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  • #1,921
  • Jul 31, 2008 2:25pm Jul 31, 2008 2:25pm
Quoting harooki2
Has there been any discussion about how to draw the lines for horizontal support and resistance in this thread? I have experimented with drawing a line at every swing point (high and low) I see on the one hour, 4 hour, and Daily to see where they cluster. My lookback is a max of 240 bars.

This is obviously a lot of work and maybe overkill. This is the most intelligent and usefull discussion I've found in several years of visiting a myriad of Forex forums, so I'm hoping someone will give me some guidance on this.
BRV suggested this site: http://fxtrade.oanda.com/resources/u...Strategy.shtml

At the end of most of their articles is the UBS suggetstions for support and resistance, as well as guidance for where they see the pairs going. I have already used this successfully just by looking at their suggestions and verifying them historically on my charts - seems to be good. The other thing I use are Pivot Points and Fib Retraces - I only trade the four majors and each of them stopped their moves today at a variety of points. 1 at a Pivot - 2 at new lines lines that I verified have historical significance and 1 at the 23.6 Fib. Hope this helps.
  • #1,922
  • Jul 31, 2008 2:52pm Jul 31, 2008 2:52pm
Quoting len979
LONG eur/usd 1.5470, stop 1.5444, TP 1.5574

SHORT nzd/usd 0.7390-0.7400, stop 0.7418, TP 0.7354

SHORT eur/chf 1.6358, stop 1.6385, TP 1.6258

LONG aud/usd 0.9338 - 0.9290, stop 0.9262, TP 0.9460 ...This call has a wide range. Use your judgement to scale in.

LONG aud/jpy 100.22 - 100.00, stop 99.74, TP 101.28

LONG eur/usd 1.5310 - 1.5282, stop 1.5256, TP 1.5450

LONG gbp/usd 1.9690 - 1.9670, stop 1.9634, TP 1.9780 and 2.0050

SHORT usd/chf 1.0600 - 1.0610 - 1.0620, stop 1.0654, TP 1.0470

enjoy!


http://www.forexfactory.com/images/misc/progress.gif

Thank you for this call...I went short EUR/CHF at 1.6350....hoping to contribute more in the future
  • #1,923
  • Jul 31, 2008 2:58pm Jul 31, 2008 2:58pm
Quoting harooki2
Has there been any discussion about how to draw the lines for horizontal support and resistance in this thread? I have experimented with drawing a line at every swing point (high and low) I see on the one hour, 4 hour, and Daily to see where they cluster. My lookback is a max of 240 bars.

This is obviously a lot of work and maybe overkill. This is the most intelligent and usefull discussion I've found in several years of visiting a myriad of Forex forums, so I'm hoping someone will give me some guidance on this.

Sorry harooki but I'm not too sure how to respond to this as this thread is quite literally flooded with examples on drawing them. Could you be a little more specific perhaps? I think your best bet might be to look back as there have been many discussions on drawing them. thanks,
  • #1,924
  • Jul 31, 2008 3:01pm Jul 31, 2008 3:01pm
I will look back over every post again, but I guess a simpler way to ask the question is this: Are the lines drawn as a result of judgment; how do you select the touch points?
  • #1,925
  • Jul 31, 2008 3:06pm Jul 31, 2008 3:06pm
Quoting harooki2
I will look back over every post again, but I guess a simpler way to ask the question is this: Are the lines drawn as a result of judgment; how do you select the touch points?
hmmmm....I think your best bet is to take a look at whats been written here and screen time in viewing price action and seeing how these levels react in different situations. Sounds like an issue of becoming used to seeing and recognizing them more than anything else...practice makes perfect. I would recommend taking a look at posted trades and seeing all the different scenarios that take place......it becomes second nature after a while.
  • #1,926
  • Jul 31, 2008 3:11pm Jul 31, 2008 3:11pm
Quoting harooki2
I will look back over every post again, but I guess a simpler way to ask the question is this: Are the lines drawn as a result of judgment; how do you select the touch points?
Definitely odwnload the document in this poinst, http://forexfactory.com/showpost.php...postcount=1873
along with the PDF. They go into the S/R levels in detail. And like BRV said, practice, and review his calls. I've been reading this thread nearly since BRV started it, and I've read every post, some many times. It's an effort that will pay off.
  • #1,927
  • Jul 31, 2008 3:59pm Jul 31, 2008 3:59pm
I have a sugestion...If it is alright with BRV , why not open another No Brainer thread for member calls . I'm afraid this thread will be burried with tons of trade calls soon.
  • #1,928
  • Jul 31, 2008 4:06pm Jul 31, 2008 4:06pm
That would be a prudent proposition......... only if BRV agrees (one thread for discussions and other one for Calls/Set ups........ He has done a lot and taken time to inculcate important concepts to navigate this beast .................

