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  • #3,201
  • Aug 21, 2008 1:14pm Aug 21, 2008 1:14pm
Geez ya'll Support and resistance is so awesome, isn't human reaction great!

Thanks to human reaction maybe I can afford my children's college education in 13 + years...
The way is narrow
  • #3,202
  • Edited 3:42pm Aug 21, 2008 1:43pm | Edited 3:42pm
Quoting BillyRayValentine
Here's a pattern that happens all the time and is very important for taking advantage of a lot of buying and selling opportunities. You'll notice that when price makes a "U" formation at a turning point there will commonly be a base built within it. Think of it as a cup, where the bottom inside the cup acts as a potential turning point for price.
Hi BRV !

Thank you so much for the tip about bucket / cup patterns in post #3156: http://www.forexfactory.com/showpost...postcount=3156.

I've been experimenting with these ever since, including on the shorter timeframes, and they really work well, especially when combined with a strong traditional BRV S+R level, or key Fibo retracement level.

There were a couple of really good examples of this sort of trade this week on the Cable 15-min chart, as shown in attached pictures, if I understand the setup correctly (please correct me if I got this wrong).

As I see it, the bottom of the clearly-defined left-hand bucket forms a solid Support level for the move back up, which happens at a key Fibo level, in this case either 61.8% or 76.4% retracement of the minor move down. This happened twice this week on Cable, one after the other.

If I read it right, when the reversal happened at the top, the move back down also happened after price rejected the 1.8672 level, which was the (upside-down) bottom of the inverted bucket at the top of the run.

Thanks again - keep up the great work !

Best wishes, Loudoniii
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Cable bucket eg 1.jpg Size: 76 KB
Click to Enlarge Name: Cable bucket eg 2.jpg Size: 61 KB
  • #3,203
  • Aug 21, 2008 1:53pm Aug 21, 2008 1:53pm
@1.4935-68

http://i38.tinypic.com/24maljp.jpg%2...%22%3E%3C/a%3E

P.S. How do I make it so when you click it opens bigger in a new window?
  • #3,204
  • Aug 21, 2008 6:14pm Aug 21, 2008 6:14pm
Attached Image (click to enlarge)
Click to Enlarge Name: !!nobrain.gif Size: 18 KB


Since we are discussing fib retrace...

The 23% retrace is almost a lock trade on the H1 chart.

The dynamic fib indicator is in the attachments here:

http://www.forexfactory.com/showthread.php?t=67211
  • #3,205
  • Aug 21, 2008 6:19pm Aug 21, 2008 6:19pm
Quoting lemmingboiv2
@1.4935-68

http://i38.tinypic.com/24maljp.jpg%2...%22%3E%3C/a%3E

P.S. How do I make it so when you click it opens bigger in a new window?

1) click on manage attachments

2) upload the chart file

3) click on the paperclip icon

4) click on the filename and it will insert the "code" into your post.
  • #3,206
  • Aug 21, 2008 7:24pm Aug 21, 2008 7:24pm
Morning,

Waiting to enter a short @16170 on the Eur/Jpy
Attached Image (click to enlarge)
Click to Enlarge Name: pa62.gif Size: 42 KB
  • #3,207
  • Aug 21, 2008 8:16pm Aug 21, 2008 8:16pm
this kiwi level looks a little better with a fib close by..........
Attached Image (click to enlarge)
Click to Enlarge Name: screen shot.gif Size: 57 KB
  • #3,208
  • Aug 21, 2008 11:25pm Aug 21, 2008 11:25pm
Quoting len979
SHORT eur/usd 1.4813, stop 1.4904, TP 1.4392 .... swing

LONG usd/jpy 108.22, stop 107.80, TP 112.30 .... swing. Stop is below 200SMA on 4hr chart, and TP below 200SMA on weekly
Just closed usd/jpy @ 108.96 +74.

I added to eur/usd short @ 1.4840 and again @ 1.4897 and raised the stop on all three eur positions to 1.4954. I just closed that last add @ 1.4871 +26.

I'm just trying to lighten up... my positions had gotten too big for comfort though I would have loved to ride usd/jpy all the way to 112.00's.
  • #3,209
  • Aug 21, 2008 11:45pm Aug 21, 2008 11:45pm
Quoting BillyRayValentine
Sell NZD/USD 0.7220-0.7216

Again, pretty clearly visible. Any normal scenario and its an easy fade.
Nice call BRV!

I'd like your perspective on managing a trade like this where the pair experienced such strong resistance on the way up. No that .7165 area sticks out like a sore thumb for support.
Is this a situation where you'd me more tempted to take the majority of your profits around that level and just let a small piece run, as opposed to being more patient?
  • #3,210
  • Aug 22, 2008 1:41am Aug 22, 2008 1:41am
Quoting finswin56
Nice call BRV!

