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  • #11,001
  • Apr 21, 2009 8:54am Apr 21, 2009 8:54am
Quoting RedCabbage
As far as I am concerned pretty much everything you need to know to trade this way is in BRV's pdf. So always try to answer any queries there first.

We should all be looking for confirmation/validation of our s/r levels on top of BRV's rules for picking the most visually obvious s/r. The main ones being Fibs and TLs. If like me you actually write a daily plan it is very easy to rate your upcoming price levels based on the other confirming factors. This way when price finally arrives at xxxx price you can very quickly see why you were so keen on...
What he said
  • #11,002
  • Apr 21, 2009 9:11am Apr 21, 2009 9:11am
Excellent post RC! Thank you!
  • #11,003
  • Apr 21, 2009 9:13am Apr 21, 2009 9:13am
I expect some suggestions for improving this from you guys!
  • #11,004
  • Apr 21, 2009 9:22am Apr 21, 2009 9:22am
Quoting markmm
Hmm first trade using this method, go stopped out -25 pips, the resistance line didnt hold. GBP sell at 4580, with trailing stop of 20, got stopped out at 4604 although it didn't seem to hit it and got stoppped out.
This level had been violated a number of times in the last two days so no longer a significant level of S&R (unless scalping or trading on the lower timeframes). As it had been broken to the upside and down side it was not a very clear level. You could have drawn in that line at 1.4617, 1.4600 or 1.4587

As BRV says and Red Cabbage mentioned in his last post you need to choose the most obvious levels and trade those. For me this meant reducing the amount of trades that I placed during the day and developing lots patience to wait for the currency pairs to approach these marked up levels.
Some days I dont trade at all.
Also don’t blindly trade the levels either. Watch price action on a lower timeframe as it approaches and interacts with them.

Hope this helps
Boxing clever since 76.
  • #11,005
  • Apr 21, 2009 9:26am Apr 21, 2009 9:26am
does anyone post daily levels for us newbies to match our own drawn levels against to make sure we are getting it right?
  • #11,006
  • Apr 21, 2009 9:26am Apr 21, 2009 9:26am
Quoting RedCabbage
000 - Round numbers. We're human we like them. (traders are human too!)
mmmmhhh

Nice post Mr Cabbage, thanks.
C
Boxing clever since 76.
  • #11,007
  • Apr 21, 2009 9:31am Apr 21, 2009 9:31am
Excellant Post, RC......Thank you. Hard to improve on, I think. Important to think independantly though and mold this to our individual style and personality. Not to follow blindly.

SR
  • #11,008
  • Apr 21, 2009 9:36am Apr 21, 2009 9:36am
For those amongst us who love patterns, there are H&S patterns on the 4H charts of the AUDUSD, and the GBPUSD. And there is a very nice Gartley on the Daily/4H EURUSD. Only possibilities of course; who knows what will actually happen. Only the Market.

SR
  • #11,009
  • Apr 21, 2009 9:40am Apr 21, 2009 9:40am
Quoting seattlerust
Important to think independantly though and mold this to our individual style and personality. Not to follow blindly.

SR
Yes a point I laboured when discussing trade management - we must do what suits us and our circumstances and not follow anyone blindly.
  • #11,010
  • Apr 21, 2009 9:41am Apr 21, 2009 9:41am
Quoting RedCabbage
I expect some suggestions for improving this from you guys!

Screen time, screen time, screen time. What BRV is teaching goes against what most of us have ever read from a trading book or from a forum such as this. It goes against "common sense". That's why it works. But a trader needs to put in hours and train their mind to this different way of looking at things.
  • #11,011
  • Apr 21, 2009 9:44am Apr 21, 2009 9:44am
Quoting seattlerust
For those amongst us who love patterns, there are H&S patterns on the 4H charts of the AUDUSD, and the GBPUSD. And there is a very nice Gartley on the Daily/4H EURUSD. Only possibilities of course; who knows what will actually happen. Only the Market.

SR
Can you post a chart? I have different 4hr closes to you and I am crap at spotting these at the best of times.

EDIT - No, I got it - I'm just crap!
  • #11,012
  • Apr 21, 2009 9:50am Apr 21, 2009 9:50am
There has been a few gartleys appearing in the higher level charts lately. Heres some on the euro (61.8/127) and the aussie yen (61.8/161.8). These patterns might be outside the scope of this thread however.

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  • #11,013
  • Edited 10:25am Apr 21, 2009 10:19am | Edited 10:25am
Here's the Aussie Head and Shoulders on a 4 Hour Chart

SR
Attached Image
  • #11,014
  • Edited 10:25am Apr 21, 2009 10:22am | Edited 10:25am
Hare is the Head and Shoulders GBPUSD, also on the 4 Hour chart. Sorry for all the lines.

SR
Attached Image
  • #11,015
  • Apr 21, 2009 10:27am Apr 21, 2009 10:27am
And here is the Gartley on the Euro, Daily Chart

SR
Attached Image
  • #11,016
  • Apr 21, 2009 10:29am Apr 21, 2009 10:29am
Quoting Ferrari
There has been a few gartleys appearing in the higher level charts lately. Heres some on the euro (61.8/127) and the aussie yen (61.8/161.8). These patterns might be outside the scope of this thread however.
Another very powerful confirmation tool to add to the list, it gives us an indication of market concensus again even if you aren't a Gartley user.
All the Gartley traders will be going long where I want to go long so it should be a good reaction!
  • #11,017
  • Apr 21, 2009 11:05am Apr 21, 2009 11:05am
Quoting seattlerust
Hare is the Head and Shoulders GBPUSD, also on the 4 Hour chart. Sorry for all the lines.

SR
Could I ask you how you would trade this pattern. Are you looking to go short 1.4777 area and long in the 1.4394 area?
  • #11,018
  • Apr 21, 2009 11:17am Apr 21, 2009 11:17am
Also on the EURUSD higher timeframe (looking at 4H, mainly), if you draw a trendline from ~March 23 to ~April 5, and then duplicate that trendline and place it at the March 30 low to create a parallel channel, it projected out to the 1.2900 level almost perfectly to add more confirmation to a bounce. Just another tool to keep an eye out for.
  • #11,019
  • Apr 21, 2009 11:19am Apr 21, 2009 11:19am
Meant to post this, can't attach images in edits (I think?).
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  • #11,020
  • Apr 21, 2009 11:19am Apr 21, 2009 11:19am
1.4750-1.4775 looks good to short on GU
both s/r and 50% retracement
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