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  • #11,621
  • May 20, 2009 10:19am May 20, 2009 10:19am
Quoting smittens4212
I think it really helps to enlarge what your idea of an S/R zone is, especially when there's been numerous 'levels within levels' hit, i.e. very specific prices (in your example 5500 and 5534) that had previous bounces in a relatively small range. Consider the average volatility and range of the GU, and I would probably consider two levels 30 pips apart all part of the same range. With that pair, I'd probably consider levels even 50 pips or more apart within the same range. Trying to pinpoint a level is nice, but more often than not price is going...
Very good comment, buddy.
I find that I learn a lot here. Don't know how to thank all people here!
  • #11,622
  • May 20, 2009 10:20am May 20, 2009 10:20am
After some thinking I think it would be better to follow BRV advise and not to trade today anymore. Bagged some rabbits, so it is time to relax and smell roses
It is actually a pity I cannot trade Euro session, I marked 1.5535 GBP resistance since yesterday and had been patiently waiting. It hit it at night. I did open short position again second hit but picked only 10 pips.
BRV, may I ask a question?
Is it ok to open position after S/R level was already hit once this day?
How much time should pass before we can take position again? I understand the longer the better but I am talking intraday. yesterday, I traded 1.5514 once GBP , and then did not, although it kept bouncing from that level.

Thank you very much
  • #11,623
  • May 20, 2009 10:41am May 20, 2009 10:41am
GBPUSD 1.5721 could be a stall/reverse point (Dec highs)
  • #11,624
  • May 20, 2009 10:47am May 20, 2009 10:47am
Quoting dingo432
GBPUSD 1.5721 could be a stall/reverse point (Dec highs)
Nice swing high on the daily chart.

I'm still not taking anything else today though and it is a European bank holiday tomorrow so I don't want to be rolling anything over.
  • #11,625
  • May 20, 2009 10:49am May 20, 2009 10:49am
Quoting dingo432
GBPUSD 1.5721 could be a stall/reverse point (Dec highs)
A total guess but Im thinking that area might be protected due to alot of option activity.

On an impulse like this today I can imagine there are alot of people sweating that level getting knocked into so soon,
  • #11,626
  • May 20, 2009 11:04am May 20, 2009 11:04am
Now FOMC.....I'm going to Central Park. Its a nice day here today.
  • #11,627
  • May 20, 2009 11:26am May 20, 2009 11:26am
Quoting PLooB
I used the 4H and went back to Nov and Dec and saw that support became resistance and later it acted as resistance again.

I know BRV says use the last wave but sometimes the level is still strong if only 1 wave has past it, that's the rule I use -- 1 wave.

Keep in mind you can see this clearly on the 4H anything less and it's probably not useful.

Although it didn't go for a huge run, 60 pips is 60 pips!

Attachment
Thanks PLooB,
The S/R using D1 and H1 is different. I have an idea that if I trade H1, I should use H1 chart for looking S/R, even if I have to compress the chart to read back years of data.
No sure if this idea make sense.
  • #11,628
  • May 20, 2009 11:33am May 20, 2009 11:33am
S/R principals work across all timeframes, with the higher the timeframe, the more weight behind the level (generally). All it is is price areas that we expect strong activity at, you can trade a daily level on an H1 chart, or even a 5M chart.

Your idea is sound though, if I don't see very good levels on H4 and daily timeframes, I zoom way out on H1 to try to get good levels.
  • #11,629
  • May 20, 2009 11:36am May 20, 2009 11:36am
Quoting BillyRayValentine
Now FOMC.....I'm going to Central Park. Its a nice day here today.

Ahh, Central Park. I think I will head out the Brooklyn equivalent-- Prospect Park- in a bit. <---- me putting on the sunglasses.
  • #11,630
  • May 20, 2009 11:46am May 20, 2009 11:46am
Quoting smittens4212
S/R principals work across all timeframes, with the higher the timeframe, the more weight behind the level (generally). All it is is price areas that we expect strong activity at, you can trade a daily level on an H1 chart, or even a 5M chart.

Your idea is sound though, if I don't see very good levels on H4 and daily timeframes, I zoom way out on H1 to try to get good levels.
Thanks,
You make me reflect something... For S/Rs months ago, people will much more like the value using D1 rather than the value using H1 chart months ago... so perhaps using S/R value of D1 make more sense for long term S/R, even if trading H1.

P.S. perhaps that is why .5534 is more important than .5500.. (.5500 S/R only appear on H1 not on D1) something I was confused eariler.
  • #11,631
  • May 20, 2009 6:34pm May 20, 2009 6:34pm
Quoting BillyRayValentine
A total guess but Im thinking that area might be protected due to alot of option activity.

On an impulse like this today I can imagine there are alot of people sweating that level getting knocked into so soon,

Straight through on this occasion, I avoided it though as we had a 42pt ret from 1.5708, a little close to the level. I've learnt the hard way to avoid trades like this on strong days that have just had a recent ret (thanks to you in part BRV)
  • #11,632
  • May 20, 2009 8:54pm May 20, 2009 8:54pm
Morning,

Usd/ jpy just hit a big support line and a major 50 fib level I'm going in for a short term long here.
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  • #11,633
  • May 20, 2009 9:02pm May 20, 2009 9:02pm
Quoting bumasoft
Anyone looking to short the Aussie near 0.7800 ?
0.78 shown as a good S/R.
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  • #11,634
  • May 20, 2009 9:26pm May 20, 2009 9:26pm
Hi,

Forgot about this one. Apologies if someone has already mentioned it.
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  • #11,635
  • May 20, 2009 10:23pm May 20, 2009 10:23pm
Quoting Siam
Hi,

Forgot about this one. Apologies if someone has already mentioned it.
I'm watching this one too...looks like a whole range of resistance around 1.385
  • #11,636
  • May 21, 2009 1:42am May 21, 2009 1:42am
We know that the 129.85 EURJPY has acted as a profitable and powerful support. Nevertheless, it is not a completely carefree fade trade.
If we zoom to M5 and we can see the level has been visited about 10 times within a few hours. Will you hold the long position until the very end?
I would like to see what would be on your mind when the level have been hitted 8-10 times, if you have hold a long position at the first hit.

A. I set my stop-loss and will insist it till the end
B. If it has been hit so many times, it may be a breakout, so exit asap after the next hit.
C. This level is a range not a value and so no worry, having seen the H1 chart back the few weeks above.
D. Since the S/R is a relative strong one, which has been used for weeks, so the R/R should be good to insist.

What would you think? Please share!
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  • #11,637
  • May 21, 2009 3:31am May 21, 2009 3:31am
In case you are wondering, S&P has just downgraded UK from stable right before the retail sales announcement.

Hence GBP bombing.
  • #11,638
  • May 21, 2009 3:43am May 21, 2009 3:43am
Quoting RedCabbage
In case you are wondering, S&P has just downgraded UK from stable right before the retail sales announcement.

Hence GBP bombing.

Thanks RedCab, is it a sudden news or pre-schedule news. Would you mind telling what news website is good for catching news like that?
  • #11,639
  • May 21, 2009 3:47am May 21, 2009 3:47am
AUD could find support at 7710-7700.

TF/S/R/BB/00/RBS/(SBR?)
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  • #11,640
  • May 21, 2009 3:50am May 21, 2009 3:50am
Quoting kk007
Thanks RedCab, is it a sudden news or pre-schedule news. Would you mind telling what news website is good for catching news like that?
Here is a free one at Bloomberg.com
http://www.bloomberg.com/avp/avp.htm?clipSRC=LiveBTV
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