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  • #3,041
  • Aug 18, 2008 10:34pm Aug 18, 2008 10:34pm
Quoting CindyXXXX
I'm looking to short that at the break and retest of 4658
Looks fake so far
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #3,042
  • Aug 18, 2008 10:42pm Aug 18, 2008 10:42pm
Quoting djambazov84
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
If you move out to the H4 it's look very clear.
  • #3,043
  • Aug 18, 2008 11:24pm Aug 18, 2008 11:24pm
Oh for the record I closed that nzd/usd long at +20
  • #3,044
  • Edited Aug 19, 2008 12:12am Aug 18, 2008 11:34pm | Edited Aug 19, 2008 12:12am
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.
I would be very careful to short usd/cad at that level because of the following reasons:
1. Resistance was almost tested once at 1.0726.
2. There's a nice bull flag forming on the 4hr chart, and a breakout from here will most likely ramp up to next resistance at 1.1000
3. Continued $USD bullishness. I would not short $USD on any cross until a reversal is confirmed.
  • #3,045
  • Aug 19, 2008 12:15am Aug 19, 2008 12:15am
I'm looking to short Eur/usd at 1.4668
  • #3,046
  • Aug 19, 2008 12:41am Aug 19, 2008 12:41am
Quoting Ninto
I'm looking to short Eur/usd at 1.4668
.


I hope it bounces off of that price level too. Southbound preferred please
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #3,047
  • Aug 19, 2008 12:54am Aug 19, 2008 12:54am
Quoting Ninto
Oh for the record I closed that nzd/usd long at +20
yep got the same results. Was hoping for a couple more, but oh well, positive pips is the goal
  • #3,048
  • Edited 1:33am Aug 19, 2008 12:59am | Edited 1:33am
Quoting Ninto
It's easy to do visually, difficult to do in an excel spreadsheet. A spike looks like a spike, but what does it calculate to?
I respectfully disagree.

What we do right now with spikes is look for "large" spikes on the 4-hr as possible indications of a solid S+R area which could yield a similar reaction in future. This is a very subjective process.

What I am attempting to do is to analysis numerically exactly the same OHLC data we are looking at visually, with "Spike size" as a parameter, so we highlight spikes of a given size or larger as potential S+R level candidates.

This is arguably a more consistent and repeatable way to learn what sort of size of spike works best in identifying good S+R levels. Many people may prefer to do this purely visually on the charts, which is fine - peace be with you.

What I am trying to do is to come up with an alternative, non-subjective way to achieve the same goal, particularly aimed at the type of period we are in at the moment where price is entering zones it hasn't been in for years, hence makes it more difficult to find and compare levels visually since it means scrolling backwards and forwards in the 4-hr charts.

I've now got a working prototype of my S+R level spotter spreadsheet based on the 4-hr chart, with "Spike size" as a parameter. The OHLC data contains all 4-hr candles since 1999, ie approx 10 years.

What this allows you to do is to look for (a) spikes of a given size or larger; and (b) levels which are within a given PIP tolerance of each other; and (c) levels which are R-turned-S or S-turned-R. Sound familiar ?

I'm happy to share the spreadsheet if anyone is interested.
  • #3,049
  • Aug 19, 2008 1:06am Aug 19, 2008 1:06am
Quoting BillyRayValentine
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.
Hi BRV:

Thanks for being nice.

You are partially correct in what you wrote.

- That forum is where you find the guy who wrote the code. He posts lots of free code and some code you get if you send him a donation.

- Looking at the code the 3 Level ZZ Semafor uses fractals but not linear regression. The Shi Channel True is what plots the channel and that doesn't use linear regression either.

- I have not made any calls to track. I was merely discussing how to enter based on support and resistance AND on how to find support and resistance based on previous candle's high and low. I just thought it was handy to have a indicator on the screen that indicated how many times the current price and prices close to the current price had been a high/low of a candle in the past. Then after reading the "hint" in the PDF about looking at the ticks, I started watching the ticks go by and saw that one could apply the same SR method you write about here to the ticks. Talk about pinpointing entries!

- The indicators on my charts were meant to augment your method, BRV. Some of your readers saw this as a "threat" for some reason.

