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  • #12,001
  • Jun 8, 2009 6:20am Jun 8, 2009 6:20am
Still have my eye in this vicinity for the time being (1.3745-1.3715) for everything pointed out below.

Spike base at 1.3715
Former historical high and recent skip-over low at 1.3738
Former 382 retracement at 1.3745
1.3726 area low on recent downtrend and high on recent up

Provided price doesn't charge down there at light speed it could be a decent retracement for the current price.
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  • #12,002
  • Jun 8, 2009 6:23am Jun 8, 2009 6:23am
Beyond this I probably won't touch it long until 1.3670 area
  • #12,003
  • Jun 8, 2009 6:31am Jun 8, 2009 6:31am
Going for a bounce on the multiple touches, just below the recent highs....good history here
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  • #12,004
  • Jun 8, 2009 7:16am Jun 8, 2009 7:16am
Quoting BillyRayValentine
Going for a bounce on the multiple touches, just below the recent highs....good history here
I'm With you on that,

Doing the night shift over here.
  • #12,005
  • Jun 8, 2009 3:15pm Jun 8, 2009 3:15pm
Quoting annieb
hi.
wonder if someone can help - I'm having difficulty accessing the documents in the nobrainertrades.com - I can open the external links on the site but the ones on the blogsite it just says internet explorer cannot access this site, operation aborted and freezes. Is it my internet protection or something or do you have to subscribe to open stuff on the site?

thanks in advance if anyone can help.
Hi annieb,
I get the same sort of thing. I get an error box which I have to Ok then the page goes to one saying it can't connect.
What I have found is that if I then click on the back arrow at the top of the Internet Explorer Window, it takes me back to the Nobrainer page without the error comming up.

But I have to do that each time I take an internallink on the site.

I suspect that the problem is with some change to the pop-up that used to appear on the site.

Hope this helps,
Ian
  • #12,006
  • Jun 8, 2009 3:46pm Jun 8, 2009 3:46pm
Upcoming levels, I have my eye on 1.4055-1.4070 EUR/USD for shorts and 1.3720 for longs.

USD/CHF, watching for shorts around 1.115.

Will edit with charts later today.
  • #12,007
  • Jun 8, 2009 3:58pm Jun 8, 2009 3:58pm
Hi BillyRay and others. I have just started studying this forum and am in the chat room and have to say again many thanks to all your help Steve and Iron-Man and Ferrari and Redcabbage. I made this post about fibonacci/fib time and s/r levels on the eurusd thread and if i can quote it here i think it could help on identifying a little s/r areas.

http://www.forexfactory.com/showpost...stcount=107501



red arrows higher probability trades imho yellow lower. please let me know what you think.
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File Type: tpl eurusd060809-2.tpl   17 KB | 391 downloads
File Type: zip newindicators060809.zip   48 KB | 702 downloads
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #12,008
  • Jun 8, 2009 4:01pm Jun 8, 2009 4:01pm
BRV if possible could you please post your stochrsi indicator and any other indicator you may use from time to time? i know this is about not using indicators but i just wanted to see if possible thanks so much.
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #12,009
  • Jun 8, 2009 4:59pm Jun 8, 2009 4:59pm
Did anyone take this trade today? (I couldnt because my internet is unreliable and was off at the time) Short EUR/GBP at 0.8800 level. Went to 0.8796 then turned.

Reason for my interest in this trade:
1. The daily pinbar on Friday indicated that a reverse was possible.

2. 0.8800 has been a respected resistance level in the past and as recently as Friday. (Doesnt hurt that it is a double-zero level, I LOVE DOUBLE AND TRIPLE ZERO S/R LEVELS!!)

3. 50% Fib retracement from Friday's downmove = 0.8797

4. M3 resistance pivot = 0.8803. I generally do not consider M pivots, only the major R1, R2, R3 but seeing as it was there it may have had a little bit of weight. (I would have taken the trade without this level)

I remember when this thread just got started, it was as if BRV read my mind. I was demoing almost the same methods, Fib retracements intersecting with past S/R levels made from 4 hour charts. I have never posted here but I still feel as if I have been part of the thread since inception.

I generally enter at 3 or 4 pips (no more) from the S/R level with a 20 pip SL, moving my SL to breakeven after 20 pip gain and close half my lots and let the other half run to 40 or 50 pips or trail with a 30 pip SL depending on market sentiment and time of day.

I still struggle with when to take profit because I give up big winners sometimes but sometimes the 40 and 50 pips are suitable to me too.

Great thread BRV. Thanks.
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  • #12,010
  • Jun 8, 2009 10:08pm Jun 8, 2009 10:08pm
Quoting sam0182
Upcoming levels, I have my eye on 1.4055-1.4070 EUR/USD for shorts and 1.3720 for longs.

USD/CHF, watching for shorts around 1.115.

