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  • #7,481
  • Jan 22, 2009 9:15am Jan 22, 2009 9:15am
Quoting SeaPip
Seattlerust, would you mind showing an example of a trade base on this?
Seapip,

How about this one? Aussie on the daily chart. Go long at D.

SR
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD Gartley 012109.gif Size: 13 KB
  • #7,482
  • Jan 22, 2009 9:25am Jan 22, 2009 9:25am
Is anyone watching 1.2740 - 1.2765 and 1.3000 - 1.3015 levels on USDCAD ? They look like pretty strong levels, but I am actually looking for breakouts, as there have been lots of bounces on them, so I was thinking of buying those two on re-tests.
  • #7,483
  • Jan 22, 2009 9:31am Jan 22, 2009 9:31am
Quoting bumasoft
Got stopped out at +2. But that was a nice trade anyway. 78.6? I use 76.4... I wasn't aware that 78.6 is a fib level

Update: Ah, you prolly made a typo. I have 76.4 at 1.2896 so that's prolly what you meant

Opinion seems divided.

Fibs are only assistance to s/r so it doesn't matter too much whether you use 78.6 or 76.4.

38.2 50.0 and 61.8 are the most important levels anyway.
  • #7,484
  • Jan 22, 2009 9:36am Jan 22, 2009 9:36am
I have another important question. When do you guys enter a trade on a retest of former support become resistance? Do you wait for the hourly candle/bar to close and then enter at a retest, or do you watch the M5 for a retest even before the H1 bar is closed?

Thank you!
  • #7,485
  • Jan 22, 2009 9:40am Jan 22, 2009 9:40am
Quoting bumasoft
Is anyone watching 1.2740 - 1.2765 and 1.3000 - 1.3015 levels on USDCAD ? They look like pretty strong levels, but I am actually looking for breakouts, as there have been lots of bounces on them, so I was thinking of buying those two on re-tests.
I think you'd be unlikely to see a breakout north on this chart right now.
  • #7,486
  • Jan 22, 2009 9:41am Jan 22, 2009 9:41am
Quoting smittens4212
I think you'd be unlikely to see a breakout north on this chart right now.
No, I didn't meant right now, but maybe this week
  • #7,487
  • Jan 22, 2009 9:45am Jan 22, 2009 9:45am
On that chart I think we may break south in the next few days to retest 1.2368
  • #7,488
  • Jan 22, 2009 9:52am Jan 22, 2009 9:52am
Quoting smittens4212
On that chart I think we may break south in the next few days to retest 1.2368
Ok, thanks for the heads up.
  • #7,489
  • Jan 22, 2009 10:00am Jan 22, 2009 10:00am
I would keep an eye on commodities if you're watching the USDCAD and bear in mind that fridays can be kind of whacky trading days.

I've slowly been adding pairs to trade as I've moved onto trading the European open recently (as opposed to just trading the Asian session, too few good opportunities), and the USDCAD is one I haven't started trading again yet but am getting ready to.

The 1.2530 area has been hit three times in the past three days, so you've got nice support there on the H1, H4, and daily charts.
  • #7,490
  • Jan 22, 2009 10:05am Jan 22, 2009 10:05am
Just came back, thanks for the chart? Will keep an eye out on this Aussie? How long have you trade this pattern with success? Do you look for them on longer TF only? Or do they work on smaller TF (1HR, 30M or 15M)?

Quoting seattlerust
Seapip,

How about this one? Aussie on the daily chart. Go long at D.

SR
  • #7,491
  • Jan 22, 2009 10:05am Jan 22, 2009 10:05am
Quoting smittens4212
I would keep an eye on commodities if you're watching the USDCAD and bear in mind that fridays can be kind of whacky trading days.

I've slowly been adding pairs to trade as I've moved onto trading the European open recently (as opposed to just trading the Asian session, too few good opportunities), and the USDCAD is one I haven't started trading again yet but am getting ready to.

The 1.2530 area has been hit three times in the past three days, so you've got nice support there on the H1, H4, and daily charts.
Thanks, I had 1.2530 line on my chart . Nice to see confirmation. Ok, I will try to watch oil every day for USDCAD. I guess that's what I need to watch, right?

Thanks a lot for great advice

PS: 1.2600 - 1.2608 also looks like a good support.

And... sorry to be asking this again, but... when do you play a retest of former support that became resistance? do you first wait for the H1 bar to close below the support and wait for another H1 bar to test it as resistance or do you look at an m5 chart even before the H1 bar has closed and if it gets back up to the line then go short?
  • #7,492
  • Jan 22, 2009 10:27am Jan 22, 2009 10:27am
Yes, oil is a good thing to watch when trading the USDCAD. The Bank of Canada cut rates this week too, but they were in line with expectations.

As for retesting S/R on a breakout, multiple timeframes can be used. For example on the EURUSD break this morning, the retest occurred on all bars < 4H. So you could've waited for the H1 bar to close and the next one to retest, or you could've traded the 30M bar, or 15, 5, etc.

