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  • #3,381
  • Aug 28, 2008 6:09pm Aug 28, 2008 6:09pm
Quoting eagle_eye
Thanks. 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.
I have a maximum of a 30 pip stop loss, some may say its too small but on the right entry I can increase my lot size without risking more than i need. I also have a minimum 1.5 risk reward however will move to break even when I am up 30 pips and will adjust my limit as the market moves up, just so that I dont get limited and the market continues to march (nothing worse than seeing an extra pips go forward. I never move my Stop backwards though, even if I have locked in breakeven, or profit that is where it stay, so in that case if the market knocks me out then goes forward so be it, that is the game.

Take care and keep those damn pips honest and green
  • #3,382
  • Aug 28, 2008 9:45pm Aug 28, 2008 9:45pm
Quoting Kane Rai
when news or large orders (read the tape) come into play these levels will most likely break.
Kane Rai What do you mean by "read the tape"? You talking bout the price ticks?

Cheers
Time hides Nothing
  • #3,383
  • Aug 29, 2008 12:41am Aug 29, 2008 12:41am
A very good explanation of a good trade setup.

thax very much



Quoting Kane Rai
It'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.
  • #3,384
  • Aug 29, 2008 2:03am Aug 29, 2008 2:03am
Quoting sivaji
Shorted 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...thanks
target HIT..+50 thanks to positive US data...
STRENGHT IS LIFE ,WEAKNESS IS DEATH - SWAMI VIVEKANANDA
  • #3,385
  • Aug 29, 2008 2:12am Aug 29, 2008 2:12am
Kane rai... thanks for ur explainations...

Now i understand better!!!

Thanks again for ur time n effort
STRENGHT IS LIFE ,WEAKNESS IS DEATH - SWAMI VIVEKANANDA
  • #3,386
  • Aug 29, 2008 3:44am Aug 29, 2008 3:44am
I don´t have too much experience with those mid-to-long-term trades.
Here´s a nice s/r-level in USDJPY.

Will it hold once more or will it break through ?

Any opinions ?
Attached Image (click to enlarge)
Click to Enlarge Name: uj.gif Size: 18 KB
Don´t live for working, but work for living.
  • #3,387
  • Aug 29, 2008 4:15am Aug 29, 2008 4:15am
Quoting Grath
GBPJPY: 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?
Hey 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 .15
Time hides Nothing
  • #3,388
  • Aug 29, 2008 4:29am Aug 29, 2008 4:29am
Quoting matsf
I don´t have too much experience with those mid-to-long-term trades.
Here´s a nice s/r-level in USDJPY.

Will it hold once more or will it break through ?

Any opinions ?
Looks 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.
Attached Image (click to enlarge)
Click to Enlarge Name: ujalreadybounced.gif Size: 26 KB
  • #3,389
  • Aug 29, 2008 4:56am Aug 29, 2008 4:56am
Quoting CindyXXXX
Hey 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 .15
Gottit! 15 April. [profane words!] But thanks for pointing it out - I wish I had not discounted it through giving the fib too much weight at the slightly lower level.
  • #3,390
  • Aug 29, 2008 6:19am Aug 29, 2008 6:19am
Quoting CindyXXXX
Kane Rai What do you mean by "read the tape"? You talking bout the price ticks?
Exactly. 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.
  • #3,391
  • Aug 29, 2008 7:42am Aug 29, 2008 7:42am
Quoting Kane Rai
Exactly. 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.
Hi Kane Rai,

How many ticks are we talking about where you have seen what you are referring to?...
  • #3,392
  • Aug 29, 2008 8:05am Aug 29, 2008 8:05am
Quoting birdt
Looks 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.
Yes, 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?
Just focus on the pips. The rest is insignificant.
  • #3,393
  • Aug 29, 2008 8:23am Aug 29, 2008 8:23am
Quoting ayaz
Yes, 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?

It reacted precisely to that price, but the reaction has not been particularly large (approx 50 pips) so people bought at that level but others were unwilling to join in. Since then it came back to test the level once again. My opinion is now that the level is no longer significant enough to take a trade based solely upon that level because price has hammered it twice in such a short time. If sellers continue this pressure then it is inevitable that the level will fail. The only time I would sell from this level would be a break and retest, a scenario that I would find quite agreeable at this point.
  • #3,394
  • Aug 29, 2008 9:00am Aug 29, 2008 9:00am
Hi 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
Paul
  • #3,395
  • Aug 29, 2008 9:10am Aug 29, 2008 9:10am
Sounds interesting Pmurfin, thanks for the effort...
  • #3,396
  • Aug 29, 2008 9:22am Aug 29, 2008 9:22am
Quoting CindyXXXX
Hey 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 .15
No contradiction here: support at 198.45 (15 apr), then at 198.1 (10 and 14 apr)
  • #3,397
  • Edited 10:01am Aug 29, 2008 9:36am | Edited 10:01am
Quoting hyh
No contradiction here: support at 198.45 (15 apr), then at 198.1 (10 and 14 apr)
Maybe... The way I'm seeing it is that these two points (.45 and .1) are in the same "zone" and I'm looking at the support on the 30th March and 1st April that they bounced off.

198.45 just seemed to be the last place it bounced and also the hourly closes of the other two spike downs are all above that .45 line.

I could be wrong thats just how I'm reading it.
Time hides Nothing
  • #3,398
  • Aug 29, 2008 10:28am Aug 29, 2008 10:28am
Quoting pmurfin
Hi 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
Paul
looking forward to it
  • #3,399
  • Aug 29, 2008 10:40am Aug 29, 2008 10:40am
198 proved to be only minor res, bounce was almost non-existent, only 20 pips.
Looking for 196.9 as probable next medium-strong res
  • #3,400
  • Aug 29, 2008 11:02am Aug 29, 2008 11:02am
Quoting pmurfin
Hi 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
Paul
Strong is the Force in this one. The Dark Side he has abandoned.


You may want to check out some of the indicators posted in these threads just to see how others are approaching it.

http://www.forexfactory.com/showthread.php?t=96742

http://www.forexfactory.com/showthread.php?t=46986
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