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  • #6,941
  • Dec 23, 2008 12:50am Dec 23, 2008 12:50am
Quoting Willowgal
Have a great break everyone.

I have decided to shut my charts down until the New Year today.

However, if anyone is looking for a real good read (to avoid the boredom ) over the holiday period I have recently been reading "Emotion Free Trading" by Larry Levin... a great read :
http://www.earnforex.com/forex_e-boo...radingBook.pdf

thanks.
I'll be reading that... also...
Happy new year.
  • #6,942
  • Dec 23, 2008 2:57am Dec 23, 2008 2:57am
Quoting tdeu
Hi,

I'm new to s/r trading.

I have for EURUSD between 1.32 and 1.50 35 levels/areas for the price to bounce. Is this to much?

15 either support or resistance

and the other 20 support/resistance

Thanks

Thomas
Hi Thomas,

Please post a chart as I am not sure what you mean .... 1.32 to 1.50 is 300 pips apart !

I would be looking at 1.3825 as the next level.

1.4035 just held as resistance.
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  • #6,943
  • Dec 23, 2008 1:01pm Dec 23, 2008 1:01pm
Quoting tdeu
Hi,

I'm new to s/r trading.

I have for EURUSD between 1.32 and 1.50 35 levels/areas for the price to bounce. Is this to much?

15 either support or resistance

and the other 20 support/resistance

Thanks

Thomas
Hi Thomas,

I would definitely advise using less lines, and bring them in closer to where price currently is. A number of trades in here (myself included) redraw our lines every night to get a fresh picture of the market. This doesn't take too long. I personally usually only use anywhere from 2-5 lines on any given chart, usually 1-3 lines below and 1-3 lines above price. Anything else is just clutter, because they won't be relevant to your trading. I won't draw lines at 1.50 because price isn't anywhere near it. When price approaches 1.50 it doesn't take me more than a few seconds/minutes to identify new levels and put them on the chart then.

Anyways, definitely read the pdf from the first post in the thread. You'll find many examples there, and from there I would suggest reading through the thread. Perhaps not the whole thing as that might be tedious and frustrating going through, but even spot-checking pages every few or so will give you more and more good examples.

I stopped trading for the rest of this year, still watching charts though but there's honestly not much worth posting.. very limited range trading, actually a good environment for low-risk scalps.

Merry Christmas/Happy Holidays to all
  • #6,944
  • Dec 24, 2008 10:26am Dec 24, 2008 10:26am
Merry Christmas to everyone ~~~ Have a good vacation!!
  • #6,945
  • Dec 28, 2008 5:38pm Dec 28, 2008 5:38pm
Hi smittens, willowgal,

Thanks for your reply. All levels for EURUSD.

I have these levels around the actual price (r=resistance, s=support s/r=support/resistance):

1.4280-1.4305 s/r (range)
1.4230 r
1.4185 s/r (also fib level)
1.4125-50 s/r (range) see also long term diag TL below
actual price 1.41
1.3985-1.4015 s/r (range)
1.3930
1.3825-50 s/r/ (range) (fib 1.3838)
1.3780 r
1.3720 s/r


The BRV-PDF says to "work our way to higher time frames". I used to work up to the daily time frame and went back until 2007 (because the price was in the same range as now).
How far back do you go to identify S/R?

"Time between now and the last time it was hit"
What is a "major correction/time passing" for a level to be significant again? 500 pips, days, weeks or months?

How far back do you use fib grids? I used to use them back to the one drawn between Nov. 2005 (1.1640) and July 2008 (1.6037).

What time frame (daily/4-hourly/hourly) do you use for determine what trade (trend / counter trend) you are looking at?

Do you use important long term diag. TL from higher time frames? E.g. price bounced at 22 Dec 2008 from the TL drawn through the lows of 1 Feb. 2002 and 2 Dec. 2005.

How many pips in a one minute bar would you describe as a bounce? 10 between high and low (for EURUSD) and close in the lower third of the bar? Or is it just intuition?

It seems as there is quite often a local extreme that coincides with a S/R level around (+- 2 hours) the London opening at 8:00 GMT. What do you think? And very often they've mad their first 100 pips before noon. This seems to work better in non trending markets.


Nice holidays

Thomas

Quoting smittens4212
Hi Thomas,

I would definitely advise using less lines, and bring them in closer to where price currently is. A number of trades in here (myself included) redraw our lines every night to get a fresh picture of the market. This doesn't take too long. I personally usually only use anywhere from 2-5 lines on any given chart, usually 1-3 lines below and 1-3 lines above price. Anything else is just clutter, because they won't be relevant to your trading. I won't draw lines at 1.50 because price isn't anywhere near it. When price approaches 1.50 it doesn't...
  • #6,946
  • Dec 28, 2008 7:04pm Dec 28, 2008 7:04pm
Hello Martix,

Wondering if you'll be kind enough to tell me where to download the Pivot/Fib indicator you have on your chart?