Quoting Greenhaze
I have a sugestion...If it is alright with BRV , why not open another No Brainer thread for member calls . I'm afraid this thread will be burried with tons of trade calls soon.
BANDA333
  • #1,929
  • Jul 31, 2008 5:02pm Jul 31, 2008 5:02pm
Quoting Greenhaze
I have a sugestion...If it is alright with BRV , why not open another No Brainer thread for member calls . I'm afraid this thread will be burried with tons of trade calls soon.
Just because BRV created the thread do not think for one min that he is the only one in this thread capable of calling trades. You will miss out on a lot of pips if u wait for his confirmation.
  • #1,930
  • Jul 31, 2008 5:07pm Jul 31, 2008 5:07pm
Can anyone share with me what they use to determine support and resistance? Are you just looking at points where price most frequently 'stopping' at? Basically Im comming round to the idea that less is more. I have been through many many indicators and relised that a lot of them say the same story, and I prefere support/ resistance/ trend lines etc as its just easy to digest.
Any advice on this kind of trading appreciated. Is it better suited to larger timeframes?
  • #1,931
  • Jul 31, 2008 5:54pm Jul 31, 2008 5:54pm
Quoting dnic24
Just because BRV created the thread do not think for one min that he is the only one in this thread capable of calling trades. You will miss out on a lot of pips if u wait for his confirmation.
You missed the whole point of my post by far. I just think it would be much clearer to open different thread for other calls and make the call table available there. IMO it is better to leave this thread in clean fashion it used to be. This is one of the best threads here where we can learn a lot and it would be hard to find valuable info in the pile of other people calls.
  • #1,932
  • Jul 31, 2008 5:58pm Jul 31, 2008 5:58pm
Quoting Bogdus
very funny, sorry
Oh come on... do not be sorry about it
  • #1,933
  • Jul 31, 2008 6:21pm Jul 31, 2008 6:21pm
Quoting smikester
I'm hoping it's not something more obvious than lower lows, followed by lower highs, then higher lows followed by higher highs, and so on.

Please Mr Ironman, put me out of my misery.
The wicks are the give away. If you study closely you will see how they often line up opposite the next move
Energy and persistence conquer all things! Ben Franklin
  • #1,934
  • Jul 31, 2008 7:15pm Jul 31, 2008 7:15pm
Quoting Iron-man
The wicks are the give away. If you study closely you will see how they often line up opposite the next move
wicks=weaker fishes=us ? is this a right equation Ironman. Just a thought on that ...
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #1,935
  • Jul 31, 2008 7:28pm Jul 31, 2008 7:28pm
Quoting djambazov84
wicks=weaker fishes=us ? is this a right equation Ironman. Just a thought on that ...
Wicks definately equal weakness. If you are comparing traders to fisherman who are looking for a good place to fish then yes that would be it.
Energy and persistence conquer all things! Ben Franklin
  • #1,936
  • Jul 31, 2008 7:36pm Jul 31, 2008 7:36pm
The EUR/JPY has a distinctive KA-BOING! Noise coming from it @ about 167.55-.50 (Im thinking .51)
  • #1,937
  • Jul 31, 2008 7:43pm Jul 31, 2008 7:43pm
Quoting lemmingboiv2
The EUR/JPY has a distinctive KA-BOING! Noise coming from it @ about 167.55-.50 (Im thinking .51)
Looks like it may test the 166.
  • #1,938
  • Jul 31, 2008 7:47pm Jul 31, 2008 7:47pm
Quoting Seaward22
Looks like it may test the 166.

Overall Pip wise, I hope it does.... NOM NOM NOM (There is no smiley for eating of pips)
  • #1,939
  • Jul 31, 2008 7:48pm Jul 31, 2008 7:48pm
Morning,

Looking at a long trade for this pair. Entry around 0.9325 If this fails to dish out the pips there is a nice 61 fib line with support below @ 9288 which i can place a stop under.

Take it easy on each other out there folks.
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  • #1,940
  • Jul 31, 2008 7:52pm Jul 31, 2008 7:52pm
Quoting Iron-man
Wicks definately equal weakness. If you are comparing traders to fisherman who are looking for a good place to fish then yes that would be it.
Good to see you around here Iron-man
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