DislikedThanks. Yh, I try to keep stop loss and tp to ratio 1;3. I think it might be a good idea to see if a level is s/r on more than one timeframe then take it if it is.Ignored
Take care and keep those damn pips honest and green
No brainer fundamental trades 55 replies
This time... I'm Keeping MY MONEY (BRV - No Brainer Trades) 3 replies
The Koala System (No brainer) 127 replies
EUR/GBP SHORT for No Brainer 67 replies
Selling USD and YEN is a no brainer. 12 replies
DislikedThanks. Yh, I try to keep stop loss and tp to ratio 1;3. I think it might be a good idea to see if a level is s/r on more than one timeframe then take it if it is.Ignored
Dislikedwhen news or large orders (read the tape) come into play these levels will most likely break.Ignored
DislikedIt's pretty easy - I post a chart from yesterday because today wasn't a good day to trade cups so far (tight ranging before news and then strong momentum).
Basically you are looking for a pattern on the 5 minute chart (BRV uses the 15 minute) that looks like a cup in an uptrend or like a cup upside down in a downtrend. You mark the bottom of the cup with the horizontal line. The next time price gets there you have a decent chance of a bounce. In my experience they are good for one or max two bounces - the next time that level is seen price will pass through.
Take great care however. You have to gauge current momentum. The cups work best in a quiet market - when news or large orders (read the tape) come into play these levels will most likely break.Ignored
DislikedShorted audusd @ 0.8670 stop 0.8715, target 0.8615
hope it can break the 0.8650-0.8640...
i'm a new member to this thread ...pls correct me if i'm wrong...thanksIgnored
DislikedGBPJPY: I like long at 198.05-15 which was support in April and resistance in 2006. It's also on the 76 fib from the last major wave up. Maybe it will get down there....
Comments anyone?Ignored
DislikedI donīt have too much experience with those mid-to-long-term trades.
Hereīs a nice s/r-level in USDJPY.
Will it hold once more or will it break through ?
Any opinions ?Ignored
DislikedHey Grath bit late now but if you zoom in on he 1 hour chart and have a closer look at those levels you will see why it just bounced at 198.45 not .15Ignored
DislikedKane Rai What do you mean by "read the tape"? You talking bout the price ticks?Ignored
DislikedExactly. Takes a lot of screen time but you can see when momentum picks up, bigger players starting to hit and positions are building up in front of a key support and reversal area.Ignored
DislikedLooks like it has already reacted to that zone, take a look at the last low that was made when we were last in the area.Ignored
DislikedYes, it most certainly did react last time we were in that area. What do you think that means in terms of the next reaction at that level?Ignored
DislikedHey Grath bit late now but if you zoom in on he 1 hour chart and have a closer look at those levels you will see why it just bounced at 198.45 not .15Ignored
DislikedNo contradiction here: support at 198.45 (15 apr), then at 198.1 (10 and 14 apr)Ignored
DislikedHi All
I have been following this thread with great interest end enlightenment! I have written more metatrader indicators than I care to think about but all previously have been based on technicals (moving averages etc) ... I have always thought the lag of those was to much to bear and that pure price action is the way to go so I thought I would try and put my little brain to work to develop an "indicator" based on the pure price action philosophy discussed here. I have very nearly completed it. It works like this:
1) It looks for fractals of n size, i.e. when you get a high with n previous lower highs and n following lower highs (same with lows) - in other words previous potential S/R points. It does this in three timeframes 15,60 and 240 minutes. I call these ' S/R seeds' (potential points of S/R). The 240 points are weighted more than the 1 hour points which are weighted more than the 15 min points.
2) It then looks at the recent range (can be entered) and then includes all the double zeros in that range as 'S/R seeds'. I have weighted these the same as a 1 hour seeds for now.
So at this point I have a bunch of fractal S/R points and a bunch of double 00 S/R points. Of course these only represent potential S/R points by themselves so I look for clusters of these points .. so for example where we have a 15min fractal close to a 1 hour fractal and close to a double 0. This is a CLUSTER and reprsents an area of S/R. Now there is a bit of mathematical manipulation (using the weights etc) but I end up with S/R zones or bands that occur where there is a bunch of S/R seeds close together. I then have these Clusters with some details about them 1) The max price in the cluster 2) The Min price in the cluster (so I also have a cluster width) and also the distances up/down to the next cluster.
There is still a bug or two to iron out but it is looking VERY pretty at the moment! The really nice thing is it provides an entry zone (between the max/min of the cluster) ... which may (or may not help!) to get an entry for those who are missing them by a pip or two! Also a useful indication of where to put a stop loss (on the other side of the cluster).
Anyway I will post it here soon, when I have ironed out final bugs but if anybody is interested in playing with it and giving me some SOLID feedback that would be great. Please mail me if you are interested.
Any if you followed all that without a picture you are doing well (the picture will follow shortly)
Best
PaulIgnored
DislikedHi All
1) It looks for fractals of n size, i.e. when you get a high with n previous lower highs and n following lower highs (same with lows) - in other words previous potential S/R points. It does this in three timeframes 15,60 and 240 minutes. I call these ' S/R seeds' (potential points of S/R). The 240 points are weighted more than the 1 hour points which are weighted more than the 15 min points.
2) It then looks at the recent range (can be entered) and then includes all the double zeros in that range as 'S/R seeds'. I have weighted these the same as a 1 hour seeds for now.
So at this point I have a bunch of fractal S/R points and a bunch of double 00 S/R points. Of course these only represent potential S/R points by themselves so I look for clusters of these points .. so for example where we have a 15min fractal close to a 1 hour fractal and close to a double 0. This is a CLUSTER and reprsents an area of S/R. Now there is a bit of mathematical manipulation (using the weights etc) but I end up with S/R zones or bands that occur where there is a bunch of S/R seeds close together. I then have these Clusters with some details about them 1) The max price in the cluster 2) The Min price in the cluster (so I also have a cluster width) and also the distances up/down to the next cluster.
There is still a bug or two to iron out but it is looking VERY pretty at the moment! The really nice thing is it provides an entry zone (between the max/min of the cluster) ... which may (or may not help!) to get an entry for those who are missing them by a pip or two! Also a useful indication of where to put a stop loss (on the other side of the cluster).
Anyway I will post it here soon, when I have ironed out final bugs but if anybody is interested in playing with it and giving me some SOLID feedback that would be great. Please mail me if you are interested.
Any if you followed all that without a picture you are doing well (the picture will follow shortly)
Best
PaulIgnored