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  • #33,461
  • Sep 23, 2008 10:37pm Sep 23, 2008 10:37pm
Quoting Nankurunaisa
Am I the only one that gets SR lines purely from marking points on the line chart in the 4H/1D/1WK/1MN timeframes? Getting the impression I should just abandon this and learn the more official ways as a priority.
If you mean you're drawing them manually, there are several indicators available for MT4 for this. Need some?
Up or down, gimme a ticket
  • #33,462
  • Sep 23, 2008 10:38pm Sep 23, 2008 10:38pm
Quoting sentinel
No, other words to better describe it....
care to share why long right now?
FUBAR...
  • #33,463
  • Sep 23, 2008 10:39pm Sep 23, 2008 10:39pm
Quoting sentinel
No, other words to better describe it....

dumb....stupid..... clueless......
Believe me, I suspect most of us with either longs or shorts have been feeling the same (dumb, clueless, fatalistic, faintly optimistic (call it wishful thinking) for the past 4 hours. Shouldn't be trading in this session anyway.
Up or down, gimme a ticket
  • #33,464
  • Sep 23, 2008 10:43pm Sep 23, 2008 10:43pm
Quoting Nankurunaisa
Am I the only one that gets SR lines purely from marking points on the line chart in the 4H/1D/1WK/1MN timeframes? Getting the impression I should just abandon this and learn the more official ways as a priority.
No I also do the same, there is nothing wrong with it. I do it on different timeframes also.
  • #33,465
  • Sep 23, 2008 10:43pm Sep 23, 2008 10:43pm
Quoting ak4x
care to share why long right now?
Sure, I will post a chart in a couple of minutes....

and SpecialEd, I know what you mean. Tell myself not to trade this crazy time, but find myself doing it more often than not.

S
  • #33,466
  • Sep 23, 2008 10:46pm Sep 23, 2008 10:46pm
Quoting ak4x
care to share why long right now?
on behalf of Brave Man
i can say that the most powrful opinion that support long right now is Bulish flag on 1H
Trade at your own Risk
  • #33,467
  • Sep 23, 2008 10:47pm Sep 23, 2008 10:47pm
Quoting sentinel
Sure, I will post a chart in a couple of minutes....

and SpecialEd, I know what you mean. Tell myself not to trade this crazy time, but find myself doing it more often than not.

S
1.4698 holds the clue to whether a long is good, or a short was a better idea.

if it breaks to the topside then you are right, if not then ....
  • #33,468
  • Sep 23, 2008 10:48pm Sep 23, 2008 10:48pm
i am holding to shortss from 1.48
\
btw i intend to have a longer position so have not moved sl to breakeven to cushion whipsaw.. but is this a logical way to trade? having some doubts..

but after all. longer positions like a week or more needs more space for whips right... opinions?
  • #33,469
  • Sep 23, 2008 10:50pm Sep 23, 2008 10:50pm
Quoting ak4x
Sorry it took so long to get back to your question. Took the evening off.

1. Not a stupid question. Questions like that make this forum stuff worthwhile.

2. A couple people already answered correctly, but to clarify... yes on the daily picture they are simply the mid points between the main pivots. S is Support below the DP or PP (same thing) and R is Resistance, above the the DP.

On a Monthly basis, yes you can use the "M" or "W" in front of the S or R to denote Monthly/Weekly and not cause confusion like MR1, WS1 and so on.

On EU, when there's a wide range between the Daily and the opening price, I find the mid point between the Daily and the CP or Central Pivot (the opening price at 5pm) to often be a valid level to be aware of. I always try to include that Central Pivot on the pivots screenshot if I post them.

Hope this helps. Play with them and see if they work for you. I think Acumen has some stuff on his site that may help as well.

Chart below shows why I like EJ over EU in these conditions, identical time frames from session open at 5pm, same targets and entries, but many more pips.

Life between the BB's and pivots is good when it's ranging.
Thanks for responding and clearing that up for me.
  • #33,470
  • Sep 23, 2008 10:52pm Sep 23, 2008 10:52pm
Quoting trading801
i am holding to shortss from 1.48
\
btw i intend to have a longer position so have not moved sl to breakeven to cushion whipsaw.. but is this a logical way to trade? having some doubts..

but after all. longer positions like a week or more needs more space for whips right... opinions?
move SL to entry +40 should be enough
and take some profit near 146
  • #33,471
  • Sep 23, 2008 10:57pm Sep 23, 2008 10:57pm
Quoting trading801
i am holding to shortss from 1.48
\
btw i intend to have a longer position so have not moved sl to breakeven to cushion whipsaw.. but is this a logical way to trade? having some doubts..

but after all. longer positions like a week or more needs more space for whips right... opinions?
VERY interesting question. I was in the same position as you yesterday http://www.forexfactory.com/showpost...&postcount=833

Think about it. The spread is 1-2pips for eur. If you take profit right now, will you lose much?

