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  • #4,161
  • Oct 9, 2008 2:59am Oct 9, 2008 2:59am
all this support for swissy may cap any significant further bull-move on the euro but we'll see. Still holding euro shorts.
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TRADE FOR SWAP
  • #4,162
  • Oct 9, 2008 3:31am Oct 9, 2008 3:31am
thank you guys for all your answers ,

I'm now reading the pdf file (it's the same as the stuff on the first post of BRV?) , and as it the 2nd time I'm reading it , things become clearer to me ,

I looked today on BRV's blog and I didn't see any daily post and no daily buys\sells , so my guess is - since the price did not do anything new yesterday and kept ranging , the buys\sells levels are the same as yesterday?

again , thank you BRV for the refreshing insight , and you guys for your help as I'm trying to catch up.

Barak
  • #4,163
  • Oct 9, 2008 3:40am Oct 9, 2008 3:40am
Quoting Barak's pip
thank you guys for all your answers ,

I'm now reading the pdf file (it's the same as the stuff on the first post of BRV?) , and as it the 2nd time I'm reading it , things become clearer to me ,

I looked today on BRV's blog and I didn't see any daily post and no daily buys\sells , so my guess is - since the price did not do anything new yesterday and kept ranging , the buys\sells levels are the same as yesterday?

again , thank you BRV for the refreshing insight , and you guys for your help as I'm trying to catch up.

Barak
Yes + some more.

I guess he has to sleep too. =) If I'm not mistaking, he is in the EST time zone (now it's 04:40 AM there)
  • #4,164
  • Oct 9, 2008 3:52am Oct 9, 2008 3:52am
Quoting hendrix
Yes + some more.

I guess he has to sleep too. =) If I'm not mistaking, he is in the EST time zone (now it's 04:40 AM there)
He will be awake, don't worry about that !!

Probably preparing another nugget for us all on the blog :-)
  • #4,165
  • Oct 9, 2008 4:09am Oct 9, 2008 4:09am
Here is another method of identifying high probability places where pivots may occur - multi-pivot lines. Find the line through which the most pivots have occurred and study price action around the extension of the line of best fit through these points. Here is an example of such a line on GBPUSD. This sort of support and resistance is teetering into the realm of market geometry but is a simple enough, and reliable enough method of identifying support and resistance that it is worth some consideration in my opinion.
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  • #4,166
  • Oct 9, 2008 5:05am Oct 9, 2008 5:05am
Quoting Barak's pip
thank you guys for all your answers ,

I'm now reading the pdf file (it's the same as the stuff on the first post of BRV?) , and as it the 2nd time I'm reading it , things become clearer to me ,

I looked today on BRV's blog and I didn't see any daily post and no daily buys\sells , so my guess is - since the price did not do anything new yesterday and kept ranging , the buys\sells levels are the same as yesterday?

again , thank you BRV for the refreshing insight , and you guys for your help as I'm trying to catch up.

Barak

Hi guys I just posted.............all updated better late than never and yep I was trying to catch some zzzzzzzzzzzzzzzzz's. Normally around midnight 2am EST I'll kick it out.
  • #4,167
  • Oct 9, 2008 5:31am Oct 9, 2008 5:31am
Quoting birdt
Here is another method of identifying high probability places where pivots may occur - multi-pivot lines. Find the line through which the most pivots have occurred and study price action around the extension of the line of best fit through these points. Here is an example of such a line on GBPUSD. This sort of support and resistance is teetering into the realm of market geometry but is a simple enough, and reliable enough method of identifying support and resistance that it is worth some consideration in my opinion.
I caught the price melting down .....thanks alot for the insights, you've now given me another weapon of mass pippin....
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Respect a man, and he will do all the more.
  • #4,168
  • Oct 9, 2008 5:44am Oct 9, 2008 5:44am
1.3661 looks the best here right now
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  • #4,169
  • Oct 9, 2008 6:02am Oct 9, 2008 6:02am
Quoting BillyRayValentine
Hi guys I just posted.............all updated better late than never and yep I was trying to catch some zzzzzzzzzzzzzzzzz's. Normally around midnight 2am EST I'll kick it out.

Hi BRV,

I've noticed that we have new buy\sell levels today , what are we doing with yesterday's levels , are we no longer use them although currencies as eur\usd did not move much ?

and another question , are you entering a trade each time price is touching any of those levels , if not how do you decide in which one to enter a trade?

thanks.
  • #4,170
  • Oct 9, 2008 6:12am Oct 9, 2008 6:12am
Quoting BillyRayValentine
1.3661 looks the best here right now
Thanks BRV...

How did you play this then ?

I went Long at 1.3700 and it broke through ... at what point do you decide to get out of that trade ... or as the next one is and hope the next level bounces ? The 1.3674 looks like it maight be Support??
  • #4,171
  • Oct 9, 2008 6:25am Oct 9, 2008 6:25am
Quoting Willowgal
Thanks BRV...

How did you play this then ?

I went Long at 1.3700 and it broke through ... at what point do you decide to get out of that trade ... or as the next one is and hope the next level bounces ? The 1.3674 looks like it maight be Support??
Yeah this is the part where just good judgement and screentime comes into play.......you have a fast drop down from the 1.3370 area....at that point on the 15 minute we had a bar that went from 1.3762 to 1.3715 in 15 minutes....a steep decline....lots of sellers on board.

You dont want to push it when you see something as steep as that so close and go for a long.

Also take a look at the hourlies. In general they're pretty oversold and looking for a deeper correction on a longer-term basis, so you want to catch it somewhere in the middle. 1.3660 would be around that mark. Its bouncing now and up about +20 pips.
  • #4,172
  • Oct 9, 2008 6:28am Oct 9, 2008 6:28am
Quoting Willowgal
Thanks BRV...

