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  • #4,861
  • Oct 28, 2008 7:18am Oct 28, 2008 7:18am
BRV or anyone else,

Could you guys kindly teach me how you all draw levels at start of the day as part of the 'homework' before trading begins everyday? cud also link me if it has been discussed before? hmmm...?

*chuckin more salt into the sea water*
BRV - u have a marvelous thread with all the supporters around and 'give-backs'... hope u continue to help everyone around n im so honored to hav found this thread/u/everyone who is supporting...
  • #4,862
  • Edited 7:40am Oct 28, 2008 7:24am | Edited 7:40am
Possible bucket formation?
is my observations correct?

edit: OOPS..
SPEKITOX - my SL and TP are the 2 purple lines.... further comment if possible... ^^
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  • #4,863
  • Oct 28, 2008 7:36am Oct 28, 2008 7:36am
Actually it is, but you should have sold a lil higher, around 5750 resistance, brada. You'd be in some profits by now. And where on earth is your stop loss????

By the way possible bucket around 150.60 on GJ, M1, don't laugh, SR works marvelously on that TF too.


Quoting Knightz
Possible bucket formation?
is my observations correct?
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forget about tomorrow, just steal away into the night
  • #4,864
  • Oct 28, 2008 7:53am Oct 28, 2008 7:53am
Quoting Knightz
Possible bucket formation?
is my observations correct?

edit: OOPS..
SPEKITOX - my SL and TP are the 2 purple lines.... further comment if possible... ^^
Hi Knightz

I dont think that bucket entry is correct, or at least my interpretation from watching BRV's video on buckets. The bottom of the bucket (where price consolidates) is used as Support or Resistance later on, but i could be completly wrong.

Best to wait for BRV tp pass judgement.
  • #4,865
  • Oct 28, 2008 8:05am Oct 28, 2008 8:05am
again, i've said it before and saying it now...i always look for something new to add to my trading knowledge...and i have heard that market depth plays also an important role in big traders...

I like this thread to keep going/developing and so far it has

what's the point in this thread if we only talk about the S/R and buckets ? One can learn that in 5 min and 1 page of reading and rest is just talking it over and over and over again without progress.

Don't get me wrong, it is great that many of you are posting charts of buckets and S/R so others won't miss a great opportunity.

But thanks to BRV and his input on other sources and correlations i shorted USD/CAD at 1.2986 when i saw oil up and for some reason USD/CAD up too at that point.


BTW volume has probably nothing to do with THIS method, because THIS method is S/R and buckets only


Quoting Willowgal
Correct me if I am wrong ... BRV has never once mentioned volume over the last few months about this trading method in the thread, blog or PDF.

So the answer must be one of these two :

EITHER

A) Volume is not anything to do with this trading method

OR

B) It is the most important part of the method, but BRV is keeping that bit all to himself.

What do you think ?

I know which answer I go for.

  • #4,866
  • Oct 28, 2008 8:25am Oct 28, 2008 8:25am
I think each and every bucket is different in some way so it is never enuff of them

Ok, I agree, volume itself means nothing as it differs for almost every broker. But I was talking about reading the tape... in my opinion it is having an eye on direction and frequency of ticks, around SR levels... and I reckon without it, this would be a dumb mechanical system that is doomed to fail...

Quoting lumesh
BTW volume has probably nothing to do with THIS method
forget about tomorrow, just steal away into the night
  • #4,867
  • Oct 28, 2008 8:40am Oct 28, 2008 8:40am
Quoting spekitox
I think each and every bucket is different in some way so it is never enuff of them

Ok, I agree, volume itself means nothing as it differs for almost every broker. But I was talking about reading the tape... in my opinion it is having an eye on direction and frequency of ticks, around SR levels... and I reckon without it, this would be a dumb mechanical system that is doomed to fail...
THREAD PERFORMANCE - last updated 5/14/08 - 9/30/08 (see notes!)

Total pips = +5,471

If +5471 pips is doomed to fail, then I would be happy to fail.
  • #4,868
  • Oct 28, 2008 8:40am Oct 28, 2008 8:40am
Looks like aussy is setting up for a possible sell of 0.63334 if it gets there. Anyone else observing a similar view?
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  • #4,869
  • Oct 28, 2008 8:45am Oct 28, 2008 8:45am
Quoting lumesh
again, i've said it before and saying it now...i always look for something new to add to my trading knowledge...and i have heard that market depth plays also an important role in big traders...

