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  • #33,481
  • Sep 23, 2008 11:38pm Sep 23, 2008 11:38pm
Short 1.4675 because the price hit the edge of my triangle on 30m.

Seems ok so far.

3 pips! Oh man I'm awesome.
  • #33,482
  • Edited Sep 24, 2008 12:26am Sep 23, 2008 11:48pm | Edited Sep 24, 2008 12:26am
A lot can happen in 6 days, but if the monthly price closes above 1.4571, we'll have the holy mother of PB's

EDIT: I believe we need to see wave 5 too. I am no elliot wave expert though
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  • #33,483
  • Sep 23, 2008 11:48pm Sep 23, 2008 11:48pm
Quoting Nankurunaisa
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.

Good to know, thanks.
Here's an indicator based on fractals. The original author, BarryPip I think, is still around here somewhere.

Also sending along a pivot indi.
Attached File(s)
File Type: ex4 Support and Resistance.ex4   2 KB | 355 downloads
File Type: ex4 SDX-TzPivots.ex4   21 KB | 275 downloads
Up or down, gimme a ticket
  • #33,484
  • Sep 23, 2008 11:51pm Sep 23, 2008 11:51pm
Quoting NuckingFuts
A lot can happen in 6 days, but if the monthly price closes above 1.4571, we'll have the holy mother of PB's
Maybe it's too late to be asking this (like maybe I should know it already), but what do you mean by PB's?
Up or down, gimme a ticket
  • #33,485
  • Sep 23, 2008 11:55pm Sep 23, 2008 11:55pm
Quoting SpecialEd
Maybe it's too late to be asking this (like maybe I should know it already), but what do you mean by PB's?
pin bars
  • #33,486
  • Sep 23, 2008 11:57pm Sep 23, 2008 11:57pm
Quoting NuckingFuts
pin bars
Thanks Nucks,
Up or down, gimme a ticket
  • #33,487
  • Sep 23, 2008 11:58pm Sep 23, 2008 11:58pm
Quoting NuckingFuts
A lot can happen in 6 days, but if the monthly price closes above 1.4571, we'll have the holy mother of PB's
but pinbar must be confirmed so u have to wait another month
last daily pinbar on eu and gold was fake.
Still anything can happen
Only Oil does matter
  • #33,488
  • Sep 24, 2008 12:14am Sep 24, 2008 12:14am
Quoting trading801
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
In fact... seeing it from the micro point of view, each and every pip is a kind of s/r because at every price there is a struggle between buyers and sellers which determines if next pip up or down will be "agreed upon" or not...

But each timeframe has its own s/r.

Here is one of the Rob Booker's webinars on longer term supports and resistances which will hopefully help you understand better the concept (this is the one I watched and it was very useful to me). He has other conferences on the same subject, I don't know if the presentation is the same in all or if he brings out additional examples, you can find them under "Transcripts" of his conferences.

http://transcripts.fxstreet.com/2008...-term-sup.html

In short, support and resistances are levels (more like areas or "zones" than a single price) where price has been rejected in the past and went back to where it was coming from... at support sellers stopped selling and buyers came into the picture, at resistance buyers get exhausted and sellers take over.

You can spot them easily if you zoom out your charts (at any timeframe - better with a "naked" chart) and see those levels where repeatedly prices have bounced from (be it up or down).

Fractal-based indicator posted above by SpecialEd can be useful too, if you can see past the "noise", as it takes every fractal into account and the chart can look very messy.
  • #33,489
  • Edited 12:49am Sep 24, 2008 12:17am | Edited 12:49am
Quoting 5ysfx
but pinbar must be confirmed so u have to wait another month
last daily pinbar on eu and gold was fake.
Still anything can happen
Only Oil does matter
Not necessarily another month.

If this month's bar closes as a pin, it is confirmed by a break above it which can possibly happen on the 1st of October.

Last daily pin on sept 11 has worked fine so far. Last week's bearish pin was suspect as monthly support was quite close below.

Weekly PB also playing nice so far.

The pin on gold has not yet failed either. If it takes out 920.34 it will.

I hope it does fail, will be good for the EU longs
  • #33,490
  • Sep 24, 2008 12:28am Sep 24, 2008 12:28am
Quoting acumen
There's enough Oil on the Alaskan North Slope to supply the US for the next 200 years.

You won't see Oil at 200/bbl this year or next.

Here's what a top geologist that studies oil deposits has to say.

