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  • #3,521
  • Sep 10, 2008 8:59pm Sep 10, 2008 8:59pm
Quoting birdt
Next level on EU I'm looking at to see some support is 1.3925-35. It also seems to correlate with some of the levels on other pairs too, but this looks to be the most clear cut example, although EUR is getting it's hind kicked more than other pairs.

Nice Call! I bought just above 1.3935, agreeing with this call. I've got a TP at 1.3988 that will take half of my position off the table.
  • #3,522
  • Sep 10, 2008 9:34pm Sep 10, 2008 9:34pm
We could have a major reaction at 1.3840, if not an outright reversal. If you're to compare the Euro set-up with Oil, you can make a pretty strong argument for at least a major correction!
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  • #3,523
  • Edited 10:31pm Sep 10, 2008 10:24pm | Edited 10:31pm
Quoting pipeye
We could have a major reaction at 1.3840, if not an outright reversal. If you're to compare the Euro set-up with Oil, you can make a pretty strong argument for at least a major correction!
Nice observation, pipeye. http://www.forexfactory.com/images/icons/icon14.gif I also see a strong support zone + 76.4 fib between 720-748 on Gold.

From the UBS market commentary:

"However, for now the US dollar is appreciating rapidly, perhaps even at a pace which could trigger some verbal intervention. We also have to wonder whether the market could return to speculating about Fed rate cuts in coming months as well given the strength of the dollar, the likelihood that exports could soften and the sharp rise in the unemployment rate. While the trend is for a stronger dollar, there are plenty of catalysts, which could trigger a bounce higher in EURUSD. Ahead today, jobless claims are due at 1230 GMT."
Attached Image
  • #3,524
  • Sep 10, 2008 10:33pm Sep 10, 2008 10:33pm
Quoting Kane Rai
Nice observation, pipeye. http://www.forexfactory.com/images/icons/icon14.gif I also see a strong support zone + 76.4 fib between 720-748 on Gold.
Thanks Kane Rai -- I believe this to be the key inflection point for the USD. Time will tell, but we are long overdue for a major correction! Buckle-up, cause this is going to be one helluva tug-of-war!!
  • #3,525
  • Sep 10, 2008 10:42pm Sep 10, 2008 10:42pm
Yeah, Gold is showing the same set-up. Nice!
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  • #3,526
  • Sep 11, 2008 4:56am Sep 11, 2008 4:56am
Quoting pipeye
We could have a major reaction at 1.3840, if not an outright reversal. If you're to compare the Euro set-up with Oil, you can make a pretty strong argument for at least a major correction!
Right enough, everything is aligning at this spot on my charts too, clustering between 1.3820 to 1.3852. My feeling is that EURUSD has moved way too far in too short a time, there must be a reaction - which is a dangerous thought because it leads me to attempt to pick bottoms. At least by only taking the most significant and 'downright-stick-out-like-a-sore-thumb-blatant' resistance turned support levels you can usually get out a few pips and set the remainder to b/e. Hopefully this strategy will payoff big time when the inevitable bounce does arrive. Here's a chart which may look a bit messy from the daily time frame, but we can see the orange horizontal resistance turned support level, the blue 50 fib dating from the last weekly swing back in 2005, the magenta 127 fib extension from the last daily swing suppport level from the end of 2007 and the green diagonal trend line going back to 2001. So, there's a bit of confluence in the area. Good luck to all.
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  • #3,527
  • Sep 11, 2008 7:44am Sep 11, 2008 7:44am
Where's BRV ? I am new to this technique but looks promising. Maybe BRV can make a appearance once a while with sample.

tq
  • #3,528
  • Sep 11, 2008 7:45am Sep 11, 2008 7:45am
Hi again,

can anybody share your EU setup, i mean the S&R lines.

thanks
  • #3,529
  • Sep 11, 2008 7:48am Sep 11, 2008 7:48am
Quoting terunaku
Hi again,

can anybody share your EU setup, i mean the S&R lines.

thanks
terunaku: within the last 20 posts there are a number of EU charts showing S&R lines.

James
  • #3,530
  • Sep 11, 2008 8:29am Sep 11, 2008 8:29am
Ghost Town
  • #3,531
  • Sep 11, 2008 8:31am Sep 11, 2008 8:31am
I've been watching this thread for a while, maybe its about time I tried to contribute. My next support on E/J is 147.31-38

Any opinions on those lines?

James
  • #3,532
  • Sep 11, 2008 8:47am Sep 11, 2008 8:47am
Quoting Pecs200
I've been watching this thread for a while, maybe its about time I tried to contribute. My next support on E/J is 147.31-38

Any opinions on those lines?

