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  • #6,781
  • Edited 5:40pm Dec 10, 2008 2:55pm | Edited 5:40pm
Quoting smittens4212
I went short at 1.3070

Also, cliffedwards, you are missing the Canadian central bank cuts this week in your analysis.. if it helps
Thank you ...As always Smitty you are on the money..
DAAAw.. Ive actually had got it alarmed in relation to a cross trade setup.. but see how I loose the plot when it comes to my looney analysis..?
LoL
Thanks again.

Trendsetter.. I can vouch for your post.. I use daily HLOC levels too.. everything youve said is spot on.
When you think about it its entirely consistent with the Pro view that BRV has tried to get everyone to understand in this thread.
Great stuff TS... and thanks.
  • #6,782
  • Edited 3:53pm Dec 10, 2008 3:33pm | Edited 3:53pm
Quoting TrendSetter

ANY questions welcome.
Very nice work TS. Few questions.

1. Is this a main strategy that you use, day in, day out for most pairs?

2. Not a big deal but, is there a way to automatically mark up the previous days levels? (indicator)
  • #6,783
  • Dec 10, 2008 3:34pm Dec 10, 2008 3:34pm
Quoting cliffedwards
Thank you ...As always Smitty you are on the money..
DAAAw.. Ive actually got it alarmed in relation to a cross trade setup.. but see how I loose the plot when it comes to my looney analysis..?
LoL
Thanks again.

Trendsetter.. I can vouch for your post.. I use daily HLOC levels too.. everything youve said is spot on.
When you think about it its entirely consistent with the Pro view that BRV has tried to get everyone to understand in this thread.
Great stuff TS... and thanks.
Much appreciated cliff
  • #6,784
  • Dec 10, 2008 4:02pm Dec 10, 2008 4:02pm
[quote=libb;2410160]
Quoting TrendSetter

ANY questions welcome.

/quote]

Very nice work TS. Few questions.

1. Is this a main strategy that you use, day in, day out for most pairs?

2. Is there a way to automatically mark up the previous days levels? (indicator)
Yes, libb I use this day in, day out. I would just roll out of my bed look at the chart and trade it without thinking. This provides trades every minute basically throughout the day. The hard part is not the studying and practice to get aquainted with it, but the discipline to not overtrade once you do grasp it.
I wanted to find a way to make the most of market movement in a very short period of time. Before really knowing anything about trading S&R or even identifying levels (thanks BRV). I noticed that when the market did hit an S&R level it would retrace 10 or more pips and then continue on it's way. I used to think to myself, "goodness, all I really have to do is enter the market everytime it crashes into something" .

I wasn't looking for 50, or 100 pips, just taking the 10 or so it gave when it crashed into anything... hahaha. But stepping back a bit and really studying the market I saw that S&R takes place every second, even on a tick chart. But of course the smaller the time frame the weaker the level. So I decided to just find the levels on the large time frames and trade them all when the market hit them. It didn't matter to me if the market wanted to continue fading 100 pips, or even keep going in the initial direction, all I knew was that every level reacts, just a matter of how much and for how long. The stronger the level, the more recoil/fade is likely to happen on first encounter.

It works on any pair and on any chart.

I created a system for this actually, but I created it when I was using Fibonacci Trader. I have the systems and a PDF explaining the system. What the system would do is automatically take the OHLC values for what ever period you wish and project them for you Live. I never had to really draw any lines on my charts (talk about being spoilt). The beauty of the system was the extra hidden S&R level I found from researching the macd and market balance.

I don't know much about MQL yet. I am planning on getting into it so I can make my own indicators for Meta. But, I do have a simple indicator that plots the levels of a daily chart on the following day. Nothign special really.

NOTE ***the Meta files go in the scripts folder, NOT indicators.
Attached File(s)
File Type: mq4 S&R mapping.mq4   4 KB | 1,217 downloads
File Type: ex4 S&R mapping.ex4   4 KB | 880 downloads
  • #6,785
  • Dec 10, 2008 4:10pm Dec 10, 2008 4:10pm
Quoting TrendSetter
I could definately look into that Willow Sounds good. I will do those charts for you in a bit.
I did a breakdown of 1 day on EURCHF
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURCHF15min_1.jpg Size: 537 KB
Click to Enlarge Name: EURCHF15min_2.jpg Size: 510 KB
Click to Enlarge Name: EURCHF1min_1.jpg Size: 606 KB
Click to Enlarge Name: EURCHF1min_2.jpg Size: 579 KB
  • #6,786
  • Dec 10, 2008 5:15pm Dec 10, 2008 5:15pm
Trendsetter,
Thank you very much for all this great info & the scripts. This is some great stuff.
I noticed you said you had a PDF file that explains the system. I would like to read it if you have it handy to post.

Thanks again for all this great info.
  • #6,787
  • Dec 10, 2008 5:18pm Dec 10, 2008 5:18pm
Quoting rbock
Trendsetter,
Thank you very much for all this great info & the scripts. This is some great stuff.
I noticed you said you had a PDF file that explains the system. I would like to read it if you have it handy to post.

