The best support and resistance levels | Page 3 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Need Best Support and Resistance Indicator 472 replies

Best Reliable Sources for Daily Support and Resistance points. 2 replies

What are the Best Support and Resistance Systems? 1 reply

How can I find These Values inorder to find resistance and support levels 2 replies

Possible Support and Resistance Levels 1 reply

Attachments: The best support and resistance levels
Exit Attachments

The best support and resistance levels

  • #41
  • Feb 3, 2009 5:15am Feb 3, 2009 5:15am
Weekly pivot points get my vote closely followed by trendlines on the daily chart. Much better than any single s/r level is a combination of one or more of them meeting at the same point, known as confluence. Here is an example of a trendline break I saw on the daily EUR/USD chart on the 11 of jan this year and then a close up of the next days price action on the 15 minute chart. The confluence of the backside of the trendline and the daily central pivot acting as resistence was too much for the panic stricken bulls. They knew they had to hold that trendline but failed on four attempts to reclaim it. This set up some very tradable price action on the day and the continuation down to todays level. Top down analysis and s/r confluence is all you've got imho
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Spot FX (mini) EUR_USD (-).png Size: 8 KB
Click to Enlarge Name: Spot FX (mini) EUR_USD2 (-).png Size: 11 KB
BTC Return This Year: na
  • #42
  • Feb 3, 2009 5:24am Feb 3, 2009 5:24am
Quoting Wallboroff
Hi,

i was wondering what you guys think are the best support and resistance levels that worked for you pretty well?
Hi Take a look at the Pic's one by one
this is the example of S/R Line's and work's preety well for me on 4-hour chart's
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 01.gif Size: 36 KB
Click to Enlarge Name: 02.gif Size: 35 KB
  • #43
  • Feb 3, 2009 5:42am Feb 3, 2009 5:42am
thanks for the input macdoug and umairs.

@umairs

do you always put your lines at points of big retracements and just wati until it gets broken?
  • #44
  • Feb 3, 2009 6:06am Feb 3, 2009 6:06am
Quoting Wallboroff
thanks for the input macdoug and umairs.

@umairs

do you always put your lines at points of big retracements and just wati until it gets broken?
Well i alway's foucus U-Shape and V-Shape candle's formation to draw my support and resistance lines on higher timeframes like 4-Hour's and daily specially(For more see my previous posted pic's) and on lower tf's like 30-minutes i use trendline's. Anyways read this pdf on S/R lines & on U-&-V Candles shapes. its really very intresting maybe it helps you more.
Attached File(s)
File Type: pdf nickbmethod.pdf   476 KB | 3,434 downloads
  • #45
  • Feb 3, 2009 6:21am Feb 3, 2009 6:21am
Quoting Umairs2004
Well i alway's foucus U-Shape and V-Shape candle's formation to draw my support and resistance lines on higher timeframes like 4-Hour's and daily specially(For more see my previous posted pic's) and on lower tf's like 30-minutes i use trendline's. Anyways read this pdf on S/R lines & on U-&-V Candles shapes. its really very intresting maybe it helps you more.
ah, thanks. i once had in my folder but never got to read it carefully. iŽll a have better read now .
  • #46
  • Edited 6:39am Feb 3, 2009 6:22am | Edited 6:39am
....sorry this post is made by mistake.
  • #47
  • Feb 3, 2009 6:38am Feb 3, 2009 6:38am
Quoting Wallboroff
any comments about your sl? why is it there? i put mine @ 1.4274.
My mistake, I was thinking that the red lines in the picture are the S/R levels. Whatever, I was thinking when the price broke the S/R level, you put the SL on the level witch was broken and TL a little bit before the next S/R level.

Regards,
scorpionFX
  • #48
  • Feb 3, 2009 7:08am Feb 3, 2009 7:08am
I agree with Bird, the 123 pattern is as good as any for getting into a position. I use it exclusively for entering.

