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  • #3,481
  • Sep 7, 2008 3:38am Sep 7, 2008 3:38am
Here is another critical level to keep your eye on. Will the EUR go up or will it break down???
Attached Image (click to enlarge)
Click to Enlarge Name: eur support t28.gif Size: 37 KB
  • #3,482
  • Edited 12:45pm Sep 7, 2008 12:39pm | Edited 12:45pm
Hi Ozziedave,

In reference to the CHF resistance level chart.

Indeed an interesting chart. Have you seen any information that Sam Seiden puts out on trading S/R ? It would be very revealing as to what he would say about the price action you have shown. Has S become R ? or will price, although penetrating the line drawn, continue up as it has in the past.

Has the line really been broken or just bent?

I am curious about the information below the chart but above the ocillators that gives an upward reading of Room Up -1 and a downward one Room Down 110 Can you describe that. ( If you have already, in an earlier post, please direct me.)

Thanks for your chart.

Lou
  • #3,483
  • Sep 7, 2008 2:12pm Sep 7, 2008 2:12pm
Quoting Iron-man
Make no mistake, simplicity is the key. It sounds like you are doing fine following basic support and resistance. So I wouldn't worry about it too much. Spx and US index move in the direction of the USD/CHF. Gold and Oil (the anti dollar) move in the direction of the EUR/USD. Sometimes they can be leading indicators on breakouts. I mark S&R on Oil, Gold and Spx and often I will see them hit levels at the same time or close to the same time as Euro and Swiss. Those are usually stronger moves but again, if what you are doing is paying the bills, I wouldn't sweat it too much.
Hi Iron-man,

thank you so much for this post, it is very informative, since I've never really studied correlations between commodities, indexes and currencies. (although, if I remember right, BabyPips School covers some of this topic - I'll have to look it up)

I will give it a try on Gold, Oil and SPX charts, but I'm still having troubles finding live charts, which could be marked with S&R levels. Tomorrow morning I'll have a look at different MT4 platforms and maybe I'll be able to find one which covers all of the above.

Thanks again, and by the way, "The Trend is your Friend" post was terrific!
  • #3,484
  • Sep 7, 2008 5:07pm Sep 7, 2008 5:07pm
Quoting Lou
Hi Ozziedave,

In reference to the CHF resistance level chart.

Indeed an interesting chart. Have you seen any information that Sam Seiden puts out on trading S/R ? It would be very revealing as to what he would say about the price action you have shown. Has S become R ? or will price, although penetrating the line drawn, continue up as it has in the past.

Has the line really been broken or just bent?

I am curious about the information below the chart but above the ocillators that gives an upward reading of Room Up -1 and a downward one Room Down 110 Can you describe that. ( If you have already, in an earlier post, please direct me.)

Thanks for your chart.

Lou
Hi Lou,

Only time will tell where price will go. Here is the indicator you asked about.
Attached File(s)
File Type: mq4 Daily Range Calculator.mq4   8 KB | 586 downloads
  • #3,485
  • Sep 7, 2008 5:39pm Sep 7, 2008 5:39pm
Quoting hendrix
Hi Iron-man,

thank you so much for this post, it is very informative, since I've never really studied correlations between commodities, indexes and currencies. (although, if I remember right, BabyPips School covers some of this topic - I'll have to look it up)

I will give it a try on Gold, Oil and SPX charts, but I'm still having troubles finding live charts, which could be marked with S&R levels. Tomorrow morning I'll have a look at different MT4 platforms and maybe I'll be able to find one which covers all of the above.

Thanks again, and by the way, "The Trend is your Friend" post was terrific!

http://www.fxstreet.com/rates-charts/
try that its interface is very uselful
for comm, spx and many many others download fxpro demo MT4 it is like a dream come true
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #3,486
  • Sep 7, 2008 6:56pm Sep 7, 2008 6:56pm
Quoting Lou
An S/R tool from the VTTrader chart package. To use on mt4 charts.

Plots as a line of dots for S and a different color for R. The third color is a vertical line that sometimes, not always, appears when there are several S/R levels... the line connects the S with the correct R.

Can adjust the LBP Look Back Periods. More periods will find more S/R locations but they will be less resiliant.


I have not traded enough with these tools to have an opinion. But have observed price action enough.. have them on most of my charts, to note that they can be very helpful and accurate.

Just thinking that for anyone who would like to apply the tool, we could keep in contact and compare our findings. Unfortunately my trading time has moved from intra day to daily. But I can trade intraday during the early to mid Asian session.

Would like to hear from anyone giving this tool a try.

Lou
Hi Lou,

wanted to give this one a go but it shows up greyed out in my indicator list. Have even tried compiling it but didn't have any joy.

...
  • #3,487
  • Sep 7, 2008 8:08pm Sep 7, 2008 8:08pm
looks long 1.0541 for another run @107
  • #3,488
  • Sep 7, 2008 8:20pm Sep 7, 2008 8:20pm
Quoting lemmingboiv2
looks long 1.0541 for another run @107
The CAD looks like it may go lower at this time. Be cautious....with long positions. We have HL and LL on the hour chart.
  • #3,489
  • Sep 7, 2008 8:50pm Sep 7, 2008 8:50pm
Quoting rsharpe30
Hi Lou,

wanted to give this one a go but it shows up greyed out in my indicator list. Have even tried compiling it but didn't have any joy.