Can you enter again? maybe at a better price and more confidence.

DO you have a take profit? With my trade, I had a specific take profit of 500pips, price missed it so I got out at 400+pips.

If you feel worried, get out and take your money. DON'T be GREEDY.
  • #33,472
  • Sep 23, 2008 11:03pm Sep 23, 2008 11:03pm
Quoting SpecialEd
If you mean you're drawing them manually, there are several indicators available for MT4 for this. Need some?
Well, sort of manually. I draw them on one chart then wrote scripts that let me easily manage them and apply them to other TFs (I usually have like 8 EUR/USD charts open at a time), and note why I drew it, etc.

Mostly, I got the impression those weren't the SR lines people were working with--rather Pivot/Fibonacci points, neither of which I've taken the time to learn much about yet.

That said, I would certainly appreciate the names of any scripts you've found useful for that or anything else. MT4's default interface is frankly awful in a lot of ways and I've found myself writing scripts for a number of basic things, heh. Would love to hear of any utility scripts others have found useful.

Quote
No I also do the same, there is nothing wrong with it. I do it on different timeframes also.
Good to know, thanks.
  • #33,473
  • Sep 23, 2008 11:03pm Sep 23, 2008 11:03pm
sooner or later 1st target is lower yellow trendline of the channel
I will TP some there
Attached Image (click to enlarge)
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  • #33,474
  • Sep 23, 2008 11:07pm Sep 23, 2008 11:07pm
Profit targets should never be a certain number like 50, 100, 200. It should have something to do with price action. The chart doesn't care if somebody has a target nearby. It cares about S/R though and if a level is in the way of hitting a target, you will be out of luck.
  • #33,475
  • Sep 23, 2008 11:14pm Sep 23, 2008 11:14pm
btw what is the best way to ID s/r ? i mean it is potentially everywhere... eg,

i am sure every 1.44 1.45 .146 etc etc is some sort of s/r perhaps even the 50s 1.445 1.455 1.465 etc soon my chart will be FULL of lines
  • #33,476
  • Sep 23, 2008 11:16pm Sep 23, 2008 11:16pm
Quoting 5ysfx
sooner or later 1st target is...
Your chart looks as flat as mine does

I'm going to bed. If tomorrow morning is like this morning, price will be where it's at right now. If it's not, then either my sl or tp got hit. And that's called trading.

This sittin here is nuts. I can almost feel a good case of thrombosis coming on, and the blood clots heading to my brain. G' nite.
Attached Image
FUBAR...
  • #33,477
  • Sep 23, 2008 11:18pm Sep 23, 2008 11:18pm
Quoting ak4x
Your chart looks as flat as mine does

I'm going to bed. If tomorrow morning is like this morning, price will be where it's at right now. If it's not, then either my sl or tp got hit. And that's called trading.

This sittin here is nuts. I can almost feel a good case of thrombosis coming on, and the blood clots heading to my brain. G' nite.


how about ppl from auslanco thread
they wait and wait ...

  • #33,478
  • Sep 23, 2008 11:24pm Sep 23, 2008 11:24pm
Quoting SunTrader
Profit targets should never be a certain number like 50, 100, 200. It should have something to do with price action. The chart doesn't care if somebody has a target nearby. It cares about S/R though and if a level is in the way of hitting a target, you will be out of luck.
I failed to mention in my previous post that the 32.5% retracement level was 20 pips above my take profit, so there was some reasoning behind my decision.
  • #33,479
  • Sep 23, 2008 11:26pm Sep 23, 2008 11:26pm
Watch for the German IFO in 3.5 hours. In the past couple of releases, we have seen considerable impact that this statistic has had on the EUR. 1.44 levels attainable if the number is once again disappointng.

All the best everyone.
  • #33,480
  • Sep 23, 2008 11:34pm Sep 23, 2008 11:34pm
No use in posting that chart now, other than as an example in why not to take a trade...

stopped out for 15... tightened it from 30 because this just looks like crap right now. Oh well, take it and move on to the next one as always....
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