorted cable a while back (didn't have time to post a chart). I entered the trade based on a daily pullback to resistance. Unfortunately, I entered a bit late but the r/r ratio was still good.

short: 1.9722
s/l: 19825
t/p: 1.9590
Attached Images
  • #34
  • Jul 9, 2008 4:43am Jul 9, 2008 4:43am
eur/usd: -28 pips

Just added another position to my gbp/usd trade.

short: 1.9704
s/l: 1.9734
t/p: 1.9590
Attached Image
  • #35
  • Jul 9, 2008 5:20pm Jul 9, 2008 5:20pm
Hi,
I am also trying to start trading based on support and resistance. Mainly EURUSD. I will watch your thread closely now.

Leo
  • #36
  • Jul 9, 2008 6:49pm Jul 9, 2008 6:49pm
Soltani,

Can you tell me what options/tools do you use to get those blue lines for S/R on your charts? Is it l.r.

Thank you
  • #37
  • Jul 9, 2008 7:30pm Jul 9, 2008 7:30pm
Quoting leo9
Hi,
I am also trying to start trading based on support and resistance. Mainly EURUSD. I will watch your thread closely now.

Leo
Hey Leo,

I used to trade price action based on support/resistance areas for confirmation. Now, I trade mostly on touches for a better r/r ratio but a lower winning percentage overall. The r/r till makes up for it though. A true professional in this method is raczekfx. I suggest you check out his posts as well.

Happy trading
  • #38
  • Jul 9, 2008 7:31pm Jul 9, 2008 7:31pm
Quoting forex4me
Soltani,

Can you tell me what options/tools do you use to get those blue lines for S/R on your charts? Is it l.r.

Thank you
I just use the rectangle option in Metatrader to draw them. You can find it in: Insert, Shapes, Rectangle. Hope this helps.
  • #39
  • Jul 9, 2008 7:38pm Jul 9, 2008 7:38pm
gbp/usd: -103 pips
gbp/usd: -30 pips

Cable just changed direction on me. So now I'm going long. The daily closed about resistance and I entered long based on the pullback.

long: 1.9810
s/l: 1.9780
t/p: 1.9880

eur/usd closed above resistance and I entered on the pullback.

long: 1.5730
s/l: 1.5700
t/p: 1.5860
Attached Images
  • #40
  • Jul 10, 2008 1:31pm Jul 10, 2008 1:31pm
Quoting soltani
Hey Leo,

I used to trade price action based on support/resistance areas for confirmation. Now, I trade mostly on touches for a better r/r ratio but a lower winning percentage overall. The r/r till makes up for it though. A true professional in this method is raczekfx. I suggest you check out his posts as well.

Happy trading

Hi Soltani,
I didn't understand when you said 'touches'. Do you mean resistance/support area touches ??. Could you please eloborate on how you take a trade. For me I try to place in trade between daily pivot and first resistance/support area. For EUR/USD it works really nice. I will apreciate if could please explain how you take a trade.

Thanks
Leo
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