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  • #4,541
  • Oct 21, 2008 8:57am Oct 21, 2008 8:57am
Quoting plasmapants
First up, got to give full credit to BRV for this great thread.

Looks like a no brainer comming up on Euro/Jpy. 50% retracement and solid historical s/r level.

My trading stratergy will be to buy in at this level and then target the huge gap at 144-145 level.

First time posting a signal, so let me know your thoughts.
(newb tryin to learn)

may i know wats ur SL at? ur said target (TP?) is at 144-145... why not at 23.6 level instead? im sry if its a silly question...
  • #4,542
  • Oct 21, 2008 9:06am Oct 21, 2008 9:06am
Resistance was @ around 172 and that gave me a second point to plot my descending utl a little different then in my previous post. Anyway who took this sell from the 172, was offered nice 70 pips profit

BRV please comment a few words when you have time

Thanks in advance.

Cheers
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  • #4,543
  • Oct 21, 2008 9:08am Oct 21, 2008 9:08am
Quoting boomswitch
Hi BRV, i'd like to know i these levels are good for the usdjpy as you didn't note them in your blog post from today and I'm new to this thread :
I would suggest you to turn off the grid so that you could see better
  • #4,544
  • Oct 21, 2008 9:57am Oct 21, 2008 9:57am
This is exactly what i hate
3 pip difference between my entry point and the high
price touched the level and ran 90 pip south
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  • #4,545
  • Oct 21, 2008 10:16am Oct 21, 2008 10:16am
Quoting kmouneer
This is exactly what i hate
3 pip difference between my entry point and the high
price touched the level and ran 90 pip south
I know how you feel, i missed it too by 3 pips...

Btw, what is that traiding platform?
  • #4,546
  • Oct 21, 2008 10:19am Oct 21, 2008 10:19am
S/R scalps
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  • #4,547
  • Oct 21, 2008 10:20am Oct 21, 2008 10:20am
Hey Guys...I came across this thread 2 days ago and am slowly working my way through all of the information and posts in an effort to catch up. I've been a support and resistance trader for years but certaintly not to the level of Billy Ray Valentine [ "looking good Billy Ray", I love that movie]

Anyway, I have been using an obscure indicator for some time now that provides me with my initial support and resistance framework. I thought that I would post it here to see if you folks see value in it the way that I do. I am not a programmer but from observation here is how it works.

If price is turned back from a level, that level is reflected with a "dotted" line. Each subsequent time that price is trurned away from the same area, the line becomes darker. You can readily see when there is a confluence of information around a particilar area. These lines will stay in place for a specific period of time based on the chart timeframe that you are looking at. Maybe someone else with some programming skills can look at the code for a better explanation. I've attached a few screenshots.

Thoughts????
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1hr chart.jpg Size: 163 KB
Click to Enlarge Name: 30min chart.jpg Size: 142 KB
Attached Image
Attached File(s)
File Type: mq4 level_trading_123[1].mq4   13 KB | 686 downloads
"Amat Victoria Curam" Victory Loves Preparation
  • #4,548
  • Oct 21, 2008 10:37am Oct 21, 2008 10:37am
Quoting Peikko
I know how you feel, i missed it too by 3 pips...

Btw, what is that traiding platform?

the level has been broken upwards now i am waiting for a retracment on the level to buy it.

the platform is for fxcm
  • #4,549
  • Oct 21, 2008 10:52am Oct 21, 2008 10:52am
+250 pips from the entry and counting. Nice down move when cable and usdyen is going in the same direction

Quoting belekas
Resistance was @ around 172 and that gave me a second point to plot my descending utl a little different then in my previous post. Anyway who took this sell from the 172, was offered nice 70 pips profit

BRV please comment a few words when you have time

Thanks in advance.

Cheers
  • #4,550
  • Oct 21, 2008 11:10am Oct 21, 2008 11:10am
I'm certain someone else has posted this level as it is one of the 'sore thumb' ones IMO, and we're approaching it. Serious USD strength today but approaching the end of the day here in Europe and I wonder if we won't see at least some reaction from this level.

I know pitchforks are not part of the scope of this thread but they do offer incredibly accurate support and resistance in my experience and I personally consider them to be as significant as horizontal support and resistance. When I see confluence of horizontal S/R and a cluster of ML's as in this scenario, it is worth a closer look at the price action even if it is against the flow.
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  • #4,551
  • Oct 21, 2008 11:12am Oct 21, 2008 11:12am
Like BRV said. E/U and U/C are hitting S/R level right now. There could be some action there but in actual momentum i am looking for a good price action.I am still not too confident about it so need to see a prove that bulls/bears are there ;]

EURUSD: 1.3063-1.3080
USDCHF: 1.1590
  • #4,552
  • Oct 21, 2008 11:29am Oct 21, 2008 11:29am
Quoting BillyRayValentine
these are the types of things I talk about all the time....like there's no way I could have posted this trade in the daily levels because it didnt exist....but they happen everywhere........
You really make this look easy.....It really is this simple?!,Can I bother you to ask how you go about watching fundamentals?Or direct me to a post you went into this on?Thank you!Keep up the great teaching here!
  • #4,553
  • Edited 12:06pm Oct 21, 2008 12:05pm | Edited 12:06pm
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Thanks for the heads-up birdt... I had that marked, but forgot about it... I've taken 80% off at +30 pips... leaving the rest with SL at BE...

