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  • #3,021
  • Aug 18, 2008 7:43pm Aug 18, 2008 7:43pm
Quoting BillyRayValentine
Sell NZD/USD 0.7720-0.7716

Again, pretty clearly visible. Any normal scenario and its an easy fade.
I think it is .7220 to 7216 lol
  • #3,022
  • Aug 18, 2008 8:23pm Aug 18, 2008 8:23pm
Quoting cruze2005
I think it is .7220 to 7216 lol
yep nice catch
  • #3,023
  • Aug 18, 2008 8:28pm Aug 18, 2008 8:28pm
Whilst on the subject, did anyone take the following long from 7060-7050. I have attached a chart with some lines but there was previous support and 50% based on last high and low. I took it on my demo account as I am just getting myself set with these basic trading parameters.
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  • #3,024
  • Aug 18, 2008 9:05pm Aug 18, 2008 9:05pm
Quoting cruze2005
Whilst on the subject, did anyone take the following long from 7060-7050. I have attached a chart with some lines but there was previous support and 50% based on last high and low. I took it on my demo account as I am just getting myself set with these basic trading parameters.
Yeah...I don't like to post trades after the fact but I'm currently long Nzd/usd from 7059
  • #3,025
  • Aug 18, 2008 9:18pm Aug 18, 2008 9:18pm
Quoting johnedoe
Hi Ironman....
What is it you see that I don't ?
I'm kinda new to this way of looking at trading so bear with me.
as to trading the USD/CHF ... I am still long that pair in my basket, why are you saying you would short it at the levels you mentioned?
Thanks for your help, johnedoe
Nothing wrong with following the trend. I prefer it. I was looking at the daily and weekly and just saw a possible reaction zone there. Will it be a reversal or a reaction, who knows. I tend to go with the trend until it plays out. I'd rather be wrong with the trend than against it. The market is much more forgiving that way. But I'm not telling you anything you don't already know.

I suppose the true NO Brainer is up at 1.13 When it fell last summer it bounced there on the weekly. If you can find a line that has been hit with spikes from both sides on the weekly chart then wrap it up and put a bow on it.

The GBPUSD did it last week at 1.8515

There was one on the EURCHF today at 1.6173-75 I hadn't noticed it since I don't follow that pair much. Another trader brought it to my attention while it was still on the way up. AND sure enough it was perfect.
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Energy and persistence conquer all things! Ben Franklin
  • #3,026
  • Edited 9:46pm Aug 18, 2008 9:28pm | Edited 9:46pm
Quoting garciaFX
Well, just cause I'm a Mexican doesn't mean I am stupid. You draw a line and an indicator displays a number. Your line is an indicator, it indicates something or else it would be meaningless. One of the indicators codemuncher posted shows how many times the current price was a support or resistance level. There is a tolerance input to allow you to specify how many pips. The other indicator shows how many times the current price and the next 5 price levels above/below were support or resistance levels. If you use a MN1 chart, then you get the monthly numbers. Are you trying to tell me that isn't what this thread is about? I may be Mexican but I am not that stupid.

So to me it looks like you used the idea from codemuncher's posts to develop a spreadsheet rather than have a real time indicator on the screen. Seems like you are making it harder rather that simpler.

I like the idea of having the indicator show me when the price is approaching a resistance or support area. Each to their own.
Ay-yay-yay! Looks like I missed a party while I was away - I'm making a new rule: contribute or get out. Loudoniii is one of the biggest brains in this thread. I read these posts and all I could think of was Don Quixote fighting windmills (but he's Spanish not Mexican). It was an entertaining read atleast. Unbelieveable.
  • #3,027
  • Aug 18, 2008 9:59pm Aug 18, 2008 9:59pm
Quoting ozziedave
Hi Codemuncher,

I don't mean to be rude but I am not sure why you continue to post your chats and talk about your indicator/identifier. I know that many people on this thread must be thinking the same thing that I am thinking. The first thing you will notice about this thread is that you are the only one that has your S&R indicator. So why do you continue to discuss an indicator that only you have on your charts? It's not like anyone can follow along with you. To me, it seems rather pointless. The majority of the people here are trying to learn the basics of manually indentifying S&R and following what BRV is showing us. I am not saying your indicator doesn't have some merit but can't you take that discussion elsewhere! You post a chart telling everyone it's a 123 set up and the only thing that everyone sees is those little dots on your chart which mean nothing to the majority of the people here. I don't find your charts educational or helpful in any way. I would rather you draw some lines on your chart and place some text on your chart so I can understand why you would enter and where you would enter your position.