Also, I look for trades on the 4 hour, but I always move down to the 5 or 15 min to find the 123. It works well for me. The key is to not forget you're trading on the higher frame. It's easy to get sucked into the noise on the lower levels once the trade is on, especially someone like you who is having a hard time right now holding onto winning trades. Once you're in the money, move up to at least the hour, preferably the 4 hour. It's easier that way.
  • #49
  • Feb 4, 2009 5:16am Feb 4, 2009 5:16am
woh what a huge fall on the eur/usd.

did anybody took advantage there?

i had 2 winners and 1 loser so far on the g/u and the e/u.
Attached Image (click to enlarge)
Click to Enlarge Name: eu1.gif Size: 11 KB
  • #50
  • Feb 4, 2009 5:19am Feb 4, 2009 5:19am
Quoting Wallboroff
woh what a huge fall on the eur/usd.

did anybody took advantage there?

i had 2 winners and 1 loser so far on the g/u and the e/u.
I am in this trade, and have still open EUR/USD (68pips) and also EUR/JPY(58pips). I take this trades becouse of the bounce from a weekly pivot on both pairs. But I trading on 4H chart. Does anybody know, how much down will this two pairs go. Till the Weekly S1 on the 1.2705 (EUR/USD) and till Support line on the 112.174 (EUR/JPY)

Regards,
scorpionFX
  • #51
  • Feb 4, 2009 5:21am Feb 4, 2009 5:21am
Quoting scorpionFX
I am in this trade, and have still open EUR/USD (68pips) and also EUR/JPY(58pips). I take this trades becouse of the bounce from a weekly pivot on both pairs.

Regards,
scorpionFX
congrats scorpion. could you give us a pic of your chart so we see what you did?

i never tried weekly pivots but im willing to learn more
  • #52
  • Feb 4, 2009 5:29am Feb 4, 2009 5:29am
Quoting Wallboroff
congrats scorpion. could you give us a pic of your chart so we see what you did?

i never tried weekly pivots but im willing to learn more
Here are the charts..in my opinion I was maybe a little late, but I am happy also with this 50-60 pips. This are 4H charts.

Any comments of thoose who have more experinces than me...

Regards,
scorpionFX
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 4.2.2009 EURJPY.JPG Size: 85 KB
Click to Enlarge Name: 4.2.2009 EURUSD.JPG Size: 100 KB
  • #53
  • Feb 4, 2009 5:34am Feb 4, 2009 5:34am
80pips on EUR/USD and 70 on EUR/JPY..should I exit?
  • #54
  • Feb 4, 2009 5:37am Feb 4, 2009 5:37am
Quoting scorpionFX
80pips on EUR/USD and 70 on EUR/JPY..should I exit?
hmm, dont you have your rules for exiting?

i can tell you one thing, your risk/reward looks good. it is 1:2, i like that.
  • #55
  • Feb 4, 2009 5:40am Feb 4, 2009 5:40am
Quoting Wallboroff
hmm, dont you have your rules for exiting?

i can tell you one thing, your risk/reward looks good. it is 1:2, i like that.
Yes I have rules but becouse I am not experienced trader, when I see that I already have 80-90 pips like now I thinking of exit before price turn towards me But I decided to wait until my exit signals show up.

I also have one question for other traders, it is save enough to trade when the bounce show up or is better when there is a break up.

Regards,
scorpionFX
  • #56
  • Last Post: Feb 4, 2009 8:35am Feb 4, 2009 8:35am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
fry2010, golden insight, very much clarity here in trading S/R. however, for me, the critical problem is how to determine the trend of one's TF. how do you judge your trend, if I may?
Quoting fry2010
Sure I figured you knew bout s/r i was just offering what iv picked up.
Um on your particular chart I wud say wait for break of the bottom support area. But I wud much prefere to use a higher time frame to identify more significant s/r areas.
I wud wait for the break of that and trade down because it is with the trend, if it reversed I wud wait till it broke the top resistance area and trade that way.
If there is an area where price moves a good distance from and it is not an area of previous s/r, therefore a new defined area of s/r then I wud...
1 trader viewing now