...
I checked your profile and noticed you use Alpari. I use it for charting as well and the tool works fine. Not sure what the problem is. And if I did know wouldnt know how to fix it. I also have it on VT but that one is not transferrable to mt4 . Sorry. The only work around I can think of is to use a VT demo and use it that way. Maybe someone else has a solution.
  • #3,490
  • Edited Sep 8, 2008 8:57am Sep 7, 2008 11:22pm | Edited Sep 8, 2008 8:57am
New to this thread...U/C is at support and 61 fib..like to hear any comments..

sorry, didn't notice the above posts!!! I took the trade and banked 30 pips this am, now letting it run!!!!
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 50 KB
  • #3,491
  • Sep 8, 2008 3:27am Sep 8, 2008 3:27am
Quoting hendrix
Hi Iron-man,

thank you so much for this post, it is very informative, since I've never really studied correlations between commodities, indexes and currencies. (although, if I remember right, BabyPips School covers some of this topic - I'll have to look it up)

I will give it a try on Gold, Oil and SPX charts, but I'm still having troubles finding live charts, which could be marked with S&R levels. Tomorrow morning I'll have a look at different MT4 platforms and maybe I'll be able to find one which covers all of the above.

Thanks again, and by the way, "The Trend is your Friend" post was terrific!
Hello, you can find oil, gold, indexes and more on MT4 from ODL securities
Bye bye
Max
  • #3,492
  • Sep 8, 2008 4:38am Sep 8, 2008 4:38am
Quoting dorellino
Hello, you can find oil, gold, indexes and more on MT4 from ODL securities
Bye bye
Max
Hi! I've tried it and it works fine! Thank you.
  • #3,493
  • Sep 8, 2008 5:00am Sep 8, 2008 5:00am
Quoting ozziedave
Hi Lou,

Only time will tell where price will go. Here is the indicator you asked about.
Hi OzziD, what is the difference in the indicator you have posted between average daily range and the current daily range?
Thanks
max
  • #3,494
  • Edited 7:41pm Sep 8, 2008 7:49am | Edited 7:41pm
Quoting dorellino
Hi OzziD, what is the difference in the indicator you have posted between average daily range and the current daily range?
Thanks
max
The average daily range is the average of at least the last 5 days. On longer time frames I'm sure it takes more days into account. Maybe some programmer type can tell us how many days it uses? The current daily range is just that..the price range of the current day.
  • #3,495
  • Sep 8, 2008 8:38am Sep 8, 2008 8:38am
If it closes under 1.4213 there is nothing to stop it on the way to .4000

So pick it up on the retracement after the 4213 break
  • #3,496
  • Sep 8, 2008 9:13am Sep 8, 2008 9:13am
Quoting lemmingboiv2
If it closes under 1.4213 there is nothing to stop it on the way to .4000

So pick it up on the retracement after the 4213 break
upon closer review 1.4195 is the magic number with lots of history to back it up
  • #3,497
  • Sep 8, 2008 12:20pm Sep 8, 2008 12:20pm
Quoting lemmingboiv2
upon closer review 1.4195 is the magic number with lots of history to back it up

Its when things like this that happen I just have to say, "Thank you BRV and Ironman!"
  • #3,498
  • Sep 8, 2008 2:57pm Sep 8, 2008 2:57pm
Hey guys,
what happened with the spreadsheet?
http://sites.google.com/site/nobrainertrades/calls
Is this not being updated anymore?
  • #3,499
  • Sep 9, 2008 6:31am Sep 9, 2008 6:31am
Guys

Sorry for the slow speed ... attached in the latest version (mail me if you want a copy of it at this intermediate stage). Looks like it picks the tops better than the bottoms at the mo although a break of a S/R points to trading in the direction of the price action rather than fading it. The blue lines are poential support the red potential resistance. The lines are plotted in advance based on previous fractals and the levles become obsolete once they have been breached or have been touched 3 times ...

A multi-timeframe update will be next (this is just single timeframe - 1HR shown)

Paul

Attached Image (click to enlarge)
Click to Enlarge Name: yen.jpg Size: 191 KB
  • #3,500
  • Sep 9, 2008 6:52am Sep 9, 2008 6:52am
Quoting pmurfin
Guys

Sorry for the slow speed ... attached in the latest version (mail me if you want a copy of it at this intermediate stage). Looks like it picks the tops better than the bottoms at the mo although a break of a S/R points to trading in the direction of the price action rather than fading it. The blue lines are poential support the red potential resistance. The lines are plotted in advance based on previous fractals and the levles become obsolete once they have been breached or have been touched 3 times ...

A multi-timeframe update will be next (this is just single timeframe - 1HR shown)

Paul

Attachment
Well done Paul, and thanks for sharing this with everyone. Will the indicator work in the VT platform, and how do I get a copy from you?
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