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  • #7,521
  • Jan 23, 2009 2:35am Jan 23, 2009 2:35am
Quoting bumasoft
Yeah, I was afraid when I saw that too. But went for it and scalped some pocket change (10 little pips) on a small position . I have another long at 1.2802 with another small position. Hopefully we'll see some action there.

Update: Bad call to close that trade... Would have got at least 30-40 pips from this move. Lesson learned: scale out, don't close everything.
Yes...that was a good job!
  • #7,522
  • Jan 23, 2009 2:39am Jan 23, 2009 2:39am
i`ve got long @2840 will see how it goes
  • #7,523
  • Jan 23, 2009 2:40am Jan 23, 2009 2:40am
Quoting misterboy
Yes...that was a good job!
Thanks... Though I'm not sure I should go long again just 5 pips below the previous low ... It already made a nice retracement. What do you think?
  • #7,524
  • Jan 23, 2009 2:44am Jan 23, 2009 2:44am
Quoting mattpajek
i`ve got long @2840 will see how it goes
You have a resistance in that area . I don't think it was a good call, unfortunately. But good luck. Make sure you have your stop loss.
  • #7,525
  • Jan 23, 2009 2:48am Jan 23, 2009 2:48am
Quoting bumasoft
Thanks... Though I'm not sure I should go long again just 5 pips below the previous low ... It already made a nice retracement. What do you think?
I would probably just let it pass. Because I have resistance lines again at something around 1.2850-1.2860
  • #7,526
  • Jan 23, 2009 2:51am Jan 23, 2009 2:51am
Just thought I'd make a post showing how paying attention to the previous days, open, high, low, and close can help with intraday trading. I give most credit to I believe it was smittens who first showed this, and provided the script so the lines would automatically show up.

I shorted at red arrow because it was right where the median, (grey line, middle of high and low of previous day) and TL were intersecting. Took conservative profit at red line (daily low).
Attached Image (click to enlarge)
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  • #7,527
  • Jan 23, 2009 2:51am Jan 23, 2009 2:51am
Quoting bumasoft
You have a resistance in that area . I don't think it was a good call, unfortunately. But good luck. Make sure you have your stop loss.
Can you give me a little help here since i`m novice but as hard as i try i cant see a resistance in that area
  • #7,528
  • Jan 23, 2009 2:51am Jan 23, 2009 2:51am
Quoting misterboy
I would probably just let it pass. Because I have resistance lines again at something around 1.2850-1.2860
Yeah, me too. Already removed the pending order. Thanks. Nice to see you have the same levels.
  • #7,529
  • Jan 23, 2009 2:55am Jan 23, 2009 2:55am
Quoting mattpajek
Can you give me a little help here since i`m novice but as hard as i try i cant see a resistance in that area

Look at the H1 chart, put a horizontal line at 1.2850 and see how several lows on the H1 touch that line. Plus a pin bar is forming on the H1 just where 1.2850 is sitting.

Take a look at this chart.
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  • #7,530
  • Jan 23, 2009 2:57am Jan 23, 2009 2:57am
Quoting misterboy
I would probably just let it pass. Because I have resistance lines again at something around 1.2850-1.2860
This is the one Im talking about...this is 15min beause its a bit clearer to see
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  • #7,531
  • Jan 23, 2009 3:26am Jan 23, 2009 3:26am
There must be something wrong with me or what but i cant see the resistance,can you please take a look at my chart and tell me what do you see.I see S at 2824 and R at 3028
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  • #7,532
  • Jan 23, 2009 3:32am Jan 23, 2009 3:32am
Quoting libb
Just thought I'd make a post showing how paying attention to the previous days, open, high, low, and close can help with intraday trading. I give most credit to I believe it was smittens who first showed this, and provided the script so the lines would automatically show up.

I shorted at red arrow because it was right where the median, (grey line, middle of high and low of previous day) and TL were intersecting. Took conservative profit at red line (daily low).
Nice trade Libb.. and brave..LoL

OK...Headsup on Cable .. . 10.30cet

Edit 10.37cet anyone catch the scalp?
Attached Image (click to enlarge)
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  • #7,533
  • Jan 23, 2009 3:35am Jan 23, 2009 3:35am
Quoting mattpajek
There must be something wrong with me or what but i cant see the resistance,can you please take a look at my chart and tell me what do you see.I see S at 2824 and R at 3028
It's actually at 1.2860 more likely. I modified your chart below to show you.
Attached Image (click to enlarge)
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  • #7,534
  • Jan 23, 2009 3:43am Jan 23, 2009 3:43am
Short NZUSD @ 0.5233 - 0.5250
Long USDCHF @ 1.1590 - 1.1600

Possible long USDCAD @ 1.2600 once this hour closes and short EURUSD @ 1.2800 (if these do retest the levels).

What do you think?
  • #7,535
  • Jan 23, 2009 3:48am Jan 23, 2009 3:48am
Quoting bumasoft
It's actually at 1.2860 more likely. I modified your chart below to show you.
Ahhh now i can see thank you,i appreciate your help there is so much to learn,so when the S is broken it becomes R and i have to look at closing candle not the spike,is that correct? BTW just closed my trade with -28 pips
  • #7,536
  • Jan 23, 2009 3:49am Jan 23, 2009 3:49am
Heads up USDUPY just touched previous day low
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  • #7,537
  • Jan 23, 2009 3:54am Jan 23, 2009 3:54am
Quoting mattpajek
Ahhh now i can see thank you,i appreciate your help there is so much to learn,so when the S is broken it becomes R and i have to look at closing candle not the spike,is that correct? BTW just closed my trade with -28 pips
That was a good call. Many noobs go to margin call because of trades like these. I was about to do that when I started out (lost 50% of my account). Yes, when a support is broken, it becomes resistance, but you should wait at least until a H1 candle closes below support to be sure (or almost sure, you never know) that the support became resistance.

S/R levels are usually ranges, not a fix price. In this case, the range between 1.2850 - 1.2860 was acting as a resistance. You should always look at candle wicks (spikes, as you called them) to find S/R lines though. If you go to a M15 chart you will see there are multiple hits right at 1.2860 ( or 1.2860 plus the spread). So the thing to do is probably find S/R levels on H1 or greater TF's and then tweak them from a lower timeframe.

Hope this helps. I'm a noob too, so maybe other experienced people can correct me if I'm wrong.

Good luck!
  • #7,538
  • Jan 23, 2009 3:57am Jan 23, 2009 3:57am
Quoting libb
Heads up USDUPY just touched previous day low
I have a buy limit order awfully close to that..at 88.06..i'll leave it there..see how it goes.
  • #7,539
  • Jan 23, 2009 4:14am Jan 23, 2009 4:14am
Keep an eye on 12700 for EURUSD if it gets down there it won't stay for long.
  • #7,540
  • Jan 23, 2009 4:15am Jan 23, 2009 4:15am
Quoting RedCabbage
Keep an eye on 12700 for EURUSD if it gets down there it won't stay for long.
Yup, have a limit order stacked down there.
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