It's too bad that some of your readers have only learned how to trade from you, BRV. They should learn manners from you, too. Thanks again, BRV.
  • #3,050
  • Aug 19, 2008 1:21am Aug 19, 2008 1:21am
Quoting djambazov84
.


I hope it bounces off of that price level too. Southbound preferred please
Got some messy twitching happening, closed this trade at breakeven.
  • #3,051
  • Aug 19, 2008 1:31am Aug 19, 2008 1:31am
Quoting djambazov84
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
Yes I agree. I never consider patterns as stop signs in the road. I view them more as warning signs, such as "curve ahead" or "mountain goat crossing, use caution" Not a reason to stop what you are doing but maybe use some caution. The thing I always keep in mind is every price bar, every candle, represents people, blood and guts people. That's really what makes success in this business possible. Appreciate the feedback. Keep on pippin!
Energy and persistence conquer all things! Ben Franklin
  • #3,052
  • Aug 19, 2008 1:40am Aug 19, 2008 1:40am
Quoting CodeMuncher
Hi BRV:

Thanks for being nice.

You are partially correct in what you wrote.

- That forum is where you find the guy who wrote the code. He posts lots of free code and some code you get if you send him a donation.

- Looking at the code the 3 Level ZZ Semafor uses fractals but not linear regression. The Shi Channel True is what plots the channel and that doesn't use linear regression either.

- I have not made any calls to track. I was merely discussing how to enter based on support and resistance AND on how to find support and resistance based on previous candle's high and low. I just thought it was handy to have a indicator on the screen that indicated how many times the current price and prices close to the current price had been a high/low of a candle in the past. Then after reading the "hint" in the PDF about looking at the ticks, I started watching the ticks go by and saw that one could apply the same SR method you write about here to the ticks. Talk about pinpointing entries!

- The indicators on my charts were meant to augment your method, BRV. Some of your readers saw this as a "threat" for some reason.

It's too bad that some of your readers have only learned how to trade from you, BRV. They should learn manners from you, too. Thanks again, BRV.
No worries. Thank you again. Ok thats that. Lets trade!
  • #3,053
  • Aug 19, 2008 1:51am Aug 19, 2008 1:51am
Quoting Qman
I had requested Codemuncher provide links to, or directly upload his indicators in the past. He politely and briefly replied to me in a PM suggesting I could find them by doing a Google search on a phrase he provided. I did this and was returned to another discussion board. Digging deeper I found a reference to one of his indicators, but no link. Digging deeper still, I found a website where a number of indicators were being made available, but not the specific one I was looking for. And I am very much simplifying the whole story here-- Okay, so I'm not as young as I once was, and I tired of the seeming runaround. Maybe I just got lost... anyway...

I'll not go into the details beyond that out of respect for the theme of this forum. I would very much like to demo these indicators that Codemuncher is showing us just to better understand them (I sometimes have time to do so), and judge for myself if I can make heads or tails out of their signals.

However, it looks as though Codemuncher has a motive for NOT directly distributing his (or these) indicators on this forum. What that might be could be debated for the next 10 forum pages. I beg everyone to NOT DO SO. In the end, I'd still like to fiddle with them, and if he chooses to make them available here, or somewhere else on ForexFactory I'll happily download them. But I'm not keen on going somewhere else to get them, and I think it is bad form to tout them here, insisting they apply to this forum without better explaining how to get them, or starting another forum to focus on how he uses them.

This is not a lobby to make Codemuncher and his postings stop. I urge you, Codemuncher, to be more direct in sharing these indicators, OR at least more direct in explaining what "No Brainer" trades they indicate we should take. The forum is pretty well established on how one would do this. Codemuncher, you have demonstrated the ability to post charts and write eloquently. Perhaps I've missed specific calls you've made, but if they are not titled with "Track" I probably missed it as I often don't pay too close attention to the calls others make that they don't request be tracked... This way, at the very least, we could see that YOU are able to interpret the signals from your indicators, and a track record can be constructed to prove the viability of your approach.

I don't see a need to debate what I've written here. I'll not comment further or respond. I'll not answer ANYBODY's questions on this subject. Codemuncher will see value in my suggestions, or not. I hope he does.