"The most common question I get is, 'When are we going to run out of oil.' The correct response is, 'Never,'" said Eric Cheney.

"Changing economics, technological advances and efforts such as recycling and substitution make the world's mineral resources virtually infinite, said Cheney, a UW professor emeritus of Earth and space sciences."

"For instance, oil deposits unreachable 40 years ago can be tapped today using improved technology and oil once too costly to extract from tar sands, organic matter or coal is now worth manufacturing."
It's a good idea to actually read a few studies about the subject and not just trust "top geologists" word.
  • #33,491
  • Sep 24, 2008 12:30am Sep 24, 2008 12:30am
Quoting SpecialEd
Here's an indicator based on fractals. The original author, BarryPip I think, is still around here somewhere.

Also sending along a pivot indi.
I'll try them tonight, thanks.

Short 1.4675. Again. Same reason, hopefully better timed entry. Also a favorable dollar news release, though their claiming the dollar did well "early Wed" makes me laugh :<. Must be the other pairs.
  • #33,492
  • Sep 24, 2008 12:31am Sep 24, 2008 12:31am
how much can we rely on the technicals in these days? There is a clear formation (ascending triangle) that forcast a brake out, but then it suddenly stops! Is it because of new from germany? I have a hard time accepting that the whole market stops at 0200 am until 0900 just because of it. If I trade by the triangle it will probably bounce off the "roof" of the triangle and then go down.. I will sit here and wait.. again..
  • #33,493
  • Sep 24, 2008 12:39am Sep 24, 2008 12:39am
Quoting markus78
how much can we rely on the technicals in these days? There is a clear formation (ascending triangle) that forcast a brake out, but then it suddenly stops! Is it because of new from germany? I have a hard time accepting that the whole market stops at 0200 am until 0900 just because of it. If I trade by the triangle it will probably bounce off the "roof" of the triangle and then go down.. I will sit here and wait.. again..
I still expect the triangle-forecasted breakout to occur, but that stuff is necessarily inexact, and certainly not 100% anyway. I doubt we all drew it exactly the same way. I'm expecting a short breakout any time now--or well, more ideally going on now. We'll see.
  • #33,494
  • Sep 24, 2008 12:44am Sep 24, 2008 12:44am
It break out of the 4HR symetrical triangle chart and also the 15 min. That is a good sign of the the bearish movement.

Quoting Nankurunaisa
I still expect the triangle-forecasted breakout to occur, but that stuff is necessarily inexact, and certainly not 100% anyway. I doubt we all drew it exactly the same way. I'm expecting a short breakout any time now--or well, more ideally going on now. We'll see.
  • #33,495
  • Sep 24, 2008 12:48am Sep 24, 2008 12:48am
Quoting sentinel
No, other words to better describe it....

dumb....stupid..... clueless......
really brave man
  • #33,496
  • Sep 24, 2008 12:50am Sep 24, 2008 12:50am
Quoting NuckingFuts
Not necessarily another month.

If this month's bar closes as a pin, it is confirmed by a break above it which can possibly happen on the 1st of October.

Last daily pin on sept 11 has worked fine so far. Last week's bearish pin was suspect as monthly support was quite close below.

Weekly PB also playing nice so far.

The pin on gold has not yet failed either. If it takes out 920.34 it will.

I hope it does fail, will be good for the EU longs

i could agree with u but i wont because im in bear camp
  • #33,497
  • Sep 24, 2008 12:55am Sep 24, 2008 12:55am
Quoting 5ysfx
i could agree with u but i wont because im in bear camp
You can have your bear for the next few days.

As long as it closes on September 30 above 1.4571
  • #33,498
  • Sep 24, 2008 12:59am Sep 24, 2008 12:59am
Quoting 5ysfx
i could agree with u but i wont because im in bear camp
So where will Europe test first.. seems some big unwinding of E/J possies.

Weak yen may trigger more cross unwinding perhaps.
  • #33,499
  • Sep 24, 2008 12:59am Sep 24, 2008 12:59am
Quoting NuckingFuts
You can have your bear for the next few days.

As long as it closes on September 30 above 1.4571
yeah we will be fightin till last breathe
German Ifo numebers will send euro to trash bin today
  • #33,500
  • Sep 24, 2008 1:08am Sep 24, 2008 1:08am
Quoting lasty
So where will Europe test first.. seems some big unwinding of E/J possies.

Weak yen may trigger more cross unwinding perhaps.
Heard large option exp on Usd/yen went thru so perhaps not.
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