Will edit with charts later today.
EUR/USD:

http://i24.photobucket.com/albums/c2...usdjune8-1.gif

USD/CHF:

http://i24.photobucket.com/albums/c2...dchf2june8.jpg

Thoughts anyone?
  • #12,011
  • Jun 9, 2009 2:35am Jun 9, 2009 2:35am
Quoting sam0182
EUR/USD:

http://i24.photobucket.com/albums/c2...usdjune8-1.gif

USD/CHF:

http://i24.photobucket.com/albums/c2...dchf2june8.jpg

Thoughts anyone?
Hi Sam,

The 14070 on Euro looks interesting and if it breaks through that we then have 14100 -10 just 40 pips away which looks like a strong area and would give us a reasonable sized stop.
  • #12,012
  • Jun 9, 2009 4:02am Jun 9, 2009 4:02am
Quoting Siam
Hi Sam,

The 14070 on Euro looks interesting and if it breaks through that we then have 14100 -10 just 40 pips away which looks like a strong area and would give us a reasonable sized stop.
Siam/Sam

14070-14100 is definitely on my radar.
  • #12,013
  • Jun 9, 2009 4:08am Jun 9, 2009 4:08am
Here is a chart I posted on the VSA thread yesterday. Thought I would post it here and talk about the price action in relation to S&R and how it could have given you confidence to take the long trade as I know a lot of people struggle to read PA as it approaches these zones.
When trying to analyse price action there are three major things to look at

1. Volume
2. Spread of the Bar (High Low)
3. Close

And then what that bar is saying in relation to the background price action.

Here is a good example of a high and a low volume test on the 15M TF on GU yesterday.
Testing is a good sign of strength as long as there is strength in the background. We get a high volume test of the 1.5800 support area. See how the close is near the top and not the bottom showing that the high volume is buyers coming into the market and not sellers. It is followed by some buying but its a little weak(low volume) and the professionals can tell that the selling hasnt completely disappeared. They are not going to fight the market and will wait for the selling to disappear before driving up prices. How they do this is by pushing down prices to see if further selling comes in.
Some signals of strength appear on the chart as the down bars have even lower volumes than the up.
Finally the professionals test the 1.5800 area again but this time volume is low. They see that there is now no longer any selling and the market is free to move up. This turned into a +300 pip trade.

Even if you dont read all that price action in between the two tests, you can tell with a fair bit of confidence that there is strength in the market as the second test volume is significantly lower that the 1st. If the market could not break through the support on high volume in all likelihood it is not going to break through it on low volume.

Here is some more on tests and what to look out for:

Usually, a low volume test indicates that the market is ready to rise immediately, whilst a higher volume test usually results in a temporary up-move, and will be subject to a re-test of the same price area again at a later time.

Any down-move dipping into an area of previous selling (previous high volume level), which then regains to close on, or near the high, on lower volume, is a loud and clear indication to expect higher prices immediately. This is a successful test. Lower volume shows that the amount of trading that took place on the mark-down was reduced, that now there is little selling, when previously there had been selling. At this point, it is now important to see how the market-makers and specialists respond to the apparent strength seen in the testing.



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Boxing clever since 76.
  • #12,014
  • Jun 9, 2009 4:58am Jun 9, 2009 4:58am
Quoting copi88
Here is a chart I posted on the VSA thread yesterday. Thought I would post it here and talk about the price action in relation to S&R and how it could have given you confidence to take the long trade as I know a lot of people struggle to read PA as it approaches these zones.
When trying to analyse price action there are three major things to look at

1. Volume
2. Spread of the Bar (High Low)
3. Close

And then what that bar is saying in relation to the background price action.

Here is a good example of a high and a low volume test on the 15M...
Thanks Copi. I don't use VSA but this relates perfectly to my PA analysis.
  • #12,015
  • Jun 9, 2009 5:25am Jun 9, 2009 5:25am
Copi,

Have i missed where you posted the vsa indicators you use?

Thanks
  • #12,016
  • Edited 5:40am Jun 9, 2009 5:26am | Edited 5:40am
Quoting RedCabbage
Thanks Copi. I don't use VSA but this relates perfectly to my PA analysis.
I like VSA but really only apply it for PA analysis at S&R areas. I find it quite logical and explains Supply and Demand dynamics nicely.

These high volume followed buy a low volume tests of S&R areas work out very nicely and are high probability trades. They are worth watching out for.

C
Boxing clever since 76.
  • #12,017
  • Jun 9, 2009 5:42am Jun 9, 2009 5:42am
Quoting copi88
I like VSA but really apply it for PA analysis at S&R areas. I find it quite logical and explains Supply and Demand dynamics nicely.

These high volume followed buy a low volume tests of S&R areas work out very nicely and are high probability trades. They are worth watching out for.

C
Thanks Copi - well explained. I've personally battled to draw the conclusions when applying VSA to Forex, but am using it on stocks. This helped a lot.
  • #12,018
  • Jun 9, 2009 8:30am Jun 9, 2009 8:30am
Quoting copi88
I like VSA but really only apply it for PA analysis at S&R areas. I find it quite logical and explains Supply and Demand dynamics nicely.

These high volume followed buy a low volume tests of S&R areas work out very nicely and are high probability trades. They are worth watching out for.

C
Hi

No Offence but the forex market isn't centralised how can it be reliable? I use it when trading stocks and even then you need level 2 for it to be of much use.
  • #12,019
  • Jun 9, 2009 8:43am Jun 9, 2009 8:43am
Short on E/$ H4
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  • #12,020
  • Jun 9, 2009 9:07am Jun 9, 2009 9:07am
Quoting Siam
Hi

No Offence but the forex market isn't centralised how can it be reliable? I use it when trading stocks and even then you need level 2 for it to be of much use.
I know. I use a feed that takes volume data from a number of sources so it is a fair representation of whats going on in the market.
I agree that its not entirely reliable or accurate but you arent going to get accurate volume data in the stock market either but it does give you a good idea of what is going on. Some brokers data is better than others.
There has been quite alot of discussion on this matter in the VSA thread. eSignal is the best and closest you get to that is an IBFX live account.

VSA inconjuction with S&R (which I still consider the most important thing in trading) works.
Boxing clever since 76.
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