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  • #2,821
  • Aug 13, 2008 11:08pm Aug 13, 2008 11:08pm
Quoting garciaFX
This looks like a very good thread to learn from. But I don't understand the "fighting". One person post a chart with indicators and it's ok. Another person post a chart with indicators and they get pounced on. What's so wrong with using computer to show support and resistance? I just don't want to get pounced on.
When I read your post I was suddenly taken back to 1995 where I heard the pleadings of one Reginald Denny and Rodney King, "Can't we all just get along?" Words to live by for sure. I have picked on a few people with indicators everywhere but it's only because I too went down that road. Indicators may not be the spawn of Satan but they can certainly cloud the issue. If I have pivots and moving averages and keltner channels and bollinger bands and MAC D and RSI and ..................... How on earth am I supposed to spot support and resistance under all that spahgetti? Hmmm?

There are funds out there making a ton of money using automated systems based on indicators. Some common and some proprietary. But they all have inherent weaknesses. (AND I promise you a bunch of them lost money this week) The advantage that you and I have is the ability to think, to judge situations. As we have seen there was a ranging market from mid April to mid June, followed by an uptrend from mid June to mid July where the current down trend started. There are different approaches to trending and ranging as we have definately seen this week and last. (I told you August was a monster) But fornately, we have the ability to "change up" as the situation requires.

What Billy Ray started with this thread, and what I fully endorse, is simplicity in trading. A system that the average person can grasp fairly easily. If you can't, then we probably didn't explain ourselves that well and no we don't mind questions about the overall strategy. Just don't expect someone here to trade for you. So in the interst of thread purity I limit my analysis to horizontal S&R and diagonal TL's and Fibs on larger TF. and of course horizontal S&R trumps all. It really is that simple and when we add indicators we only handicap ourselves. (and yes zero lag indicators still lag)

Trust me, you really can trade off horizontal support and resistance, you really can be consistent with it and you really can trade for a living and you don't have to watch 20 pairs of currencies to do it. Ask me how I know?
Energy and persistence conquer all things! Ben Franklin
  • #2,822
  • Aug 13, 2008 11:09pm Aug 13, 2008 11:09pm
Quoting garciaFX
This looks like a very good thread to learn from. But I don't understand the "fighting". One person post a chart with indicators and it's ok. Another person post a chart with indicators and they get pounced on. What's so wrong with using computer to show support and resistance? I just don't want to get pounced on.
Why does the s/r as seen on a plain chart work out so well? Because everyone is looking at the same chart! If you use some kind of indicator chances are that not everyone else is using the same one thus rendering it useless.

If you need an indicator to find s/r levels on a chart, maybe what you really should do is go see an optician.

99% of all "system" threads here on FF are full of indicator-based trading systems. Is that not enough?

What's next? Somebody asking for an EA to trade s/r levels for him?
  • #2,823
  • Aug 13, 2008 11:29pm Aug 13, 2008 11:29pm
Quoting Iron-man

Trust me, you really can trade off horizontal support and resistance, you really can be consistent with it and you really can trade for a living and you don't have to watch 20 pairs of currencies to do it. Ask me how I know?
o.k.
How do you know?
  • #2,824
  • Aug 14, 2008 12:02am Aug 14, 2008 12:02am
Quoting Iron-man
When I read your post I was suddenly taken back to 1995 where I heard the pleadings of one Reginald Denny and Rodney King, "Can't we all just get along?" Words to live by for sure. I have picked on a few people with indicators everywhere but it's only because I too went down that road. Indicators may not be the spawn of Satan but they can certainly cloud the issue. If I have pivots and moving averages and keltner channels and bollinger bands and MAC D and RSI and ..................... How on earth am I supposed to spot support and resistance under all that spahgetti? Hmmm?

There are funds out there making a ton of money using automated systems based on indicators. Some common and some proprietary. But they all have inherent weaknesses. (AND I promise you a bunch of them lost money this week) The advantage that you and I have is the ability to think, to judge situations. As we have seen there was a ranging market from mid April to mid June, followed by an uptrend from mid June to mid July where the current down trend started. There are different approaches to trending and ranging as we have definately seen this week and last. (I told you August was a monster) But fornately, we have the ability to "change up" as the situation requires.

