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  • #4,301
  • Oct 13, 2008 2:53pm Oct 13, 2008 2:53pm
Quoting lemmingboiv2
Of BRV's example of buying a breakout on M5 at nobrainertrades.blogspot.com


UJ is close to a breakout level of +101.35 Zoom on in and have your finger on the trigger (Targeting 103. . . )

If it rejects it then you can play it as a counter trend bounce
nice one .... it took off !!

As I mentioned in my 'way off the mark' post before can you elaborate why you envisaged a buy at that level?

Thanks.
  • #4,302
  • Oct 13, 2008 3:23pm Oct 13, 2008 3:23pm
Quoting Willowgal
Hi lemming,

I don't see your 'breakout thinking' with this one.... to me there looks to be previous history of resistance around 101.20-101.50 and a short looks to be the trade here for me if anything.

So this level coincided with a 61 fib. . . . and if you look back to oct 7-8th as in this picture

http://i33.tinypic.com/kbygih.jpg

Not a hell of a lot happened, which in itself tells me a lot of info, the bears and bulls were trapped in a 48 hr battle as to which direction we were headed. . . A HUGELY powerful level of resistance. . . . so here is a level that has confluence with a fib and held its ground for 2 days. . . I knew it would take massive amounts of upward pressure to break it and that happened to sync up with a huge day for the American Markets. . . so as it approached I was not letting it out of my sight.
  • #4,303
  • Oct 13, 2008 3:39pm Oct 13, 2008 3:39pm
I bailed out of my own trade at 102. . . . Still dont have the stones to stay in too long after the last 2 weeks
  • #4,304
  • Oct 13, 2008 3:44pm Oct 13, 2008 3:44pm
Quoting lemmingboiv2
So this level coincided with a 61 fib. . . . and if you look back to oct 7-8th as in this picture

http://i33.tinypic.com/kbygih.jpg

Not a hell of a lot happened, which in itself tells me a lot of info, the bears and bulls were trapped in a 48 hr battle as to which direction we were headed. . . A HUGELY powerful level of resistance. . . . so here is a level that has confluence with a fib and held its ground for 2 days. . . I knew it would take massive amounts of upward pressure to break it and that happened to sync up with a huge day for the American Markets. . . so as it approached I was not letting it out of my sight.
Yes I see the area you mention (highlighted on chart) but it had tried to go through that level many times since and bounced down ... the bit I don't follow is why were you confident that this time it would break through it ?

Is it purely the momentum of the US market or something also?

Thanks ... I am not being awkward, just trying learn :-)
Attached Image (click to enlarge)
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  • #4,305
  • Oct 13, 2008 3:59pm Oct 13, 2008 3:59pm
Quoting Willowgal
Yes I see the area you mention (highlighted on chart) but it had tried to go through that level many times since and bounced down ... the bit I don't follow is why were you confident that this time it would break through it ?

Is it purely the momentum of the US market or something also?

Thanks ... I am not being awkward, just trying learn :-)
I can tell you this. . . I am sure this trade was right for the wrong reasons lol . . . That being said I can only tell you what I think [ as a person who is trying to learn too!], I saw a firm level that was about to meet a US equity market that was ready to rock Sh@$ House on anything standing in its way. . . I mean obviously it rejected it soundly earlier, but I have noticed that when that happens if it makes another run at the level and fails to make it there (Meaning not a higher high), but then does not violate the previous low it is "winding up" to make another push towards the resistance again . . . . so I saw that occuring in sync with the US markets going nuts and said, "This is a level that has breakout potential"

Again I am a novice, and could be pulling this completely out of my a$$. . .

http://i33.tinypic.com/10z8jvc.jpg
  • #4,306
  • Oct 13, 2008 4:08pm Oct 13, 2008 4:08pm
Also am watching 102.17 for a break to the upside if that goes there isnt much till 103
  • #4,307
  • Oct 13, 2008 4:13pm Oct 13, 2008 4:13pm
Quoting lemmingboiv2
I can tell you this. . . I am sure this trade was right for the wrong reasons lol . . . That being said I can only tell you what I think [ as a person who is trying to learn too!], I saw a firm level that was about to meet a US equity market that was ready to rock Sh@$ House on anything standing in its way. . . I mean obviously it rejected it soundly earlier, but I have noticed that when that happens if it makes another run at the level and fails to make it there (Meaning not a higher high), but then does not violate the previous low it is "winding up" to make another push towards the resistance again . . . . so I saw that occuring in sync with the US markets going nuts and said, "This is a level that has breakout potential"

Again I am a novice, and could be pulling this completely out of my a$$. . .

http://i33.tinypic.com/10z8jvc.jpg
Lol.... well, whatever it worked a treat

It would be interesting if your idea about failing to make a lower low after hitting the level is considered as something worth considering in the future.

Hopefully BRV or one our more experienced viewers will be good enough to comment on our recent posts ?

PS. Even,if we were both "pulling this completely out of our a$$", please let us know your thoughts guys !!
  • #4,308
  • Oct 13, 2008 4:22pm Oct 13, 2008 4:22pm
anybody taking aud/usd down from the hourly bucket ? a little before 0.7000 ? nice number also
  • #4,309
  • Oct 13, 2008 4:49pm Oct 13, 2008 4:49pm
Quoting lumesh
anybody taking aud/usd down from the hourly bucket ? a little before 0.7000 ? nice number also
looks good to me !
  • #4,310
  • Oct 13, 2008 5:08pm Oct 13, 2008 5:08pm
Quoting lumesh
anybody taking aud/usd down from the hourly bucket ? a little before 0.7000 ? nice number also
Have a look at the Weekly chart in relation to your call here. The most important point I got from BRV's video today was to look for history at that level ... so this looks promising ....
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  • #4,311
  • Oct 13, 2008 5:10pm Oct 13, 2008 5:10pm
So UJ is pressed up hard against something that does not want to give. . . .yet. . . . . again back to breakouts. . . this is a level to watch as a good resistance
  • #4,312
  • Oct 13, 2008 5:16pm Oct 13, 2008 5:16pm
Quoting lemmingboiv2
So UJ is pressed up hard against something that does not want to give. . . .yet. . . . . again back to breakouts. . . this is a level to watch as a good resistance
Maybe .... or ....it may just be that there is very little trading going on at the this time - we are out of UK and US sessions so it may not a big surprise that there is little price action going on at present ?
  • #4,313
  • Oct 13, 2008 6:21pm Oct 13, 2008 6:21pm
Quoting Willowgal
Lol.... well, whatever it worked a treat

