No Brainer Trades

I'm have found that the best time to draw my trend s/r line and channels is after NY close. Then I'm able to clearly put down my limit orders (the only way I trade)
Anyone agree with it? Is there a better time apart from the NY close, in your opinion, that can show a better set up for the next day?
Good Luck
Max

Have you ever seen bucket like this ?
13 years from end to the other end

Sell EURGBP @0.9000 (@0.8980)

Has anyone got an upto date NZDUSD chart of s/r to save me some time?

I have negelected the Kiwi and really should catch up.

RC 'fraid not. My broker's spread with NZDUSD is so expensive I'd have to see a convergence of the moon, stars and planets before I could afford putting a trade on it.
Yesterday was a bit mental no? I got out about break even after performing a hasty about turn when 300 got wiped out, but there was some serious pips to be had if you were really nimble. Someone else had mine yesterday.

I reckon today will be ranging on euro, unless the FTSE carries on falling through the floor. It bounced beautifully off 255 this morning though, finishing on an inverted bucket.

Getting back into posting some charts up

Cable is back inside a pennant formed on a daily chart and has possible price action around the TL/14857 or as low as 14827 - the convergence of TL, S/R, and Fib 78.6%.

Comments welcome.


I hope you picked up the 100 pips from 14827, I was out at the shops!

Here's another: -

Interesting correlation between s/r and Fib retracement.

Hi

This is my first attempt at purely using S&R (no fibs or anything)

The only S&R are using TrendSetters daily lines

Following the breakout at the daily median line i have entered a buy order with a R:R of 1:1

Not sure if this is correct or not but it "feels right" so would appreciate any comments (esp from Trendsetter)


Update: STOPPED OUT
Thanks

Hi Ozzie,

I don't use Fibonacci Trader anymore, I used to use it and I LOVE it. It is a very very good charting software, it is very simple in actuality.very feature packed and can be used for ANY market. You don't need Fibonnaci Trader though, MetaTrader is awesome and it's what I use and am addicted to. I was just making a note that the auto mapping system was created in Fibonacci trader, so it would be of no use to anyone who doesn't use that software.

As for the use of the system Ozzie, it's all I do on a daily basis. I zone in on the day and that's it. I do take longer term trades though, those I will wait for and have alerts to tell me when they are ready to be traded.

As for the PDF, you may need to update your adobe reader, someone else opened it just fine.

That was the great thing about the system Pervaz. The Balance is something you can't really calculate. Well I am sure you could figure out the formula but it's ever changing and that's where an indicator is useful. That is the one part of the system that I can't really do manually. But what I was making note of was that the MACD would display a number on each bar and that number was the amount of pips the market was from the balance point. It's like an attraction, it goes too far away from its center it will want to come back. If it falls off too far (like trending) the balance point or center would have to adjust. Have you ever looked at a MACD or an oscillator with a center line of reference and noticed that sometimes it would make a full swing and yet when it makes another full swing the ACTUAL market movement doesn't show the same kind of size in wave. Well that's the balance shifting, the center of reference changed. So I realized that if I could know those points I would always know where the attraction would be for the market to bounce.
There was an indicator in Fibonacci Trader simply called Balance. and it did the task very well of mapping the change in balance of the market.

Now that I don't use Fibonacci Trader anymore I don't have that extra level, but the OHLCs work just fine and were the main aspect of the system. That I can do manually .

the concept is simple, doesn't matter the TimeFrame.
What you first need to do is decide on your trading Time Frame. If you are going to enter trades on the weekly then you should be looking at time frames larger than that to trade. Like monthly, quarterly or Yearly. You basically want to trade levels that are found on a much significantly larger time frame than the one you are trading on.

for more frequent levels you will need to figure out a period you like. For me I will trade the 15 minute preferably using the daily period as the large moves, but for more frequent trades on the 15 I would use an 8 hour period. Just apply the same thing to your setup. If you are trading on a weekly I recon a monthly for more frequent trades and quarterly or yearly for big trades.

I took a look at the USDJPY just now to check and with monthly levels the weekly candle broke through and used the monthly low as resistance.. if you sold it it went 40+ against you and 500+ profit, let's say you bought it at first.. it went 181 against you then came back to give you profit and an opportunity to get out and reverse position becaus ethe candle closed well below the level. Monitoring it on the daily timeframe would have given you great trade management as it was obvious it was not going to use the level as support, but as resistance.
On a daily level basis it only went 54 against you before giving you 40 profit.
Such a large TF would require of course some suitable size stop loss. Something you will have to study .

As I write this the USDJPY is battling the low of the previous month (October). When it first encountered the level (though it didn't actually strike it) it had 0 drawdown and gave 93 pips.

I hope this answers your question. If not let me know.

This is weird.. what were you buying? I am not seeing why you would buy. What was your reason to buy?
You have a blue line on your chart which is teh previous daily close. GBP went right to it overshot 7 pips on my chart and fell off instantly giving 211 pips max so far.

This was the trade Pervaz

Hi TS, what timezone is your broker in since mine was 6 pips away from that line (1.5034 was candle high and 1.5040 was where the line was plotted).

I use alpari whom "I think" are GMT +1

Hi,
Pervaz also uses Alpari and I saw what the issue was. Where the market closed for yesterday it opened for today with a relatively small gap. If you look closely when the day started on your chart you will spot the gap and see your missing range of pips.

The broker for that chart is my Crown Forex account.

p.s. Our daily candles opens at the same time at 7pm EST.

Great thread, big thanks for Libb for giving me the heads up from E46Fanatics.

My eye is on Cable...hourly trend line and a break of the downtrend on the daily...I think a few others have posted similar charting/setup.

http://i24.photobucket.com/albums/c2...r/gbpusd-4.jpg

I wish I had posted up my levels for the day on Thurs and Fri before they were hit: -

9 trades/690 pips and 11 trades/439 pips respectively.

I'm guessing monday will be mostly sideways after that sort of activity.

Anybody fancy a quick 40pip bounce from 12237 on USDCAD?

Your thoughts?

Seems likely. You see anything else about that level other than it seems to be an important level at least in the immediate past? (at least till oct. or so)

Hi libb

I was just beginning to think that this interactive trading thread hasn't been very interactive lately, hence my earlier post to highlight the potential in the last few days.

12237 is also 78.6% Fib of the last big rally looking at a 4H chart. It also had a couple of good hits on 24th and 27th Nov.

In these conditions be prepared for a BO though.

what do you want congratulating to boost your ego.

would you of posted if they went belly up? my guess would be no!

Thanks for the heads up on that usd/cad. I'll be watching it.

Yeah it does seem a little slower in here lately. I wish I had enough time to post that GBP/USD trade this morning. I rolled out of bed this morning and noticed it was about to break that 1.5010 level and had just enough time to enter and grab 70 pips.