I'd like your perspective on managing a trade like this where the pair experienced such strong resistance on the way up. No that .7165 area sticks out like a sore thumb for support.
Is this a situation where you'd me more tempted to take the majority of your profits around that level and just let a small piece run, as opposed to being more patient?
Hi there - its case by case, really.....on a day like today I think the downside is mixed, but there are a lot of trendlines to be drawn moving up from today (EUR,GBP,AUD,NZD) and I think the market is going to be looking for them to gain momentum.

I was asleep when this hit, actually (grrrrr), but yes, it paid pretty well; about +43 pips so far with exactly zero drawdown.

Looking for a reversal in the .7143-.7155 area next.
  • #3,211
  • Aug 22, 2008 1:44am Aug 22, 2008 1:44am
These trendlines are on pretty much all the majors right now and are visible across the board on 1hr charts; Im looking for commodities to correct just enough to push these down, as well, before they start heading back up.

Just a heads up.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.gif Size: 15 KB
  • #3,212
  • Aug 22, 2008 1:44am Aug 22, 2008 1:44am
Quoting loudoniii
Hi BRV !

Thank you so much for the tip about bucket / cup patterns in post #3156: http://www.forexfactory.com/showpost...postcount=3156.

I've been experimenting with these ever since, including on the shorter timeframes, and they really work well, especially when combined with a strong traditional BRV S+R level, or key Fibo retracement level.

There were a couple of really good examples of this sort of trade this week on the Cable 15-min chart, as shown in attached pictures, if I understand the setup correctly (please correct me if I got this wrong).

As I see it, the bottom of the clearly-defined left-hand bucket forms a solid Support level for the move back up, which happens at a key Fibo level, in this case either 61.8% or 76.4% retracement of the minor move down. This happened twice this week on Cable, one after the other.

If I read it right, when the reversal happened at the top, the move back down also happened after price rejected the 1.8672 level, which was the (upside-down) bottom of the inverted bucket at the top of the run.

Thanks again - keep up the great work !

Best wishes, Loudoniii
No problemo! That's what I'm here for.
  • #3,213
  • Aug 22, 2008 1:47am Aug 22, 2008 1:47am
Quoting bluesbrother
this kiwi level looks a little better with a fib close by..........
Thanks Bluesbrother! I just wanted to say that its not uncommon for a horizontal level to get slightly passed while marketmakers look for the diagonal trendline to get hit. Just a heads up if this is the case tonight/tomorrow/etc.
  • #3,214
  • Aug 22, 2008 2:19am Aug 22, 2008 2:19am
Hey Billy or anyone else in "the know"

Does this type of trading work in other markets likes stocks and the Dow etc...

I guess the question here really is do the banks trade these levels in other markets as well?

I'd check the charts myself but I don't have any charting platforms with these markets - If anyone knows of any that would be good too. MT4 preferably

Cheers
Time hides Nothing
  • #3,215
  • Aug 22, 2008 2:26am Aug 22, 2008 2:26am
Quoting BillyRayValentine
its not uncommon for a horizontal level to get slightly passed while marketmakers look for the diagonal trendline to get hit. Just a heads up if this is the case tonight/tomorrow/etc.
That's handy to know too
Time hides Nothing
  • #3,216
  • Aug 22, 2008 2:28am Aug 22, 2008 2:28am
Eur/Jpy stopped out.

Had almost 20 pips in it untill the ressistance broke and price rocketed up. Oh well onto the next.
  • #3,217
  • Edited 3:48am Aug 22, 2008 3:47am | Edited 3:48am
Quoting CindyXXXX
Hey Billy or anyone else in "the know"

Does this type of trading work in other markets likes stocks and the Dow etc...

I guess the question here really is do the banks trade these levels in other markets as well?

I'd check the charts myself but I don't have any charting platforms with these markets - If anyone knows of any that would be good too. MT4 preferably

Cheers
i use the demo from whc, they have dow and some more, also cfd's
http://www.whcmarket.com/trade/whctrader/ oh yes, MT4
  • #3,218
  • Aug 22, 2008 3:50am Aug 22, 2008 3:50am
I just wana thank codemuncher for his hard work and his brilliant coding. I have used your buy sell signal indicator got impressive results. I was following the Brijon thread (roll over) but didn't take any trade after reading your and other members comments on his losing method. You were right about his method in the first place.

I am forward testing my own system on my live account. Will post live trades later. This system has very low risk like no more than 5-15 pips in a single trade. And this happens once every 10-15 trades. Rest of the trades are always positive. I want you to look at it since you are the MASTER. There is no need for coding in my system.

Once again thank you.
  • #3,219
  • Aug 22, 2008 5:04am Aug 22, 2008 5:04am
Great thread. In fact, i would say invaluable.

I would like to go long USD/CAD @ 1.0320.

Please let me know your thoughts.

thx
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 14 KB
  • #3,220
  • Aug 22, 2008 5:39am Aug 22, 2008 5:39am
Quoting CodeMuncher
Attachment

Since we are discussing fib retrace...

The 23% retrace is almost a lock trade on the H1 chart.

The dynamic fib indicator is in the attachments here:

http://www.forexfactory.com/showthread.php?t=67211
Could you please explain what you mean by lock trade?

Thanks,
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