Thanks in Advance

Quoting Matrixxdg
No Problem Red... One more I closed 2 hrs ago. Sam Seiden Supply and Demand trade for ++101

I'm through for the day. When it get's this late the market get's un-predictable.

Still waiting for the retrace back up to 4635 area with a sell limit order waiting there.

Talk soon.

MG
  • #6,947
  • Dec 29, 2008 7:22pm Dec 29, 2008 7:22pm
Quoting tdeu
Hi smittens, willowgal,

Thanks for your reply. All levels for EURUSD.

I have these levels around the actual price (r=resistance, s=support s/r=support/resistance):

The BRV-PDF says to "work our way to higher time frames". I used to work up to the daily time frame and went back until 2007 (because the price was in the same range as now).
How far back do you go to identify S/R?

"Time between now and the last time it was hit"
What is a "major correction/time passing" for a level to be significant again? 500 pips, days, weeks or months?

How...
Unless using that many lines works for you, I still think you are using way too many. I just drew the ones you have above price on my chart, without having any fibs, trendlines, or anything else, and it's still way too cluttered. You've got lines set every 40 pips or so apart, how would you trade these unless you were just attempting to scalp a few pips at every prior S/R, which probably won't give you a great R:R?

In terms of drawing your lines, this is just my opinion on what may help, but think of it this way: you can not predict every reversal, you will not be able to get into every trade. Instead, focus on only a few lines/areas that stand out as significant to you. If on any given night your line never gets used, then so be it, this will happen. You will be wrong, you will miss out on trades. Some of them might even come to within a few pips of your line but never make it and you will be left standing in the dust wishing you had gotten in the trade. Accept it for what it is, don't try to force trades by trying to identify every possible one.

Instead of drawing lines on smaller time scales and working your way higher I would advise to do the opposite. Start your way on a H4 or daily chart to find a few significant levels, and then use these as guidelines on the H1 chart to find what you think are more accurate levels/areas.

I should note that in an environment like this on the EURUSD where we just saw huge movements in the past weeks, identifying S/R can become a bit tricky, and I would give a little more weight to more recent levels than stuff you'd find on a daily chart from back in June 07, as an example.

As for when a level is still relevant, it depends. If you identify a level on a 15M chart, it probably won't be very useful unless this level gets tested within a few hours, because who is going to be watching a 15M level a day later, when 90 somewhat bars have occurred since then? We want to look at what the big boys are looking at, and piggy back on their trades.

Here's what my current chart looks like on the EURUSD.
Attached Image (click to enlarge)
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  • #6,948
  • Dec 30, 2008 7:07am Dec 30, 2008 7:07am
Hello Smittens,

Where did you derive the two levels on your chart from? 1.4223 almost knocked it on the head (high was 1.4221).

If BRV is managing the website "No Brainer Trades" there is the following post (although a bit old):

http://www.nobrainertrades.com/2008/...oday-from.html

with these levels for EURUSD:

EUR has levels above at 1.2950, 1.3115, 1.3295 levels below at 1.2665, 1.2600, 1.2530, 1.2445, 1.2335

His spacing was 60-80 pips apart.

I tried to come up with a few levels/ranges less than before. See chart.

Cheers

Thomas
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  • #6,949
  • Dec 30, 2008 9:54am Dec 30, 2008 9:54am
Hi Tom,

The upper level was the bottom of an inverse bucket, which I was identifying as an area of resistance, and then on the 15M chart between 1.4210/20 there was some 'fighting' on both the rise up to the 1.4362 high and then again on the down turn, indicating that there could be some orders placed there.

I should note I'm still not trading until next week, so I didn't trade this level or even put up an alert. I was just trying to show how simple you can keep it, it very well may work for you to put so many levels on your chart. When I have clutter on the chart, I get clutter in my head, and forget what I'm thinking about each level and what I want to look for. Reducing lines makes me focus on certain levels and what I want to see and how I can trade it.
  • #6,950
  • Dec 31, 2008 1:41pm Dec 31, 2008 1:41pm
I am a newbie and have only been trading currencies for three months. I have not been able to read completely through the thread (but love the strategy and have been successful with it), I just wonder if some of you could give me an idea of how many pips your weekly goals are? (100,200,300, other than the obvious of as many as you can get....)
I am trying to set up a weekly and monthly goals sheet.
Thanks.
  • #6,951
  • Jan 2, 2009 8:34am Jan 2, 2009 8:34am
Hi friends & Happy new year all,

probably the last bucket of 2008... spotted only today... these suckers happen so fast... but they happen often, too...
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: chart0101egm1.jpg Size: 59 KB
forget about tomorrow, just steal away into the night
  • #6,952
  • Jan 2, 2009 10:31am Jan 2, 2009 10:31am
Quoting spekitox
Hi friends & Happy new year all,

probably the last bucket of 2008... spotted only today... these suckers happen so fast... but they happen often, too...
Hi spekitox,

Happy New Year to you also!