James

Stick up a chart pal, I don't see anything really shining out from that level -147 flat looks better to me, plus a 50 fib retrace and the round number it's worth marking out. One issue I have with it is that it is not clearly visible on the daily. To be fair though, I think BRV mainly focuses on the majors - these support and resistance levels still get respected but not quite as accurately in my experience, probably because not as many people are looking at them.
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  • #3,533
  • Sep 11, 2008 9:05am Sep 11, 2008 9:05am
Quoting birdt
Stick up a chart pal, I don't see anything really shining out from that level -147 flat looks better to me, plus a 50 fib retrace and the round number it's worth marking out. One issue I have with it is that it is not clearly visible on the daily. To be fair though, I think BRV mainly focuses on the majors - these support and resistance levels still get respected but not quite as accurately in my experience, probably because not as many people are looking at them.

OK, maybe I am way off. Anyway, I have attached the chart I was basing it on.

James
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  • #3,534
  • Sep 11, 2008 9:28am Sep 11, 2008 9:28am
Quoting Pecs200
OK, maybe I am way off. Anyway, I have attached the chart I was basing it on.

James
Hey Pecs, didn't mean to shoot you down like that bro, just saying is all.

It's definitely been a level of some significance, I'm not disputing that - just not certain that it qualifies as a no brainer. The level has reflected price a number of times but there have been periods where price chopped over above, around and under it a number of times as in the middle of your chart.

Obviously for a resistance level to become support, price must pass through it and often we get a 'zoom through' or long momentum candle through this resistance (support) which marks a large shift in sentiment and market players repositioning themselves (reversing the polarity, as it were). If price comes down and retests this newfound support, as in the 147 case, at least to me it becomes a no brainer. I'd love to hear what BRV or Ironman think about this. Can past support and resistance levels turn on and off, or once they are violated do they become useless and any apparent price action occurring in the vicinity just coincidence. My suspicion is the latter.
  • #3,535
  • Sep 11, 2008 9:35am Sep 11, 2008 9:35am
Quoting birdt
Hey Pecs, didn't mean to shoot you down like that bro, just saying is all.

It's definitely been a level of some significance, I'm not disputing that - just not certain that it qualifies as a no brainer. The level has reflected price a number of times but there have been periods where price chopped over above, around and under it a number of times as in the middle of your chart.

Obviously for a resistance level to become support, price must pass through it and often we get a 'zoom through' or long momentum candle through this resistance (support) which marks a large shift in sentiment and market players repositioning themselves (reversing the polarity, as it were). If price comes down and retests this newfound support, as in the 147 case, at least to me it becomes a no brainer. I'd love to hear what BRV or Ironman think about this. Can past support and resistance levels turn on and off, or once they are violated do they become useless and any apparent price action occurring in the vicinity just coincidence. My suspicion is the latter.
No worries mate

I'm a little new at this so yeah, it would be nice to get some opinions from any more experienced traders
  • #3,536
  • Sep 11, 2008 9:52am Sep 11, 2008 9:52am
OK, how about G/U

Looking at around 1.7375 give or take a few pips?

James
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  • #3,537
  • Sep 11, 2008 10:45am Sep 11, 2008 10:45am
Quoting Pecs200
OK, how about G/U

Looking at around 1.7375 give or take a few pips?

James

My advice would be to read over the pdf again if you haven't already done so and take a look at the examples that BRV and Ironman have offered. You only need to take the best ones - the more you try and force it, the less likely they are going to pay off. They don't come around all that often so patience and discipline are required.
  • #3,538
  • Edited 2:21pm Sep 11, 2008 11:36am | Edited 2:21pm
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Here's a quick chart... for a quick scalp... +22 pips... in and out in around 1 minute... not a 'no brainer'... but thought I'd post it out of interest... enjoy.


Magnus
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  • #3,539
  • Sep 11, 2008 12:20pm Sep 11, 2008 12:20pm
hi,


Anybody traded/ is trading oil at the moment ?
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  • #3,540
  • Sep 11, 2008 2:34pm Sep 11, 2008 2:34pm
Quoting birdt
My advice would be to read over the pdf again if you haven't already done so and take a look at the examples that BRV and Ironman have offered. You only need to take the best ones - the more you try and force it, the less likely they are going to pay off. They don't come around all that often so patience and discipline are required.

BIRDT..great advice for anyone for anyone who wants to trade S&R...

I have done exactly what you suggested and it is a good fit for me..entries are simple visible to the naked eye and percise. A 40 pip SL makes a zone for the entry to work with. If I take a quality trade I can sleep really good at night...All this is on the first page of the thread. A quality entry and you are on your way to great trading....
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