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  • #2,421
  • Aug 6, 2008 4:21pm Aug 6, 2008 4:21pm
im out of u/cad doesnt look good
  • #2,422
  • Aug 6, 2008 4:21pm Aug 6, 2008 4:21pm
Quoting CodeMuncher
Attachment

This version of the no brainer support resistance shows how many times the prices have been either Highs or Lows. The current price (orange) and the next 5 prices above/below are listed.


QUESTION FOR BILLYRAY.... How many periods/days/hours would you look back for support/resistance?
CodeMuncher, your work is very interesting and I'm hoping you'll make it available to us all at some point in the future. BRV may or may not respond to this as most folks here are more or less shunning indicators... and in general, probably rightly so. That said, I can tell you that I've seen some cases where BRV has made reference to S/R lines going back a decade or two. Those older ones I think all correlated to higher time frames (Months or at least weeks). I'm not sure if your current analysis is "MTF aware". It is my impression that there is a sort of prioritization of S/R levels. One factor is how recent it is. Another is how high a time frame is it evident on. I'm not saying these are the only factors, but this is some of what I have gleaned. Even if you never make your indicator pulicly available here, I do appreciate your contribution. I expect some might think your work is misplaced here, but I feel that if it helps to quantify and "procedurize" what we are doing here, it adds value. As you know (so I must be talking to everyone else...), coding is evolutionary work, so one shouldn't be too quick to judge an early effort -- especially if it seems to come up short in some respect. It is code. It can be changed. "We can make it better"... Especially if we realize it is a tool to help us see more quickly what we are already attempting to decipher with our own reasoning. Thanks for your efforts.
  • #2,423
  • Aug 6, 2008 4:27pm Aug 6, 2008 4:27pm
long 1.5408 sl 1.5395 tp 1.5440...

sell limit 1.5440 disaster sl 1.5480
Attached Image
  • #2,424
  • Aug 6, 2008 4:38pm Aug 6, 2008 4:38pm
I wrote a post in the Auslanco's G/J thread that some of you guy's following the pair might want to take a look at. It is by no means a no brainer, even titled justly, so I didn't want to clutter this thread with it.

http://www.forexfactory.com/showpost...stcount=105929
  • #2,425
  • Aug 6, 2008 4:51pm Aug 6, 2008 4:51pm
There's a little trick in metatrader to show price on fibo level as showed in attached screenshot.
Just simply open the Fibo object properties go to FiboLevels tab and for each level write the keyword : %$ , you can put something like this :

0.0 - %$
23.6 - %$
and so on..

Hope this helps a little bit

Cheers,
Skyline
Attached Image (click to enlarge)
Click to Enlarge Name: priceonfibo.gif Size: 15 KB
  • #2,426
  • Aug 6, 2008 5:00pm Aug 6, 2008 5:00pm
Quoting Qman
CodeMuncher, your work is very interesting and I'm hoping you'll make it available to us all at some point in the future. BRV may or may not respond to this as most folks here are more or less shunning indicators... and in general, probably rightly so. That said, I can tell you that I've seen some cases where BRV has made reference to S/R lines going back a decade or two. Those older ones I think all correlated to higher time frames (Months or at least weeks). I'm not sure if your current analysis is "MTF aware". It is my impression that there is a sort of prioritization of S/R levels. One factor is how recent it is. Another is how high a time frame is it evident on. I'm not saying these are the only factors, but this is some of what I have gleaned. Even if you never make your indicator pulicly available here, I do appreciate your contribution. I expect some might think your work is misplaced here, but I feel that if it helps to quantify and "procedurize" what we are doing here, it adds value. As you know (so I must be talking to everyone else...), coding is evolutionary work, so one shouldn't be too quick to judge an early effort -- especially if it seems to come up short in some respect. It is code. It can be changed. "We can make it better"... Especially if we realize it is a tool to help us see more quickly what we are already attempting to decipher with our own reasoning. Thanks for your efforts.
It's not my work to post ( it is publicly available ) and it's not meant to replace anything being mentioned in this thread. It is just a real time analysis tool that may or may not give you an edge as you enter/exit the trade.

The indicators work on any time frame if that answers your question about them. I think the H1 setting makes the most sense though H4, D1 and W1 will probably give you some good numbers, too. MN1 would be very interesting.

Not sure what you meant by "misplaced". It's all about support and resistance so I believe it's on topic.
  • #2,427
  • Aug 6, 2008 5:03pm Aug 6, 2008 5:03pm
Quoting CodeMuncher
It's not my work to post and it's not meant to replace anything being mentioned in this thread. It is just a real time analysis tool that may or may not give you an edge as you enter/exit the trade.
Keep up the good work CM , great indicator and great coder as always !
  • #2,428
  • Aug 6, 2008 5:06pm Aug 6, 2008 5:06pm
Quoting loudoniii
Verto - Thanks for this call !

I'm in @ 109.80, already in profit.

Thanks for sharing.

Best wishes, Loudoniii

Thanks as well. I am very much a newbie. I came in short at 109.726 and am +30!
  • #2,429
  • Aug 6, 2008 5:17pm Aug 6, 2008 5:17pm
Quoting BigPapi
Thanks as well. I am very much a newbie. I came in short at 109.726 and am +30!


This is an excellent place to learn. Honestly out of all the places you could start, this is up there, please though just promise me that whenever someone makes a call you do your own homework. I know with everyone making all these different calls it seems like all the work is done for you, and this goes for everyone experienced or demo trader, DO YOUR HOMEWORK.