Not sure I follow your bucket post though :-) The chart posted is 2 days ago and I'm not clear where the bucket entry is from your chart as my understanding is that you normally get a flattish base/bottom to the bucket ... typical of a channel type of price action before a breakout ?

like this:
U <- entry long when price returns back down here

It may be me being stupid but I can't see a "bucket" (BRV style) where you have highlighted your chart.

Anyway... hope I'm wrong but I am worried that this thread may struggle to grow in 2009 as many of the regulars went a.w.o.l. during Decemeber....

let's hope I'm wrong and that plenty of people continue to post charts and set-ups.

I intend to do so as long as I'm not on my own.

Happy New Year to all !!
  • #6,953
  • Jan 2, 2009 5:04pm Jan 2, 2009 5:04pm
Hey,

on the previous chart, the arrow marks the long entry and the M1 chart shows what happened there.

I'm too lazy to scroll back but BRV also posted such an "inside out" bucket some time ago. I have saved his setup myself back then... here it is on GU.

/again, the situation can be seen on a H1 chart, then, how prices meet the level: on a M1 chart, and this time, was a short entry/

Quoting Willowgal
Hi spekitox,

Happy New Year to you also!

Not sure I follow your bucket post though :-) The chart posted is 2 days ago and I'm not clear where the bucket entry is from your chart as my understanding is that you normally get a flattish base/bottom to the bucket ... typical of a channel type of price action before a breakout...
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: chart1123gum1.gif Size: 21 KB
forget about tomorrow, just steal away into the night
  • #6,954
  • Jan 2, 2009 5:14pm Jan 2, 2009 5:14pm
..and here's another one I saved some time ago.. look at the second circle, that is a nice spiky bucket bottom, and the 4th circle, how prices react from the level.
can we agree, this is something like an inside out bucket?
Attached Image (click to enlarge)
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forget about tomorrow, just steal away into the night
  • #6,955
  • Jan 3, 2009 2:04am Jan 3, 2009 2:04am
Quoting spekitox
..and here's another one I saved some time ago.. look at the second circle, that is a nice spiky bucket bottom, and the 4th circle, how prices react from the level.
can we agree, this is something like an inside out bucket?
Thanks spekitox,

Yes I see what you mean now ... Your two dotted lines obviously had a pile of sell orders ready to get hit and both lines reacted well when price got there ... nice one.

As it is such an interesting way to trade (with lot of set-ups occuring) do you fancy setting up a 'Bucket Trading only' thread ?
  • #6,956
  • Jan 3, 2009 1:01pm Jan 3, 2009 1:01pm
No Willow this is just "another tool in the toolbox"... And as I said, BRV drew my attention to these little beauties... here is his post on the subject, see for yourself:

http://www.forexfactory.com/showpost...postcount=4418
forget about tomorrow, just steal away into the night
  • #6,957
  • Jan 3, 2009 11:54pm Jan 3, 2009 11:54pm
Quoting spekitox
..and here's another one I saved some time ago.. look at the second circle, that is a nice spiky bucket bottom, and the 4th circle, how prices react from the level.
can we agree, this is something like an inside out bucket?

it looks more like inverted head and shoulders to me .
  • #6,958
  • Jan 4, 2009 2:46am Jan 4, 2009 2:46am
Yes .... it is a classic 'support becomes resistance' trade.

Quoting spekitox
No Willow this is just "another tool in the toolbox"... And as I said, BRV drew my attention to these little beauties... here is his post on the subject, see for yourself:

http://www.forexfactory.com/showpost...postcount=4418
  • #6,959
  • Jan 4, 2009 8:28am Jan 4, 2009 8:28am
Quoting Willowgal
Anyway... hope I'm wrong but I am worried that this thread may struggle to grow in 2009 as many of the regulars went a.w.o.l. during Decemeber....

let's hope I'm wrong and that plenty of people continue to post charts and set-ups.

I intend to do so as long as I'm not on my own.

Happy New Year to all !!
I'll be here later tonight and tomorrow.
  • #6,960
  • Jan 4, 2009 9:30am Jan 4, 2009 9:30am
Back in the trading seat from tomorrow.
Has anybody heard anything of BRV over the last month? Hope he's ok. This thread, and his blog, are full of A1+ material.
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