I like this thread to keep going/developing and so far it has

what's the point in this thread if we only talk about the S/R and buckets ? One can learn that in 5 min and 1 page of reading (impressed !) and rest is just talking it over and over and over again without progress.

Don't get me wrong, it is great that many of you are posting charts of buckets and S/R so others won't miss a great opportunity.

But thanks to BRV and his input on other sources and correlations i shorted USD/CAD at 1.2986 when i saw oil up and for some reason USD/CAD up too at that point.


BTW volume has probably nothing to do with THIS method, because THIS method is S/R and buckets only
You unwittingly made a Bucket trade.... nice one !!
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  • #4,870
  • Oct 28, 2008 8:48am Oct 28, 2008 8:48am
Hello Brv everyone, new fx trader here. Been trading futures for a few years but making my way to transistion to fx completely soon. I have a question as I have been reading this wonderful thread and the BRV blog. Is there a checklist anyone does like an hour before trading or what not everyday like drawing in your s/r levels, something you go thru each morning. I am assuming the levels you draw one day stay around until they are no longer relavent, so in a sense they are not only for the day but going forward, so eveymorning you would update them or more of them. Or do you do that throuhout the day all day. I am trying to bulid this into my trading plan. Kinda like a pilots checklist before he takes off. Plus I want to set up my charting software so I have it with ease to follow along with this method. as normally in my trading I use the s/r levels in the minis( index futures) I rarely use anything from the prior day but the high and low) So its a little different for me. Plus I used shorter time frames like 3 and 5 min. Now I looking at the 60 min and higher for levels and using the entry off a 5 mintue. I do not want to fight my personality to much and just trade off the very high tf, becuase I know me and it would be a fight so this is a nice compromise with myself. I live in NC so I am on eastern time. And I use GFT , although not the greates but ok. I also have an account at tradestation for the charting and trade futures there and put some money into there forex as a backup. Sorry for being long winded but I appreciate your input and from what I have been reading everyone seems helpful and it doesnt seem like a place that bashes newbie questions. Thanks again
  • #4,871
  • Oct 28, 2008 9:27am Oct 28, 2008 9:27am
Quoting ady27
smittens my friend,
Good job, \"only\" 240 pips in 10 minutes. Great text book flag.
I was in eurjpy, it did, again \"only\" 320 pips.
Thank you very much.
Well I'm glad someone else caught that with me, I had been waiting pretty much all night for that breakout to happen
  • #4,872
  • Oct 28, 2008 9:38am Oct 28, 2008 9:38am
Friends,

look at the chart. It speaks for it self.
For the newbies to s/r,
the pair tried 3 times to break 120.16 so next it will....

check out the bottom at 119.03 on 15M TF, interesting as well.

Enjoy
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  • #4,873
  • Oct 28, 2008 9:41am Oct 28, 2008 9:41am
Quoting Knightz
Possible bucket formation?
is my observations correct?

edit: OOPS..
SPEKITOX - my SL and TP are the 2 purple lines.... further comment if possible... ^^
109 pips w00t... i hope im monitoring this rite instead of being jus luck~ =x
  • #4,874
  • Oct 28, 2008 9:54am Oct 28, 2008 9:54am
We're not talking about the same thing my friend. I was talking about the subtle difference between putting up orders mechanically based on lo's and hi's and doing the same thing with respect to price action (ticks) around important levels.

Somehow I just failed to make myself clear. This is clear now.
Anybody questioned any performance? Nope.

Quoting Tornado
THREAD PERFORMANCE - last updated 5/14/08 - 9/30/08 (see notes!)