I have noticed that several people have requested your indicator but as far as I know you haven't shared it with anyone. Again I will ask, what's the point of your posts? If it's about your indicator then please start your own thread and show it to everyone who is interested in it. Honestly I am tied of looking at pages of your posts that add very little value to this thread.
Codemuncher can't post the indicator because the guy that made them asks for money in return for the indicators. He's been banned from another very popular forex forum for doing this (not codemuncher, the creator of the indicator)....took me about 3 minutes to find this out through a quick google search.

Yeah Codemuncher if you could be clear in your entries would appreciate it because the number "3" is generated using a combination of fractals and a linear regression channel with s/r levels being plotted from highs and lows, and these are only recognized after the move is already made, thus, not 100% in line with what we do here but still a little relevant I suppose in some way, if you take into account the linear regression channel.

Here's the controversial link, but you will not find this indicator online anywhere too easily if at all. http://kreslik.com/forums/portal.php?topic_id=983

Regardless, I appreciate the input Codemuncher, just want to bury all the comments being made here about this on a consistent basis. Thank you all.
  • #3,028
  • Aug 18, 2008 10:00pm Aug 18, 2008 10:00pm
Hi Billy Iron man or any other pros out there - Just have a question regarding intra day scalping...

I understand the workings or trading levels that have been support turned resistance vice versa but what about plain levels of support that have been broken - Is it safe to trade these?

Here is an example on the pound yen - Would this be a valid short at the previous support that was broken (which also happens to be yesterdays low)?

I notice on the 4hr timeframe these seem to be more consistant.

Just a little confused I read the instructions at the start of the thread and it says that we are looking for turning points that have been used at least twice... Preferably as both S and R

But then in the section on scalping it seems that you are trading each level of broken resistance as support, and each level of broken support as resistance.

Just a little confused

Cheers
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Time hides Nothing
  • #3,029
  • Aug 18, 2008 10:07pm Aug 18, 2008 10:07pm
Lol, Iron-Man, I went a little bit further with 1.16 here for a med-term run. I just reeeealy like the inverted M pattern. Sorry, I know that chart patterns are to be mainly disregarded, because of numerous fakes and egregious throwbacks to retest "nekcline/pattern peak/valley" and that shakes off weaker fishes many a times including myself just because of my risk profile on a trade versus the total correction after pattern confirmation. Anyway I am still hoping for a magnificent rejection off of 111.16 for at least a good us cent.

Fingers crossed
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #3,030
  • Aug 18, 2008 10:13pm Aug 18, 2008 10:13pm
Quoting BillyRayValentine
Sell USD/CAD 1.0785-95

61.8 retracement is just about on the 1.0800 level. I'm watching for a fade of 1.0760 just in case option barriers are in place in order to keep price away from the 1.0800 mark, also. But either way, its getting some attention.

BRV, Hey welcome back and a nice way to deal with messy forum stuff !

Now, on topic, I know patterns/diagonal TLs are next to none when making a discretionary decision here, however would you consider USD/CAD moving in a bullish flag oh H1 ?

Something to ponder upon
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #3,031
  • Aug 18, 2008 10:14pm Aug 18, 2008 10:14pm
Quoting CindyXXXX
Hi Billy Iron man or any other pros out there - Just have a question regarding intra day scalping...

I understand the workings or trading levels that have been support turned resistance vice versa but what about plain levels of support that have been broken - Is it safe to trade these?

Here is an example on the pound yen - Would this be a valid short at the previous support that was broken (which also happens to be yesterdays low)?

I notice on the 4hr timeframe these seem to be more consistant.

Just a little confused I read the instructions at the start of the thread and it says that we are looking for turning points that have been used at least twice... Preferably as both S and R

But then in the section on scalping it seems that you are trading each level of broken resistance as support, and each level of broken support as resistance.

Just a little confused

Cheers
On a major pair, that would be a great short IMO. I'm not a pro, but I've been able to actually make money now that I've learned this type of trading and this trade here is what's helped me.

However, this is the GBP/JPY, and I don't think it really cares all that much about holding levels, at least I haven't figured it out yet.
I'm currently in a short trade that that level you posted. It's a bit in the red right now, but I've come to expect a little torture on this pair before any profits are paid out. At least that's my experience.
  • #3,032
  • Aug 18, 2008 10:14pm Aug 18, 2008 10:14pm
Quoting CindyXXXX
Hi Billy Iron man or any other pros out there - Just have a question regarding intra day scalping...