What Billy Ray started with this thread, and what I fully endorse, is simplicity in trading. A system that the average person can grasp fairly easily. If you can't, then we probably didn't explain ourselves that well and no we don't mind questions about the overall strategy. Just don't expect someone here to trade for you. So in the interst of thread purity I limit my analysis to horizontal S&R and diagonal TL's and Fibs on larger TF. and of course horizontal S&R trumps all. It really is that simple and when we add indicators we only handicap ourselves. (and yes zero lag indicators still lag)

Trust me, you really can trade off horizontal support and resistance, you really can be consistent with it and you really can trade for a living and you don't have to watch 20 pairs of currencies to do it. Ask me how I know?

Iron-man I always wondered. . . So I love to trade AUD/JPY, do you (specifically) draw it on the previous uptrend for the daily or the 4 hr? Do you give any credence to the downtrend fibo? Or since we do not know how far the downtrend will go we cannot possibly use those levels with reliability?

[Great horizontal R level coming up on that pair at 96.354]

Also I know BRV uses Oanda, but they do not have weekley or monthly charts. . . . Which leads me to ask the question how long does historical signifigance remain signifigant? 2 Years? 10?

While I am not at the skill level to do this for a living (or a bankroll), I will say this system has begun to give me a nice stream of income on the side.

If anyone reading this still wants to hold on to your indicators, thats cool its your trade and your money. . . . I just ask that we not distract from this thread with them and focus on what really matters. . . . .$$$
  • #2,825
  • Aug 14, 2008 3:33am Aug 14, 2008 3:33am
Hi,

Have a long trade waiting to go if it hits 10831
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  • #2,826
  • Aug 14, 2008 4:29am Aug 14, 2008 4:29am
Sell @ 207.96-208.16
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  • #2,827
  • Aug 14, 2008 4:39am Aug 14, 2008 4:39am
Sell @ 206.74-206.84

Just in case the last target seems a little ambitious, we have a nice confluence of resistance at 206.84
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  • #2,828
  • Aug 14, 2008 5:13am Aug 14, 2008 5:13am
What do you think about current market indecision ? (EURUSD)
I think we may have upside break soon (upper TL under pressure )
If it breaks, I think it will not be long lasting break. After intense EUR selloff last days i really doubt that lowest point will not be tested again in near future.

(This is NOT No brainer trade, of course, I am only posting this to share my thoughts with you and see your opinion)
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  • #2,829
  • Aug 14, 2008 6:43am Aug 14, 2008 6:43am
What a nice number to go long :-)
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  • #2,830
  • Aug 14, 2008 6:55am Aug 14, 2008 6:55am
Quoting manistra
What do you think about current market indecision ? (EURUSD)
US news in 30min might lead to some volatility. My thoughts:
Shorts at .5082 and .5248
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  • #2,831
  • Aug 14, 2008 6:58am Aug 14, 2008 6:58am
Quoting Kane Rai
US news in 30min might lead to some volatility. My thoughts:
Shorts at .5082 and .5248
It needs to get to those levels first for you to short. It's far off yet, lol.
Expected the unexpected
  • #2,832
  • Aug 14, 2008 7:08am Aug 14, 2008 7:08am
Not only is it a nice number to go long, but it has a beautiful pattern to back it up!
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  • #2,833
  • Aug 14, 2008 7:18am Aug 14, 2008 7:18am
Quoting Kane Rai
US news in 30min might lead to some volatility. My thoughts:
Shorts at .5082 and .5248
After news I am looking for 2nd wave entry for long (if it will be possible, then short from around 15000 (i expect this short to test new EUR lows)
Lets see what market will tell about my trading plans, everything is possible http://www.forexfactory.com/images/icons/icon10.gif
  • #2,834
  • Aug 14, 2008 7:33am Aug 14, 2008 7:33am
Quoting Iron-man
When I read your post I was suddenly taken back to 1995 where I heard the pleadings of one Reginald Denny and Rodney King, "Can't we all just get along?" Words to live by for sure. I have picked on a few people with indicators everywhere but it's only because I too went down that road. Indicators may not be the spawn of Satan but they can certainly cloud the issue. If I have pivots and moving averages and keltner channels and bollinger bands and MAC D and RSI and ..................... How on earth am I supposed to spot support and resistance under all that spahgetti? Hmmm?