Thanks again for all this great info.
You are welcome. I could post the file if you want me to, but due to the fact that it refers to the system created for Fibonacci Trader it wouldn't really be of much use to those who use MetaTrader. But if you still want it, just let me know.
  • #6,788
  • Dec 10, 2008 5:22pm Dec 10, 2008 5:22pm
Quoting TrendSetter
You are welcome. I could post the file if you want me to, but due to the fact that it refers to the system created for Fibonacci Trader it wouldn't really be of much use to those who use MetaTrader. But if you still want it, just let me know.
I would like to read it just to see the thought process behind it.
Again thank you for this great info.
  • #6,789
  • Dec 10, 2008 5:44pm Dec 10, 2008 5:44pm
TrendSetter, thanks for sharing your idea, great stuffs..
  • #6,790
  • Dec 10, 2008 7:14pm Dec 10, 2008 7:14pm
Quoting rbock
I would like to read it just to see the thought process behind it.
Again thank you for this great info.
Here it is
Attached File(s)
File Type: pdf S&R Mapping.pdf   832 KB | 4,719 downloads
  • #6,791
  • Dec 10, 2008 7:22pm Dec 10, 2008 7:22pm
Great stuff TrendSetter.

More weapons for the arsenal And more reason to keep coming back day in and day out to this thread.
  • #6,792
  • Dec 11, 2008 1:19am Dec 11, 2008 1:19am
Hi Trendsetter,

I'd just like to endorse everything you say.

I also use this system and find that it works well on a 4hr timeframe.

I only look at h4 OC though, and project those levels for the week ahead, normally from Fri close of the week before.

Obviously if the h4 co-incides with h8 or higher levels the S/R is stronger, but I've also found that these levels tend to overshoot a lot.

I find the difficult bit is timing my entry.

Rgds
Steve
  • #6,793
  • Dec 11, 2008 2:26am Dec 11, 2008 2:26am
EUR is heading towards the 1.3280s
a strong level for selling
  • #6,794
  • Edited 3:23am Dec 11, 2008 2:34am | Edited 3:23am
Quoting TrendSetter
Sorry I took so long Willowgal, I got

....

***NOTE*** The levels being traded are PROJECTED from the PREVIOUS Period Open, High, Low and Close prices.

ANY questions welcome.

***I made a note on the chart to show that even though it's not instantly obvious, on first encounter the market hit the level and faded 18 pips, which is visible on the candle highlighted in green.***
Hello Trendsetter,

Thanks for this very detailed description. I have a couple of questions:

Do you have 20 pips S/L for all pairs? EURJPY has a much greater daily pip range than e.g. AUDUSD.

Is it better to trade a certain time of the day? Omit Tokyo?

What is your average Reward/Risk ratio?

And what is your reliability (how often do you win)?

Do you enter with market order? With the speed of price movement during such spikes the slippage should be pretty big!?

Do you close the trade after a certain time if there is no "action" and price lingers around the level?

Do you trade pullbacks from those levels?

Thanks

Thomas
  • #6,795
  • Dec 11, 2008 3:07am Dec 11, 2008 3:07am
Quoting TrendSetter
Here it is
TS ... what can I say !!

You are a star.

Thanks for everything .... speak soon.

  • #6,796
  • Dec 11, 2008 5:15am Dec 11, 2008 5:15am
USDCAD at stress level..2480
Under pressure from OPEC Blah Blah, contango and oil rally...
Bounced as expected from yesterdays low but got to be under serious pressue to break to Monday low ..and potentially down as far as 2140s even 1869
Seems to me only thing holding it up is the CarMakers bailout bill confusion and delay ..WATCH THIS...
As always looking for TA S&R trade but these fundies important background..
  • #6,797
  • Dec 11, 2008 6:39am Dec 11, 2008 6:39am
So will EURUSD bounce from 13300 or 13256?
  • #6,798
  • Dec 11, 2008 6:43am Dec 11, 2008 6:43am
Quoting RedCabbage
So will EURUSD bounce from 13300 or 13256?
To put in my 2 cents 1.3256 seems probable simply because according to my charts the average daily range of e/u is about 160ish and we're already up to 240 today. It might be out of steam to move up to 1.3300
  • #6,799
  • Dec 11, 2008 6:50am Dec 11, 2008 6:50am
Quoting libb
To put in my 2 cents 1.3256 seems probable simply because according to my charts the average daily range of e/u is about 160ish and we're already up to 240 today. It might be out of steam to move up to 1.3300
It is annoyingly close to the 13:30 US news so it could be a bit erratic within the next hour.

I missed a nice 100 pips from 14933 which I had marked up for a potential trade.
  • #6,800
  • Dec 11, 2008 6:56am Dec 11, 2008 6:56am
Lib/Redcabbage... exactly what I was thinking, which is it?
I've plumped for half on each level, but I've got a nagging feeling that these levels are almost too obvious.

Libb - by the way, average ATR is 236 (based on past 14 days). That still gives credence to a bounce at 3256 though...
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