How did you play this then ?

I went Long at 1.3700 and it broke through ... at what point do you decide to get out of that trade ... or as the next one is and hope the next level bounces ? The 1.3674 looks like it maight be Support??
The levels I post requires this good judgement and knowing when its safe and not safe. If you play by the rules and look at multiple timeframes its all relative.

Look at the 5 minute, 15 minute, 1 hour and 4 hour to dtermine if the trade you're getting into makes sense for every single one of them for longer plays, and up to the 1 hour for intraday scalps of 20-70 pips on majors.

Does that make sense?
  • #4,173
  • Oct 9, 2008 6:31am Oct 9, 2008 6:31am
Quoting Barak's pip
Hi BRV,

I've noticed that we have new buy\sell levels today , what are we doing with yesterday's levels , are we no longer use them although currencies as eur\usd did not move much ?

and another question , are you entering a trade each time price is touching any of those levels , if not how do you decide in which one to enter a trade?

thanks.
Hey there no I dont.....Previous 2 posts might help answer that. Also there are a bunch of things I look at that are explained in the Trading Strategy section of the blog and lots of stuff throughout the thread (but I wouldnt expect anyone to try to read it all!!! ). If you have any specific questions in regard to whats written in there I would be happy to answer.
  • #4,174
  • Oct 9, 2008 6:31am Oct 9, 2008 6:31am
Quoting BillyRayValentine
1.3661 looks the best here right now
I've bought it @ 1.3664 and its moving up right now .. As i'm waiting right moment to buy Euro saw ur post.

anyway whats ur target for this......

thanks
STRENGHT IS LIFE ,WEAKNESS IS DEATH - SWAMI VIVEKANANDA
  • #4,175
  • Oct 9, 2008 6:33am Oct 9, 2008 6:33am
Quoting BillyRayValentine
Yeah this is the part where just good judgement and screentime comes into play.......you have a fast drop down from the 1.3370 area....at that point on the 15 minute we had a bar that went from 1.3762 to 1.3715 in 15 minutes....a steep decline....lots of sellers on board.

You dont want to push it when you see something as steep as that so close and go for a long.
Aaaaah I see what you mean.

There was almost 'too much momentum with sellers' for the level to hold ... I think that is what you mean ??

Quoting BillyRayValentine

Also take a look at the hourlies. In general they're pretty oversold and looking for a deeper correction on a longer-term basis, so you want to catch it somewhere in the middle. 1.3660 would be around that mark. Its bouncing now and up about +20 pips.
sorry ... I don't follow what you mean here?

Thanks teacher :-)
  • #4,176
  • Oct 9, 2008 6:36am Oct 9, 2008 6:36am
Quoting Barak's pip
Hi BRV,

I've noticed that we have new buy\sell levels today , what are we doing with yesterday's levels , are we no longer use them although currencies as eur\usd did not move much ?

and another question , are you entering a trade each time price is touching any of those levels , if not how do you decide in which one to enter a trade?

thanks.

Oh and in regards to the levels changing, we've got different conditions everyday, so I'll adjust accordingly. Everything changing on intraday price action. If you take a look at the charts I post in the commentary you might start getting a feel for what I look out for. I know its very difficult in the beginning but believe me its second nature after a while.

Its easy...promise!
  • #4,177
  • Oct 9, 2008 6:38am Oct 9, 2008 6:38am
Quoting BillyRayValentine
1.3661 looks the best here right now
+50 pips.........told ya!
  • #4,178
  • Oct 9, 2008 6:40am Oct 9, 2008 6:40am
Quoting Willowgal
Aaaaah I see what you mean.

There was almost 'too much momentum with sellers' for the level to hold ... I think that is what you mean ??



sorry ... I don't follow what you mean here?

Thanks teacher :-)
If you have oanda or esignal use the stochastic rsi (one indicator).....dont download it from poor programmers for metatrader....it wont work. Use the professional ones only. Its the only overbought/oversold indicator I look at and its JUST a guide. Not the end-all.

It will give you a handle on momentum.
  • #4,179
  • Oct 9, 2008 6:46am Oct 9, 2008 6:46am
Quoting BillyRayValentine
Oh and in regards to the levels changing, we've got different conditions everyday, so I'll adjust accordingly. Everything changing on intraday price action. If you take a look at the charts I post in the commentary you might start getting a feel for what I look out for. I know its very difficult in the beginning but believe me its second nature after a while.

Its easy...promise!
ok ! , I am now going over that pdf file again .

regarding yesterday's levels , so what you're saying is that we are no longer using them ?

thank you.
  • #4,180
  • Oct 9, 2008 6:46am Oct 9, 2008 6:46am
Quoting Willowgal
Aaaaah I see what you mean.

There was almost 'too much momentum with sellers' for the level to hold ... I think that is what you mean ??



sorry ... I don't follow what you mean here?

Thanks teacher :-)

Here it is in action across multiple timeframes....but you:
1. Have to get used it; it takes time and
2. Realize its not the reason you're taking trades, its JUST a tool

its just an overbought/oversold indicator....a combination of both stochastics and the rsi; nothing fancy.
To use it when it hits zero on either side price will reverse, thats the concept. Please play around with it though for a while it takes some getting used to.

I dont recommend using anything else (or rsi alone or stochastic alone....they FAIL and your win rate will sink down the crapper)

Remember: levels are what pay for everything we write about here. I'll say it again:

Its JUST a tool
Its JUST a tool
Its JUST a tool
Its JUST a tool
Its JUST a tool
Its JUST a tool

We're not basing trades off of this junky thing here - 90-100% accuracy is the goal and this thing doesnt do it alone by any means.

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