Possibly a bit premature, but wasn't keen on all the potential problem areas below... it continues to fall...

Would appreciate any comments/feedback from anyone on the playing of this trade...


Magnus
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  • #4,554
  • Oct 21, 2008 12:17pm Oct 21, 2008 12:17pm
Hey Yuppie. Good entry there. I am bit late with entry at retracement , right now price is testing this area again.
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  • #4,555
  • Oct 21, 2008 12:25pm Oct 21, 2008 12:25pm
Hi BRV and every one over this thread.

I was looking at E/U for those daily level and i had a flash. Nothing genius but it helps. What we can see over EU today is correction or strong support at 00 50 numbers.

Sure all H and L are important, but i feel like if the S\R fall on let say 1.3153, that the real level is 50, or a bounce at 1.3105 / 00 is the good numberl not 05.

Well, its helps me today. Look how EU react over those. Any other number is a in between of those 2, making no real stop.

Let me know what you think, it put levels way more simple for me if we only include last H and L whit it and major one (H1/H4/D/W), 00-50 makes the intraday level.

make sens?
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  • #4,556
  • Oct 21, 2008 12:32pm Oct 21, 2008 12:32pm
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Entered AU with 1/2 position size at 0.6804... thought I would post as there is potential short-bucket on the 5-min...


Magnus
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  • #4,557
  • Oct 21, 2008 12:32pm Oct 21, 2008 12:32pm
Quoting Inzider
Hi BRV and every one over this thread.

I was looking at E/U for those daily level and i had a flash. Nothing genius but it helps. What we can see over EU today is correction or strong support at 00 50 numbers.

Sure all H and L are important, but i feel like if the S\R fall on let say 1.3153, that the real level is 50, or a bounce at 1.3105 / 00 is the good numberl not 05.

Well, its helps me today. Look how EU react over those. Any other nuber is a in between of those 2, making no real stop.

Let me know what you think, it put levels way more simple for me if we only include last H and L whit it and major one (H1/H4/D/W), 00-50 makes the intraday level.

make sens?
IMO when there are no s/r areas near the price traders like to choose round numbers for their targets. When price is dropping like today there are no s/r levels visible on the left side of the chart on lower timeframes so intraday traders choose first round number they see to protect their position or take some of it. Could be wrong but there is some logic in it.
  • #4,558
  • Oct 21, 2008 12:47pm Oct 21, 2008 12:47pm
Quoting Inzider
Hi BRV and every one over this thread.

I was looking at E/U for those daily level and i had a flash. Nothing genius but it helps. What we can see over EU today is correction or strong support at 00 50 numbers.

Sure all H and L are important, but i feel like if the S\R fall on let say 1.3153, that the real level is 50, or a bounce at 1.3105 / 00 is the good numberl not 05.

Well, its helps me today. Look how EU react over those. Any other number is a in between of those 2, making no real stop.

Let me know what you think, it put levels way more simple for me if we only include last H and L whit it and major one (H1/H4/D/W), 00-50 makes the intraday level. ..OFF TOPIC

make sens? NO
This has been the most informative thread I have ever read.

Nothing personal Inzider but, this 'arcade game' style chart does not fit the subject of the thread in my opinion. BRV has taught us all a lot (as have many others .... you know who you are :-)

so I feel it is important that we don't start getting off topic charts appearing ... shoot me down if you don't agree but ....

Please stick to the basic S/R, longer TF fibs/trendlines if posting a thread as it would be a real shame for this thread to lose its direction.

And.... we love buckets :-)

Regards,

Gareth
  • #4,559
  • Oct 21, 2008 1:02pm Oct 21, 2008 1:02pm
Don't be ignorant Willogal. What we are doing here it's learning from each other and everybody deserve to ask questions. Inzider has got a good point there even if his chart looks arcadish.
  • #4,560
  • Oct 21, 2008 1:04pm Oct 21, 2008 1:04pm
Quoting Greenhaze
IMO when there are no s/r areas near the price traders like to choose round numbers for their targets. When price is dropping like today there are no s/r levels visible on the left side of the chart on lower timeframes so intraday traders choose first round number they see to protect their position or take some of it. Could be wrong but there is some logic in it.
Thx for the insight!

Quoting Willowgal
This has been the most informative thread I have ever read.

Nothing personal Inzider but, this 'arcade game' style chart does not fit the subject of the thread in my opinion. BRV has taught us all a lot (as have many others .... you know who you are :-)

so I feel it is important that we don't start getting off topic charts appearing ... shoot me down if you don't agree but ....

Please stick to the basic S/R, longer TF fibs/trendlines if posting a thread as it would be a real shame for this thread to lose its direction.

And.... we love buckets :-)

Regards,

Gareth
Tough 00-50 act like S\R and that it "fit" into subject here.

My chart include daily fibs, 00-50 number, major S/R and pivot, and session time (asia/london/usa) and some color too make my day happier.
I'm sure you can see price action over it.


Never tough being out of subject, sry if you felt like.

Best regards!
Inz!
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