Meanwhile, for those of you who are irked by his inputs, you ALWAYS have the option of NOT READING them. If you know it will upset you, why do you WANT to read it? Just let it be. I only worry about newby's who will clog this thread with questions that Codemuncher might seem inclined NOT to answer directly. So be it. If that occurs I might see a need to insist Codemuncher host a new forum apart from this one. For now, I'd be satisfied with the indicators and/or "No Brainer" that we could all relate to... Not that I'm anybody's boss... Just my opinion... Everyone's got one, I'm sure.

Qman
Thank you for being nice, Qman.
  • #3,054
  • Aug 19, 2008 2:01am Aug 19, 2008 2:01am
Quoting CodeMuncher
Hi BRV:

Then after reading the "hint" in the PDF about looking at the ticks, I started watching the ticks go by and saw that one could apply the same SR method you write about here to the ticks. Talk about pinpointing entries!
Codemuncher,

Is the tick indicator an indicator you can share, or can I get it somehow from the standard MT4 platform to display as you do? Thanks,
  • #3,055
  • Aug 19, 2008 2:01am Aug 19, 2008 2:01am
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
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CindyXXXX, I scalp trade GBPJPY so maybe I can be of assistance and end the confusion.

You will notice that price either bounces off of or breaks those support levels in your chart.

If you see price make a new level of support, that's bounce #1. Usually, price will break support if it returns hours later, as seen in your chart. That's a rule of thumb.

In my chart, price put in a #1 Semafor at support at 204.26. In the gauge, at the time, there was no support at that level. Five hours later, that level was tested again and broken, the gauge showed a 1 at 204.26. You would trade SHORT because the H1 candle was red AT THE SUPPORT LEVEL - go with the flow. You can see the gauge showing 2 at 204.26 and 1 at 204.25. Price dropped and put in a #3 Semafor indicating time to exit the scalp trade and possibly scalp LONG. This is an example of how real time data analysis can be used to make money. The computer tells me how many times a level has been a candle's high/low instead of me looking at the charts to determine that information. It's the proper use of technology.







Remember, you don't have to win every trade to be profitable. Apply money management and position sizing to your trade.
  • #3,056
  • Aug 19, 2008 2:02am Aug 19, 2008 2:02am
Quoting faq123
Codemuncher,

Is the tick indicator an indicator you can share, or can I get it somehow from the standard MT4 platform to display as you do? Thanks,
No and No.

You can open the tick chart in MT4 but that's a separate chart.
  • #3,057
  • Aug 19, 2008 2:18am Aug 19, 2008 2:18am
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CindyXXXX:

To continue the scalp off of support break "lesson", if you look at the M5 candle, you can see the development of the trade:

1) Price put in support at the first Big "3" at the bottom.

2) Price failed to make a higher high - second Big "3" on top below the first Big "3" on top. Simple price action or wave analysis.

3) Price busted support on the third attempt which agrees with the H1 chart.

If one were scalping, you would take the short trade at the top "3"s, instead of at the support break, because the daily candle is down (red), once again, going (scalping) with the flow. But that is a digression from the main topic of this thread.
  • #3,058
  • Aug 19, 2008 2:29am Aug 19, 2008 2:29am
Quoting CodeMuncher
Hi BRV:

....

You are partially correct in what you wrote.

- That forum is where you find the guy who wrote the code. He posts lots of free code and some code you get if you send him a donation.
.....
there is only a "little" problem codemuncher aka TheRumpledOne (TRO) aka bashbrothers aka ***...

it's awfull what you do!...
  • #3,059
  • Edited 4:40am Aug 19, 2008 4:00am | Edited 4:40am
Was there anything wrong with this trade? Went short at 1.8608 and stopped out for -21

Seems every trade I don't take wins and every trade I take loses
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Time hides Nothing
  • #3,060
  • Aug 19, 2008 4:07am Aug 19, 2008 4:07am
g/u worked out well took +110 pips and am isfor a shor on .8650, took +30pips on it about goinglong,i havemy alarms set for e/u for 1.4770 to go short,tank brv and iron man, i now make pips,thats my focus
Quoting pastork
currently shorting usd/chf was long on this pair took abt +100 pips, hoping it bounces off .0911 then i wud go long again, also short on gbp usd.8676 tp at 8515, sorry for the late call,had problems logging in
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