The biggest problem about waiting for a retest is that if the move is strong enough, there's a good chance you won't get a retest. I generally try to play the breakout in the initial move, because if we get a retest there's no harm done, and if we don't then I'm in the move and in the clear. It depends on some other factors too. If a breakout occurs near the close of a bar (as in say a breakout occurred at 09:55 AM), I may wait for the close and see if the next bar retests. If the break occurs near the beginning of the bar (as in 09:05 AM), I'd be more likely to just try to enter on the initial move.
  • #7,493
  • Jan 22, 2009 11:09am Jan 22, 2009 11:09am
Quoting smittens4212
Yes, oil is a good thing to watch when trading the USDCAD. The Bank of Canada cut rates this week too, but they were in line with expectations.

As for retesting S/R on a breakout, multiple timeframes can be used. For example on the EURUSD break this morning, the retest occurred on all bars < 4H. So you could've waited for the H1 bar to close and the next one to retest, or you could've traded the 30M bar, or 15, 5, etc.

The biggest problem about waiting for a retest is that if the move is strong enough, there's a good chance you won't get a...
Thanks a lot. So you play breakouts and reversals? I know many traders that only play breakouts and many of them that only play reversals. I hope, with years of experience, I'll be able to play both
  • #7,494
  • Jan 22, 2009 12:14pm Jan 22, 2009 12:14pm
I traded mostly breakouts until I came to this thread. I personally love trading a good one because the moves can be so impulsive and quick, but I've found them to be better used as just another tool in the kit now combined with fading S/R.

For example, on the EURUSD last night I had 1.3092 marked up (a daily level). Had price reached this level, I would've gone short, fading the resistance because my bias is downside. It never did though, so the next trade setup I had marked up was 1.2965 which I went short on the break of. I had a target of 1.2900, which it just barely missed, and the trade was closed at 1.2935 (I had a 30 pip trailing stop).

Two different trades setups, both with the same goal. When my first price level wasn't reached, I look to the next set up I have marked up, and try my best not to overtrade and jump in midway on the move.
  • #7,495
  • Jan 22, 2009 12:29pm Jan 22, 2009 12:29pm
Quoting smittens4212
I traded mostly breakouts until I came to this thread. I personally love trading a good one because the moves can be so impulsive and quick, but I've found them to be better used as just another tool in the kit now combined with fading S/R.

For example, on the EURUSD last night I had 1.3092 marked up (a daily level). Had price reached this level, I would've gone short, fading the resistance because my bias is downside. It never did though, so the next trade setup I had marked up was 1.2965 which I went short on the break of. I had a target of...
Great. That means we took the same trade today . I also shorted at 1.2963, for 45 pips. Thanks very much for your help. It's very nice of you to help out people that want to learn this business.

Cheers!
  • #7,496
  • Jan 22, 2009 12:54pm Jan 22, 2009 12:54pm
I entered a breakout trade of 1.26 on USDCAD, but was too scaredy pants to stay in the trade and I closed at breakeven. How do you guys work with fear? Do you overcome that by screen time/experience? Now I see the trade would have been good...
  • #7,497
  • Jan 22, 2009 1:14pm Jan 22, 2009 1:14pm
Quoting bumasoft
This is day 3 since I've been trying to use BRV's method and I have made no trades. Am I too picky? What levels do you guys pick? Do you just use H1 or greater, or you look at the M15 chart too?

Thanks
If its too boring, check the past couple of days on the 15 minute chart for support resistance. and see how they work out. Good for scalping 10, 15 20 pips. I've been doing that, works pretty well. And actually, BRV also has a bucket method on 15min/5min.

I only check 2 days for 15 min because Im not sure how older s/r would work on small time frames. But I also use s/r of larger timeframes
  • #7,498
  • Jan 22, 2009 1:16pm Jan 22, 2009 1:16pm
Quoting misterboy
If its too boring, check the past couple of days on the 15 minute chart for support resistance. and see how they work out. Good for scalping 10, 15 20 pips. I've been doing that, works pretty well. And actually, BRV also has a bucket method on 15min/5min.

I only check 2 days for 15 min because Im not sure how older s/r would work on small time frames. But I also use s/r of larger timeframes
Thanks! I will. Good luck with those pips.
  • #7,499
  • Jan 22, 2009 1:17pm Jan 22, 2009 1:17pm
Quoting smittens4212
I traded mostly breakouts until I came to this thread. I personally love trading a good one because the moves can be so impulsive and quick, but I've found them to be better used as just another tool in the kit now combined with fading S/R.

For example, on the EURUSD last night I had 1.3092 marked up (a daily level). Had price reached this level, I would've gone short, fading the resistance because my bias is downside. It never did though, so the next trade setup I had marked up was 1.2965 which I went short on the break of. I had a target of...
How do you know a level is truly broken? I dont have confidence in taking breakouts so I only take bounces in the opposite direction.
  • #7,500
  • Jan 22, 2009 1:36pm Jan 22, 2009 1:36pm
Quoting misterboy
How do you know a level is truly broken? I dont have confidence in taking breakouts so I only take bounces in the opposite direction.
I think it's just like bounces, really. If price bounces off say twice in a small time span and then comes right back to that line with strong momentum, then there is a high probability that level will break.
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