Total pips = +5,471

If +5471 pips is doomed to fail, then I would be happy to fail.
forget about tomorrow, just steal away into the night
  • #4,875
  • Oct 28, 2008 9:56am Oct 28, 2008 9:56am
Quoting ady27
the pair tried 3 times to break 120.16 so next it will...
Honestly: Who knows? I would play for bounces, but until now I don't see a rule when levels get stronger the more they are touched, or when they get weaker. So I will prepare for both directions with tight stops. Other opinions?
  • #4,876
  • Oct 28, 2008 10:00am Oct 28, 2008 10:00am
Quoting ranger
Hello Brv everyone, new fx trader here. Been trading futures for a few years but making my way to transistion to fx completely soon. I have a question as I have been reading this wonderful thread and the BRV blog. Is there a checklist anyone does like an hour before trading or what not everyday like drawing in your s/r levels, something you go thru each morning. I am assuming the levels you draw one day stay around until they are no longer relavent, so in a sense they are not only for the day but going forward, so eveymorning you would update them or more of them. Or do you do that throuhout the day all day. I am trying to bulid this into my trading plan. Kinda like a pilots checklist before he takes off. Plus I want to set up my charting software so I have it with ease to follow along with this method. as normally in my trading I use the s/r levels in the minis( index futures) I rarely use anything from the prior day but the high and low) So its a little different for me. Plus I used shorter time frames like 3 and 5 min. Now I looking at the 60 min and higher for levels and using the entry off a 5 mintue. I do not want to fight my personality to much and just trade off the very high tf, becuase I know me and it would be a fight so this is a nice compromise with myself. I live in NC so I am on eastern time. And I use GFT , although not the greates but ok. I also have an account at tradestation for the charting and trade futures there and put some money into there forex as a backup. Sorry for being long winded but I appreciate your input and from what I have been reading everyone seems helpful and it doesnt seem like a place that bashes newbie questions. Thanks again
Hi Ranger, just go the website http://www.nobrainertrades.com/, and you'll find everything there
  • #4,877
  • Oct 28, 2008 10:07am Oct 28, 2008 10:07am
Quoting Wonko
Honestly: Who knows? I would play for bounces, but until now I don't see a rule when levels get stronger the more they are touched, or when they get weaker. So I will prepare for both directions with tight stops. Other opinions?
Im mostly trading patterns so im using lines (trendlines) and right now im incorporating more S&R horizontal lines into my trading method. Great Pro trader Igrok writes in his book and his thread on FF that any line will get broken on the 4th touch, thats the "kiss of death". He was reffering to trendlines but horizontal S&R might be similar as well. Any significant trendline left somewhere wont be forgotten because market has complete memory and price will come back to it and break it sooner or later. So i would like this threads owner ellaborate a little on these "kisses of death" if we have something like this on S&R horizontal lines. If we dont have a significant level to place a reasonable stop, we simply dont enter the trade. And yes we can play both sides with tight stops, but i prefer to flow with the trend.

Some food for your brain ;-)
  • #4,878
  • Oct 28, 2008 10:09am Oct 28, 2008 10:09am
Quoting ady27
Friends,

look at the chart. It speaks for it self.
For the newbies to s/r,
the pair tried 3 times to break 120.16 so next it will....

check out the bottom at 119.03 on 15M TF, interesting as well.

Enjoy
It was Gann's observation that often an area of support/resistance would be tested three times and then break on the fourth attempt. The guy was a bit of legend so I am not going to argue with him. If a level is challenged three times and rejected all three times; the orders will get used up there and traders will become concerned that price has objectives that it is determined to achieve beyond the level, so the level will lose it's significance. Also, we can see by the relative distances that price bounces from this level how much resistance exists there. If price is rejected, but by a decreasing amount, then the likelihood of a bullish breakout is increased as within that wedge sellers are being overpowered at a steadily higher level. This ties in with the 'used and abused' principle that BRV recommends. Too many challenges in too little time causes confidence in the level too waiver.

PS. I was told the Kiss of Death was the break of a Support/Resistance level, and then a retest before zooming off. Regardless, both principles can give your account the kiss of life if you have the discipline to wait for them.
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  • #4,879
  • Oct 28, 2008 10:30am Oct 28, 2008 10:30am
Bucket on UJ around 94.80 on 15m chart

Interesting insight about Gann and price levels being tested/broken. I have noticed that the 3rd or 4th retest of a line has a tendency to be the one that breaks it, but I've also seen lines be tested many more times than that without breaking it. When I first started demo trading, breakouts were all I traded, with no fundamental bias. Sufficed to say I didn't do too well, they were inconsistent at best on a technical basis, but now that I trade with a fundamental idea at hand, they're ten times more accurate and effective.
  • #4,880
  • Oct 28, 2008 10:34am Oct 28, 2008 10:34am
Quoting belekas
Im mostly trading patterns so im using lines (trendlines) and right now im incorporating more S&R horizontal lines into my trading method. Great Pro trader Igrok writes in his book and his thread on FF that any line will get broken on the 4th touch, thats the \\\"kiss of death\\\". ..................

Some food for your brain ;-)
Quoting birdt
It was Gann's observation that often an area of support/resistance would be tested three times and then break on the fourth attempt. The guy was a bit of legend ....................
.
Guys,
Thank you for your fast, reasoned, helpful answers.
Now lets wait like hunters... patiently.. the prey will come
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