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No Brainer Trades

  • #10,161
  • Mar 27, 2009 10:08am Mar 27, 2009 10:08am
Quoting BillyRayValentine
Hi Walt, Support and resistance trading isn't all about going against the trend. Plenty of opportunities to go in line with the trend based on these principles as well; in fact most of my trades are usually in line with an underlying trend.
This makes excellent sense!!!!! Kudos to you on that simple, but effective component.

thanks,

Walt
  • #10,162
  • Mar 27, 2009 10:48am Mar 27, 2009 10:48am
Alright my usdchf is now looking good...I have to now start hitting the down arrow to make it come down lol...

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  • #10,163
  • Mar 27, 2009 10:49am Mar 27, 2009 10:49am
guess everybody is gone for the weekend
  • #10,164
  • Mar 27, 2009 10:59am Mar 27, 2009 10:59am
hi sherm.its friday, time is gone.is it still advisable to trade since volumes are low now.london will be closing soon
  • #10,165
  • Mar 27, 2009 11:02am Mar 27, 2009 11:02am
Alright I am done trading this thing does not whant to give me candy lol...screw it I am going to it the gym....

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  • #10,166
  • Mar 27, 2009 11:03am Mar 27, 2009 11:03am
Quoting mikeokino
hi sherm.its friday, time is gone.is it still advisable to trade since volumes are low now.london will be closing soon

Yep thats the main reason why I closed
  • #10,167
  • Mar 27, 2009 11:23am Mar 27, 2009 11:23am
Got out of the trade just in time...

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  • #10,168
  • Mar 28, 2009 7:52am Mar 28, 2009 7:52am
Quoting chr5648
Attachment

The key to these trades is low risk, high reward. You have to wait for them. I had a 7 pip stop, once I was up in profit about 10 pips move to break even, then you let the mofo run.

Now I wait for the market to tell me when its done running.
Exactly! This is the way no brainer trades should be like! Fewer trades, only high probability. RRR about 1:3. Like BRV suggest. Isn't that right?
  • #10,169
  • Mar 28, 2009 2:56pm Mar 28, 2009 2:56pm
Hi,
does anybody know how to color background chart with different colors (gray stripes) for different price values like in Shermenator charts ?

Thanks in advance
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  • #10,170
  • Mar 29, 2009 7:53pm Mar 29, 2009 7:53pm
Quoting Siam
Morning,

Still waiting on the cad and I think cable has used the 1.4400 area enough to warrant placing a short on a breakout.

Morning

Well one of the trades i was watching last week took off with the cable . Cad diidnt get hit due to dollar stenghth. And I'm looking at riding the cable down a wee bit more.

Some interesting price bars around strong support zones on both Aud/usd and Eur Jpy pairs looking for shorts on these at some point.
  • #10,171
  • Mar 30, 2009 1:30am Mar 30, 2009 1:30am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hi,BRV, I am attentatively studying your great thread recently, I must say this is one of the best threads in FF, congratulations to your great job.

Due to my limited English capability, probably I need help with a few explanation on below two points quoted.

for the first one, time btw now and the last time, are you basically saying the longer the distance of the time between the hits now and the last time, the greater significance the S/R lines to hold, am I correct?


the second point -"used and abused", I seem couldn't get the point.

these are gold, I would feel regret if missed or misinterpreted any of these points. I thank you for the help


Quoting BillyRayValentine
The time between now and the last time it was hit. If a level was just used, and then price makes a run right back to it, be hesitant about putting on a new trade. When a significant support/resistance level “sits” for a longer period of time, it has a much better likelihood of holding than those hit more recently. Look for major corrections/time passing between levels to enhance probability. This is one of the biggest things we look at.

If the level has not been "used and abused". Levels that have seen such a significant amount...
  • #10,172
  • Mar 30, 2009 2:54am Mar 30, 2009 2:54am
Quoting krue
the second point -"used and abused", I seem couldn't get the point

just don't every say that to your wife or girlfriend and you should be alright. other than that, stay away from areas of support and/or resistance that has been used over and over again. the more a level gets "hit" the weaker it is in the future. hope that was simple enough.
  • #10,173
  • Mar 30, 2009 3:57am Mar 30, 2009 3:57am
The whole of Sydney is having a power blackout atm and my platforms servers are there, so I'm having alot of trouble with my charts.

Nice bounce on the GBP.

http://img13.imageshack.us/img13/9104/gbp30mar09.png
  • #10,174
  • Mar 30, 2009 7:15am Mar 30, 2009 7:15am
Alright here is my current order...

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  • #10,175
  • Mar 30, 2009 7:19am Mar 30, 2009 7:19am
Alright I am short...


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  • #10,176
  • Mar 30, 2009 7:22am Mar 30, 2009 7:22am
Hello,

I've been following this thread for a little while and I was just wondering when analysing a chart for s/r levels how far back does one look for valid levels or does it really matter.

Thanks
  • #10,177
  • Mar 30, 2009 7:31am Mar 30, 2009 7:31am
hi sherm. your short on ujpy is it for a short term or long term?are you looking for a 15-20pips?
  • #10,178
  • Mar 30, 2009 7:38am Mar 30, 2009 7:38am
Long @ 1.3071 area - thoughts?
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  • #10,179
  • Mar 30, 2009 7:41am Mar 30, 2009 7:41am
Alright the market is giving me the reaction I want...

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  • #10,180
  • Mar 30, 2009 7:51am Mar 30, 2009 7:51am
Alright I am up currently 16 pips ....

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