I understand the workings or trading levels that have been support turned resistance vice versa but what about plain levels of support that have been broken - Is it safe to trade these?

Here is an example on the pound yen - Would this be a valid short at the previous support that was broken (which also happens to be yesterdays low)?

I notice on the 4hr timeframe these seem to be more consistant.

Just a little confused I read the instructions at the start of the thread and it says that we are looking for turning points that have been used at least twice... Preferably as both S and R

But then in the section on scalping it seems that you are trading each level of broken resistance as support, and each level of broken support as resistance.

Just a little confused

Cheers
Doji on H1 for a nice 50 pip short maybe ? Like...right now

Bearish triangle h1 eur/usd now going for breakout I`m so excited ! Could be a long night for me and the Greenback !
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #3,033
  • Aug 18, 2008 10:21pm Aug 18, 2008 10:21pm
Quoting djambazov84
Doji on H1 for a nice 50 pip short maybe ? Like...right now
Not sure I understand are you talking about GJ?
Time hides Nothing
  • #3,034
  • Aug 18, 2008 10:24pm Aug 18, 2008 10:24pm
Quoting finswin56
On a major pair, that would be a great short IMO. I'm not a pro, but I've been able to actually make money now that I've learned this type of trading and this trade here is what's helped me.

However, this is the GBP/JPY, and I don't think it really cares all that much about holding levels, at least I haven't figured it out yet.
I'm currently in a short trade that that level you posted. It's a bit in the red right now, but I've come to expect a little torture on this pair before any profits are paid out. At least that's my experience.
Thanks for you help there Finswin - I think I better stick to the majors for now. Cheers
Time hides Nothing
  • #3,035
  • Aug 18, 2008 10:24pm Aug 18, 2008 10:24pm
Quoting djambazov84
Doji on H1 for a nice 50 pip short maybe ? Like...right now

Bearish triangle h1 eur/usd now going for breakout I`m so excited ! Could be a long night for me and the Greenback !
You see that too? If you're looking at a descending triangle on EUR, do you see the opposite on CHF?

I know these patterns don't amount to no brainers, but I used the S/R basics learned here to enter these trades in anticipation of these breakouts while being able to maintain strong risk/reward.
  • #3,036
  • Aug 18, 2008 10:25pm Aug 18, 2008 10:25pm
Quoting CindyXXXX
Not sure I understand are you talking about GJ?

On H1 chart, current candle looks like a doji, that could be ripe for a quick short for 50 pips. Just price action in my understanding.

Good luck
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #3,037
  • Aug 18, 2008 10:29pm Aug 18, 2008 10:29pm
Quoting CindyXXXX
Thanks for you help there Finswin - I think I better stick to the majors for now. Cheers
I am just now sticking my toe in the water of the crosses.
I'm probably like everyone else, facinated by the profit potential of GBP/JPY. EUR/JPY can be pretty fun too, but it seems to abide by our rules much better from what I've seen. That pair had a perfect short spot at the same time as GBP/JPY and seems to have held the level much better thus far. As I speak, GBP/JPY is turning around. So, it seems your instincts were correct. At least I hope they were
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  • #3,038
  • Aug 18, 2008 10:29pm Aug 18, 2008 10:29pm
Quoting djambazov84
On H1 chart, current candle looks like a doji, that could be ripe for a quick short for 50 pips. Just price action in my understanding.

Good luck
But the candle hasn't closed yet how can you call it a doji? ......... And BOY were you right!!!!!!!!
Time hides Nothing
  • #3,039
  • Aug 18, 2008 10:30pm Aug 18, 2008 10:30pm
Quoting CindyXXXX
But the candle hasn't closed yet how can you call it a doji? ......... And BOY were you right!!!!!!!!
Hunch and screentime....check out eur/usd could be a potential 100m Olympic medalist today.

Good luck all

p.s. u might get a second chance to short it on M5 pullback imo
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #3,040
  • Aug 18, 2008 10:32pm Aug 18, 2008 10:32pm
Quoting djambazov84
Hunch and screentime....check out eur/usd could be a potential 100m Olympic medalist today.

Good luck all
I'm looking to short that at the break and retest of 4658
Time hides Nothing
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