I cannot stress it enough how many times in my demo trading days I would blindly takes calls and be so excited when they worked out yet I felt so abused when they were wrong. I don't know why, but it is human nature to see the good things with clarity but in bad times we put on the blinders and blame others for our misguided efforts. It really doesn't take that much time to hop into a chart plot some s/r lines maybe a fib tool and BOOM your chart looks pretty, the setup might be solid... or perhaps grasping for straws, IN YOUR MIND, and you now have reasoning to take the trade or not. I think the fact that you need to be convinced, IN YOUR MIND, by your own hand is a very important topic. It not only allows to you learn and do it yourself, but it also takes away the stresses of having to blindly follow trade calls.


u/j stop moved to +1 haha.
  • #2,430
  • Aug 6, 2008 5:18pm Aug 6, 2008 5:18pm
Didn't have much success this afternoon trying to catch up with the mad runup of the Yen crosses.

However this evening there were lots of straightforward PIPs to be made shorting the Yen crosses as they eased off ...

In the last couple of hours, I took a very easy +1 on AUD/JPY, +21 on USD/JPY, +40 on EUR/JPY, +41 on GBP/JPY.

There's probably a lot more to be had there, but I'm happy with that for the moment.

Bedtime now.. ready for European session in the morning.

Happy PIPping everyone !
  • #2,431
  • Aug 6, 2008 5:19pm Aug 6, 2008 5:19pm
Quoting loudoniii
Pennypacker - I'm with you, short @ 169.26, +10 PIPs profit so far.

EJ (EUR/JPY) seems to drop fastest of all the Yen crosses at the moment, with the underlying bearishness of the Euro to help drag down any irrational exuberance on the part of the Yen half of the cross.

It's just hit its 76.4% Fibo level of the previous rundown, @ 169.23.

I also have an S+R Resistance zone @ 169.12 and thereabouts.

Given the previous meteoric runup, and the Fibo exhaustion level - and tomorrow's forthcoming ECB rate (non-)announcement ...

... this spells good short territory to me, assuming that Wednesday's triple interest rollover shenanigans are now over.

Thanks for the call !

Cheers, Loudoniii
DAmn, I was away from compu. I missed that great call
  • #2,432
  • Aug 6, 2008 5:23pm Aug 6, 2008 5:23pm
Quoting seesaw
DAmn, I was away from compu. I missed that great call
Hey Seesaw.. don't worry... lotsa PIPs to be made tomorrow !
  • #2,433
  • Aug 6, 2008 5:28pm Aug 6, 2008 5:28pm
Quoting CodeMuncher
It's not my work to post ( it is publicly available ) and it's not meant to replace anything being mentioned in this thread. It is just a real time analysis tool that may or may not give you an edge as you enter/exit the trade.

The indicators work on any time frame if that answers your question about them. I think the H1 setting makes the most sense though H4, D1 and W1 will probably give you some good numbers, too. MN1 would be very interesting.

Not sure what you meant by "misplaced". It's all about support and resistance so I believe it's on topic.
I don't think it is misplaced either. But some here might think so, and if I'm wrong about that, I'm certainly happier for it. But if someone jumps in and starts blasting you for posting an indicator in a price action type forum, I guess I was hoping to defuse that in advance. I certainly see the connection between your postings and the original intent of this thread.

So, pray tell, what is this indicator your using then, if it is publicly available? Could you provide the name, if not a link. I'd like to take it around the block a time or two, kick the tires, and see how it behaves in traffic...
  • #2,434
  • Aug 6, 2008 5:30pm Aug 6, 2008 5:30pm
Quoting Pennypacker
I am thinking the Eur/Jpy is a great short here essepcially going into the ECB meeting - am I crazy????
Dear Pennypacker

Super call on the EJ short earlier this afternoon.

I just took it out @ +40 PIPs in only a couple of hours.

Keep up the good work ...

Cheers, Loudoniii

PS: NO - you are not crazy !
  • #2,435
  • Aug 6, 2008 5:35pm Aug 6, 2008 5:35pm
Quoting len979
Limit order - SHORT gbp/jpy 213.69

yen crosses going insane. I see some resistance on usd/jpy @ 109.92
Len - Great call on GBP/JPY short, which was worth +41 PIPs to me this pm.

Thanks a million !

Best wishes, Loudoniii

PS: Took your advice also on the USD/JPY short, +21 PIPs .. thanks again.
  • #2,436
  • Aug 6, 2008 6:37pm Aug 6, 2008 6:37pm
Now that is going to be one tough nut to crack!
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.gif Size: 25 KB
  • #2,437
  • Aug 6, 2008 6:42pm Aug 6, 2008 6:42pm
USDJPY at 50% of weekly retracement
Attached Image (click to enlarge)
Click to Enlarge Name: -758.png Size: 42 KB
It really is that easy.
  • #2,438
  • Aug 6, 2008 7:10pm Aug 6, 2008 7:10pm
A little peek at what's ahead for the USD. With oil hitting the 50% retracement today, things could get interesting for the old greenback.
Attached Image (click to enlarge)
Click to Enlarge Name: usd.gif Size: 41 KB
  • #2,439
  • Aug 6, 2008 7:50pm Aug 6, 2008 7:50pm
Quoting len979
Limit order... SHORT usd/jpy 109.84, stop 110.43, TP 108.64

I see some resistance at 109.92, which is double top on daily and 50% fib on weekly. Let's see if resistance holds.
That's one amazing breakout!!

108.40 - 108.50 looks like good support, but you gotta be careful as 50% fib is usually strong turning point on yen crosses
Just sold 1/2 usd/jpy @ 109.43 +41

I'll try and ride the rest to 108.60's. I'll also add if it bounces back to 109.80's
  • #2,440
  • Aug 6, 2008 7:53pm Aug 6, 2008 7:53pm
Quoting len979
Limit order - SHORT gbp/jpy 213.69

yen crosses going insane. I see some resistance on usd/jpy @ 109.92
Just sold gbp/jpy @ 213.31 +38.
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