- #1,447
- May 11, 2009 8:32pm May 11, 2009 8:32pm
- Joined Oct 2007 | Status: Summer is the best time of year! | 1,284 Posts
- #1,448
- May 11, 2009 8:42pm May 11, 2009 8:42pm
- Joined Oct 2007 | Status: Summer is the best time of year! | 1,284 Posts
- #1,452
- May 12, 2009 8:47am May 12, 2009 8:47am
- Joined Oct 2007 | Status: Summer is the best time of year! | 1,284 Posts
- #1,454
- Edited 10:18am May 12, 2009 9:41am | Edited 10:18am
Hello everybody.
Just finished read from beginning.
CW thanks so much for very useful and knowledge thread .
I want ask one question , CW how You identified S&R area ? To find S&R lines is not too hard , but area is a dark area for me
.
Thanks
Peter
Just finished read from beginning.
CW thanks so much for very useful and knowledge thread .
I want ask one question , CW how You identified S&R area ? To find S&R lines is not too hard , but area is a dark area for me
.Thanks
Peter
- #1,457
- May 12, 2009 9:55am May 12, 2009 9:55am
Hello everybody.
CW thanks so much for very useful and knowledge thread .
I want ask one question , CW how You identified S&R area ? To find S&R lines is not too hard , but area is a dark area for me
Thanks
Peter
CW will draw in the most obvious areas which have been tested as both Support & Resistance from the weekly charts. He will then look for PA at these areas on the 4 hour charts mostly. Sometimes taking daily setups too. Minor PPZs on lower timeframes are used to manage trade Stop Losses and Take profits. There are a couple of posts in this thread which provide good examples, so have a read from the beginning. Here are just a few below:
http://www.forexfactory.com/showpost...9&postcount=17
http://www.forexfactory.com/showpost...&postcount=269
http://www.forexfactory.com/showpost...&postcount=272
http://www.forexfactory.com/showpost...&postcount=105
http://www.forexfactory.com/showpost...4&postcount=37
http://www.forexfactory.com/showpost...2&postcount=24
With practice these become really easy to spot.
Cheers
MM
- #1,459
- May 12, 2009 10:55am May 12, 2009 10:55am
Thanks so much , I read and reread more of this posts , and practis to drove S&R lines on weekly and sometimes mounthly chart . And sometimes it easy to find some area between lines , but sometimes I do not know how many pips will good for S&R area. For example like on pic below it weekly chart EURCAD I am in long on this pair , and first area S&R I think will around 1.63 , but how big it can be?
Thanks again.
Peter
- #1,460
- May 12, 2009 11:34am May 12, 2009 11:34am
Thanks so much , I read and reread more of this posts , and practis to drove S&R lines on weekly and sometimes mounthly chart . And sometimes it easy to find some area between lines , but sometimes I do not know how many pips will good for S&R area. For example like on pic below it weekly chart EURCAD I am in long on this pair , and first area S&R I think will around 1.63 , but how big it can be?
Thanks again.
Peter
It's difficult to say exactly how many pips an S&R will be. I guess with time and experience you will get a better feel for it. Ultimately I think you want to just mark the real obvious S&R levels on your charts and just be aware of the less major ones where price may have problems. The problem is if you look to hard you will find plenty of areas where price can stall. Sometimes you will find an S&R level where price respects it to the pip, other times you may find an S&R level 50 pips or more wide.
If you look at the EURCAD chart I just posted up now, I can see valid reasons for looking for price to stall at the 1.62 as well as the 1.63 if you zoom out. I guess in this case you would be watching for any contradicting Price Action to your trade from the 1.62 to 1.63 level (So I guess this can be seen as more of a zone). I have also noted the 1.59 area to be a potential problem area.
You look like you are on the right track though and i'm sure with a bit more time you will have it nailed.
Cheers
MM
