DislikedI made the same trade and got out with 20 pips.... it looked to be stalling and I dont think the level is going to hold.Ignored
(on demo acc still)
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DislikedI made the same trade and got out with 20 pips.... it looked to be stalling and I dont think the level is going to hold.Ignored
DislikedBRV, thanks so much for starting this thread. It has been a great educational tool.
Obviously it blew through these levels in your post, but now it's been bouncing the last 12 or so hours between 96.90 and 98.00 and for the last couple hours just above the 97.25 area.
Is the trade dead? I'm still new to this method so my thoughts that follow are not recommendations, just put them out there for you or the more experienced S&R Traders to evaluate... With the way price has moved the last 1/2 day or so I'm feeling the 97.25 area might be to weak to play a breakout below... maybe the 96.90 level, but it looks like the last 4 or 5 attempts to get under that failed so I'm a little gunshy. What are others thoughts?Ignored
DislikedAnyone watching the 1.2000 area on the Loonie?...
For:
+ 1.2000 round number
+ Two Fib levels of confluence
+ Strong previous resistance area
Against:
- Perhaps some fundamental issues that I'm not picking up on (an area I am still very weak at)
Thoughts?
MagnusIgnored
DislikedBRV, thanks so much for starting this thread. It has been a great educational tool.
Obviously it blew through these levels in your post, but now it's been bouncing the last 12 or so hours between 96.90 and 98.00 and for the last couple hours just above the 97.25 area.
Is the trade dead? I'm still new to this method so my thoughts that follow are not recommendations, just put them out there for you or the more experienced S&R Traders to evaluate... With the way price has moved the last 1/2 day or so I'm feeling the 97.25 area might be to weak to play a breakout below... maybe the 96.90 level, but it looks like the last 4 or 5 attempts to get under that failed so I'm a little gunshy. What are others thoughts?Ignored
DislikedCan one of the more experienced/successful Traders with this method explain their mechanics of the entries. I've gone through the blog and perhaps I have a mental block relkative to the word \"bounce\" or the appropriate price action that gives clues as to whether a S/R level is likely to hold or if I should stand aside. I find that I am entering too early at times or missing trades because of waiting too late. I know that placing \"blind\" limit orders is not the answer. I have become a student of this thread and the blog. I am absolutely confident about my ability to identify S/R levels. I use the higher timeframes by the book. I typically use a 5min chart to pinpoint my entries. This is not enough because even knowing these levels I am butchering trades. I can't believe that I am the only one struggling with this. Any insights would be greatly appreciated!!!Ignored
DislikedWhen the resistance broke I was looking for any excuse to get in to be honest, but wanted to risk as little as possible. My breakout plan was either to enter long on the break of the high left following a pullback (this keeps you out of false breakouts) OR, enter a long on a pullback to retest the resistance turned support. In this situation we saw price pull back right back to touch the level and then when the next candle broke the high of the previous one, I was in and only risking 30 pips (stop below the bottom of that candle, where my plan would have broken down and I wanted to be out). There was still a good chance I was going to get stopped out on this but the R:R on it was too good to turn down, and I still took it out way earlier than I could have. If you wanted to increase the probability of the trade being successful you could have waited for the close of the candle to be higher than the last one, but you sacrifice some R:R when doing this.
Here's a chart of the different methods that I use for trading breakouts from points of congestion or significant time periods. BRV probably does something completely different so I hope I am not confusing anyone, but there are many ways to skin a cat (no animals were harmed in the making of this chart).
PS., jones, there were some great opportunities on S and R today. Keep in mind that they do not always have to be rejected to provide opportunities to profit. All the lines on this chart were drawn before any of the candles on the page were created yet we see all of them were respected to some extent and all could have been useful for entering trades or placing TPs.Ignored