There are funds out there making a ton of money using automated systems based on indicators. Some common and some proprietary. But they all have inherent weaknesses. (AND I promise you a bunch of them lost money this week) The advantage that you and I have is the ability to think, to judge situations. As we have seen there was a ranging market from mid April to mid June, followed by an uptrend from mid June to mid July where the current down trend started. There are different approaches to trending and ranging as we have definately seen this week and last. (I told you August was a monster) But fornately, we have the ability to "change up" as the situation requires.

What Billy Ray started with this thread, and what I fully endorse, is simplicity in trading. A system that the average person can grasp fairly easily. If you can't, then we probably didn't explain ourselves that well and no we don't mind questions about the overall strategy. Just don't expect someone here to trade for you. So in the interst of thread purity I limit my analysis to horizontal S&R and diagonal TL's and Fibs on larger TF. and of course horizontal S&R trumps all. It really is that simple and when we add indicators we only handicap ourselves. (and yes zero lag indicators still lag)

Trust me, you really can trade off horizontal support and resistance, you really can be consistent with it and you really can trade for a living and you don't have to watch 20 pairs of currencies to do it. Ask me how I know?
I agree that indicators do not need to be discussed on this thread, but 1 or 2 indicators that are fully understood can be very helpfull. S/R levels are not jnfallible as price can blow right thru them and form new s/r levels.
  • #2,835
  • Aug 14, 2008 7:44am Aug 14, 2008 7:44am
Quoting c-note
I agree that indicators do not need to be discussed on this thread, but 1 or 2 indicators that are fully understood can be very helpfull. S/R levels are not jnfallible as price can blow right thru them and form new s/r levels.
And these magic indicators that can tell you before that a level will hold or not are?

Momentum can be gauged by price action. Volume would be helpful but unfortunately it's not available in Forex.
  • #2,836
  • Aug 14, 2008 7:45am Aug 14, 2008 7:45am
Quoting c-note
I agree that indicators do not need to be discussed on this thread, but 1 or 2 indicators that are fully understood can be very helpfull. S/R levels are not jnfallible as price can blow right thru them and form new s/r levels.
Indicators are just that, they indicate the potential for something to happen. A severely overbought or oversold Stochastic approaching a known support or resistance level, is likely to indicate the potential for a strong reaction from that level. Do you need the indicator to tell you that you might get a reaction from that level, no. But knowing the strength of a move going into that level will help you determine your commitment to the potential trade.
  • #2,837
  • Aug 14, 2008 7:59am Aug 14, 2008 7:59am
Quoting Kane Rai
And these magic indicators that can tell you before that a level will hold or not are?

Momentum can be gauged by price action. Volume would be helpful but unfortunately it's not available in Forex.
who said anything about magic--maybe you need glasses
  • #2,838
  • Aug 14, 2008 8:00am Aug 14, 2008 8:00am
Quoting pipeye
Indicators are just that, they indicate the potential for something to happen. A severely overbought or oversold Stochastic approaching a known support or resistance level, is likely to indicate the potential for a strong reaction from that level. Do you need the indicator to tell you that you might get a reaction from that level, no. But knowing the strength of a move going into that level will help you determine your commitment to the potential trade.
s/r levels also indicate POTENTIAL
  • #2,839
  • Aug 14, 2008 8:30am Aug 14, 2008 8:30am
Quoting manistra
What do you think about current market indecision ? (EURUSD)
I think we may have upside break soon (upper TL under pressure )
If it breaks, I think it will not be long lasting break. After intense EUR selloff last days i really doubt that lowest point will not be tested again in near future.

(This is NOT No brainer trade, of course, I am only posting this to share my thoughts with you and see your opinion)

EUR/USD has been in between 1.4935 and 1.4832 bouncing off one then the other. . . . its no 200+ pip move but I have been playing it and doing quite well. . . why wait for the upside/downside when money is to be made now?
  • #2,840
  • Aug 14, 2008 10:13am Aug 14, 2008 10:13am
Quoting lemmingboiv2
EUR/USD has been in between 1.4935 and 1.4832 bouncing off one then the other. . . . its no 200+ pip move but I have been playing it and doing quite well. . . why wait for the upside/downside when money is to be made now?
Those words is what i refer to as a classic no brainer tots that still makes me grind my teeth and say "HOW DID HE HIT THOSE PIPS?" Please lemmingboiv2 need u 2 share more light on how i can profit from those 'sideways?' market.PLEASSSSE
Respect a man, and he will do all the more.
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