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  • #2,301
  • Aug 5, 2008 8:30pm Aug 5, 2008 8:30pm
similar to eurusd... short resistance at 1.9661, consider obstacles at 1.9340 (used and abused support) or 1.9151 50% fib retrace... kind of a confluence there that has been tested (probably too many times) before, so a break down to the 61.8% area could be a likely target to consider buying into a possibly developing downward channel...
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  • #2,302
  • Aug 5, 2008 11:00pm Aug 5, 2008 11:00pm
Quoting len979
LONG eur/usd 1.5464, stop 1.5406, TP 1.5564

bought off 78.6% fib
Just sold half eur/usd position @ 1.5496 +32 and set stop on the rest at breakeven. I'll add more on any decent retracement
  • #2,303
  • Aug 5, 2008 11:03pm Aug 5, 2008 11:03pm
Quoting fxid10t
perhaps another shorting opportunity...
Thanks for heads up. I'll short it if it gets to 99.80
  • #2,304
  • Aug 5, 2008 11:04pm Aug 5, 2008 11:04pm
I went short gbp/jpy at 212.04 a few hrs ago
  • #2,305
  • Aug 5, 2008 11:12pm Aug 5, 2008 11:12pm
Quoting len979
I went short gbp/jpy at 212.04 a few hrs ago
Isn't it a bad idea considering triple swap tomorrow which should run it till tomorrow evening....
  • #2,306
  • Aug 5, 2008 11:15pm Aug 5, 2008 11:15pm
Quoting ffbk
Isn't it a bad idea considering triple swap tomorrow which should run it till tomorrow evening....
I try not to worry about paying interest, but instead concentrate on making profitable trades 5 1/2 days a week. I consider swap and spreads to be costs of playing the game
  • #2,307
  • Aug 5, 2008 11:17pm Aug 5, 2008 11:17pm
Possible trading opportunity, eur/cad from 1.62 resistance, tp 1.35
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  • #2,308
  • Aug 5, 2008 11:19pm Aug 5, 2008 11:19pm
Quoting len979
I try not to worry about paying interest, but instead concentrate on making profitable trades 5 1/2 days a week. I consider swap and spreads to be costs of playing the game

Agree... I am not against paying swap... What i mean is that i have been noticing that GJ runs well into Wed no matter how weak it looks till tuesday. So its not matter of paying small interest but it jumping on wednesday...
  • #2,309
  • Aug 5, 2008 11:24pm Aug 5, 2008 11:24pm
Quoting ffbk
Agree... I am not against paying swap... What i mean is that i have been noticing that GJ runs well into Wed no matter how weak it looks till tuesday. So its not matter of paying small interest but it jumping on wednesday...
im looking to take a scalp at 212.13. any thoughts on that trade?
  • #2,310
  • Aug 5, 2008 11:35pm Aug 5, 2008 11:35pm
Quoting ffbk
Agree... I am not against paying swap... What i mean is that i have been noticing that GJ runs well into Wed no matter how weak it looks till tuesday. So its not matter of paying small interest but it jumping on wednesday...
hmmm had not thought of that. Thanks for heads up. Maybe I'll hold till thursday
  • #2,311
  • Aug 5, 2008 11:41pm Aug 5, 2008 11:41pm
Morning,

looking at 10850 for ashort on this one if this level doesn't hold there is some more heavy ressistance around the 10880 area so not too much of a wide stop needed if things go pear shaped
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  • #2,312
  • Aug 6, 2008 12:12am Aug 6, 2008 12:12am
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I was curious...

I loaded the price ( 1.5445 ) to see how many times it had been a high and/or a low. This is the price that put in the "3". 1.5445 has been a low 11 times in the last 1920 hours ( 80 days * 24 hours ). Looks like this works.
  • #2,313
  • Aug 6, 2008 12:20am Aug 6, 2008 12:20am
Hey Codemuncher,

So those high and low equations you entered for 80 days that brought back the 11 lows....is that basic S&R locating? I am a noob.......where might one get a platform or software that does that kind of thing. I reall need to study S&R and there are plenty of things on the web to read, but I hear that even for those with more experience various traders can lok at the same data but all come up with different s&r levels......I want to make sure that I learn asap to define s&R the way say BRV would or you or others.....any thoughts?

Kyle
The way is narrow
  • #2,314
  • Aug 6, 2008 12:42am Aug 6, 2008 12:42am
Short GBP USD 1.9650
Gone to a better place
  • #2,315
  • Aug 6, 2008 12:58am Aug 6, 2008 12:58am
Quoting CodeMuncher
Attachment

I was curious...

I loaded the price ( 1.5445 ) to see how many times it had been a high and/or a low. This is the price that put in the "3". 1.5445 has been a low 11 times in the last 1920 hours ( 80 days * 24 hours ). Looks like this works.

are you willing to share this nifty guage that measures the number of times a level has been a high or a low codemuncher ??
  • #2,316
  • Aug 6, 2008 1:16am Aug 6, 2008 1:16am
Quoting Sainz4Pips
Hey Codemuncher,

So those high and low equations you entered for 80 days that brought back the 11 lows....is that basic S&R locating? I am a noob.......where might one get a platform or software that does that kind of thing. I reall need to study S&R and there are plenty of things on the web to read, but I hear that even for those with more experience various traders can lok at the same data but all come up with different s&r levels......I want to make sure that I learn asap to define s&R the way say BRV would or you or others.....any thoughts?

Kyle
It's much simpler than that. If you input a price and the number of bars to look back, the indicator checks that price against each bar's high and low. If the price equals the high, it adds 1 to the high count and if equal to the bar's low, adds 1 to the low count. After looping through, you have how many times THAT PRICE was a high and/or a low. Pretty cool, huh?

This isn't really defining support/resistance, it is reporting how many times this price acted as support/resistance over the number of bars looked at ASSUMING that the high is resistance and the low is support.

It could only take 1 time for a valid support/resistance level to be established. So don't get caught up in the numbers. But since this works in real time, you can have an idea what the current price "means" in terms of support/resistance. That's all there is to it.
  • #2,317
  • Aug 6, 2008 1:35am Aug 6, 2008 1:35am
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I just got an update of the indicator. You can specify tolerance. So when I put in the price of 1.5445 with a tolerance of +/- 1 pip, I get more hits. This should be handy.
  • #2,318
  • Aug 6, 2008 1:37am Aug 6, 2008 1:37am
Quoting CodeMuncher
Attachment

I just got an update of the indicator. You can specify tolerance. So when I put in the price of 1.5445 with a tolerance of +/- 1 pip, I get more hits. This should be handy.
Care to share your handy-dandy indicator?
  • #2,319
  • Aug 6, 2008 1:40am Aug 6, 2008 1:40am
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A tolerance of +/- 5 pips is producing a lot more hits. I will have to watch this to discover what tolerance, if any, works best.
  • #2,320
  • Edited 1:59am Aug 6, 2008 1:58am | Edited 1:59am
Quoting rogerdoger
im looking to take a scalp at 212.13. any thoughts on that trade?

I got stopoped out at -40 pips on this unfortunately granite it is only a demo but it seems like the Cable in general spiked in the last hour for some reason



BTW thanks Codemuncher for the answer!
The way is narrow
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