It would be interesting if your idea about failing to make a lower low after hitting the level is considered as something worth considering in the future.

Hopefully BRV or one our more experienced viewers will be good enough to comment on our recent posts ?

PS. Even,if we were both "pulling this completely out of our a$$", please let us know your thoughts guys !!
I traded this way for some time, buying the breaks of the 'spikey' areas on the charts. You only know it has posted a low when the previous high has been exceeded, it could just be running back up to make a 1-2-3 (testing the area of consolidation in the upturned bucket in this scenario), or a double top. When the high is beaten, I think it is fairly safe to say that the resistance level has lost significance. It is important to do this with the trend though, so if the price action isn't exactly the way you want to see it (progressively higher highs and higher lows) then keep out, if it is just going to consolidate then it is a flip of a coin as to which way it is going to go (something like 60/40 with the trend). Here is an example of the sort of thing to look for if you were to use this entry method, known as the 'Ross Hook', info is out there for free if you can type and use google.
Attached Image (click to enlarge)
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  • #4,314
  • Edited 7:18pm Oct 13, 2008 6:52pm | Edited 7:18pm
Quoting lemmingboiv2
Also am watching 102.17 for a break to the upside if that goes there isnt much till 103
today has been a good day
  • #4,315
  • Oct 13, 2008 8:13pm Oct 13, 2008 8:13pm
No indicator trade is pure pleasure for me. In fact, i never catch a 75 pips move scalping...... Thx again BRV.

Here the Eur/Usd move for TN:
Attached Image (click to enlarge)
Click to Enlarge Name: trade1.jpg Size: 63 KB



Good trade all!
  • #4,316
  • Oct 13, 2008 8:30pm Oct 13, 2008 8:30pm
Once again looks to be winding up to test if not break through 103.10 Resistance....next stop 104.0-.4. . . . Watching it close

(Actual NBT available at that 104.82 fib area)
  • #4,317
  • Oct 14, 2008 3:03am Oct 14, 2008 3:03am
Quoting Inzider
No indicator trade is pure pleasure for me. In fact, i never catch a 75 pips move scalping...... Thx again BRV.

Here the Eur/Usd move for TN:
Attachment


Good trade all!

That's the way, Inzider! Keep that ball rolling.



By the way I just updates some notes and added another vid if anyone is interested.
  • #4,318
  • Oct 14, 2008 3:19am Oct 14, 2008 3:19am
Quoting BillyRayValentine
That's the way, Inzider! Keep that ball rolling.



By the way I just updates some notes and added another vid if anyone is interested.
Already watched it ... excellent again. I am glad you covered that area as it affirmed that I read it correctly myself.

I posted this question which you may have missed on the forum as it is a few pages back now - I would be interested in your reply?

Thanks,

Gareth



Following the first video I have a question ... probably a difficult one to answer

a) In the PDF you mention being wary of levels that have " been sloshed about too much" as this may weaken them

b) In today's video you look out for levels that "have been hit a few times" to add strength to them.

I realise there is probably a fine line between the two, but can you throw any light on to the difference between these two cases please?
  • #4,319
  • Oct 14, 2008 4:42am Oct 14, 2008 4:42am
Quoting Willowgal
Already watched it ... excellent again. I am glad you covered that area as it affirmed that I read it correctly myself.

I posted this question which you may have missed on the forum as it is a few pages back now - I would be interested in your reply?

Thanks,

Gareth
Following the first video I have a question ... probably a difficult one to answer

a) In the PDF you mention being wary of levels that have " been sloshed about too much" as this may weaken them

b) In today's video you look out for levels that "have been hit a few times" to add strength to them.

I realise there is probably a fine line between the two, but can you throw any light on to the difference between these two cases please?

Ok Gareth you no how NB levels are a clear price or price range of S and R?

To answer your question think respect and disrespect.

So for example if a levels been ht a few times but price is still clearly respecting it as either S or R then this would be the opposite of a level that has been "sloshed" around meaning price is starting to or already has clearly disrespected that level. Implying that it is losing (or has lost) significance

So in summary look only at levels that are clearly respecting a level - think reaction - if there had been a strong reaction once a price (level) is hit then this may be an area of significance

I hope this makes sense
Time hides Nothing
  • #4,320
  • Oct 14, 2008 4:49am Oct 14, 2008 4:49am
Quoting CindyXXXX
Ok Gareth you no how NB levels are a clear price or price range of S and R?

To answer your question think respect and disrespect.

So for example if a levels been ht a few times but price is still clearly respecting it as either S or R then this would be the opposite of a level that has been "sloshed" around meaning price is starting to or already has clearly disrespected that level. Implying that it is losing (or has lost) significance

So in summary look only at levels that are clearly respecting a level - think reaction - if there had been a strong reaction once a price (level) is hit then this may be an area of significance

I hope this makes sense
Yes I think I follow you... so the 'more immediate the bounce' the stronger the level of S/R.

Thanks Cindy
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