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  • #12,021
  • Jun 9, 2009 1:40pm Jun 9, 2009 1:40pm
Quoting RedCabbage
Siam/Sam

14070-14100 is definitely on my radar.
Thanks for the feedback Siam & RC.

Game time.
  • #12,022
  • Jun 9, 2009 2:06pm Jun 9, 2009 2:06pm
1.6350 area is definitely an area of interest. It was support 3 times last week. It was the last line of defense on Thursday before it broke down...I believe that was when UK announced interest rates?? Its also a 62% retrace
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  • #12,023
  • Jun 9, 2009 5:19pm Jun 9, 2009 5:19pm
Very interesting stuff you combine there, I would like to hear more from you in the future.

Quoting copi88
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...
  • #12,024
  • Jun 9, 2009 7:41pm Jun 9, 2009 7:41pm
Morning,

100 on euro hit.

Nice 40 pips to wake up to. Out on this one for now.
  • #12,025
  • Jun 9, 2009 11:51pm Jun 9, 2009 11:51pm
I am asked this alot and I suppose the short answer is all of them though for different reasons. I certainly look at the the monthly chart for support and resistance levels, even though the trades can be months and weeks apart one of them may be today!

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.

I love the weekly for the same reason with just abit more detail.

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I watch the daily too for trend. Always looking for those narrow channels where buyers and sellers agreed for a period of time. (my daily charts have those little Sunday candles which are almost worthless) I say almost because I can identify historical directions of Sunday gaps quickly on the daily charts.

I mostly trade from the 1 hour chart, (love those one hour pin bars) it is the chart I use to measure risk and determine price targets. I also will look at the 5 minute and 1 minute charts to find a good entry. So if I have a 1 minute chart up I am not trading from it exclusively, I am observing detail of the overall trend.

Last night on the EurUsd the hourly was forming hammers (indicating support)

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and the 1 minute chart formed a triple bottom at the same time. (also indicating support)

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I actually had a guy (supposedly a trader) tell me he trades off the 1 minute chart because it is faster. Hmmm. If price is XX on the 1 minute chart, what is price on the monthly chart? The same right. I think of it like the story about the guy who ordered a pizza and the server asked him if he wanted it cut into 6 slices or 8? He replied, "better make it 6, I don't think I'm hungry enough to eat 8."
Energy and persistence conquer all things! Ben Franklin
  • #12,026
  • Jun 10, 2009 1:52am Jun 10, 2009 1:52am
Anyone with me on the short from 1.6429 ?
  • #12,027
  • Jun 10, 2009 5:15am Jun 10, 2009 5:15am
Good day!

Did anyone take the long from 9724-9700 on UJ yesterday?

Regrettably technical problems kept me out of the market most of the day.
  • #12,028
  • Jun 10, 2009 6:16am Jun 10, 2009 6:16am
Getting back into my rythmn.
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  • #12,029
  • Jun 10, 2009 7:11am Jun 10, 2009 7:11am
Quoting Iron-man
I am asked this alot and I suppose the short answer is all of them though for different reasons. I certainly look at the the monthly chart for support and resistance levels, even though the trades can be months and weeks apart one of them may be today!

Attachment .

I love the weekly for the same reason with just abit more detail.

Attachment

I watch the daily too for trend. Always looking for those narrow channels where buyers and sellers agreed for a period of time. (my daily charts have those little Sunday...
GREAT STUFF
if BRV is the principal, then you are my teacher! I was drawing on monthly and weekly too! fibs work crazy well on these timeframes also, not to mention cycles
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #12,030
  • Jun 10, 2009 11:27am Jun 10, 2009 11:27am
Looking for another bounce around previous support and 38% fib.

http://i24.photobucket.com/albums/c2...sdjune10-1.jpg
  • #12,031
  • Jun 10, 2009 11:57am Jun 10, 2009 11:57am
Did anyone take this trade? I took it. GBP/CHF at 1.7700

Reasons for trade:

1. Huge resistance in the past. Price retraced 600 pips the alst time it was there. Furthermore it doesnt hurt that it is a double-zero resistance level.

2. Pivot Resistance 2 at 0.7707.

3. Divergence on MACD 1 hr chart.

This was a must trade in my opinion!!

Closd half my lots at 20 pips profit and let the rest run to 50 pips. Again I still struggle with taking profit. Should I have left it to run to the next support or close 1/2 of the lots (that were left to run) at 50 pips then let the other run to 100?

I am now looking at EUR/CHF long at 1.5100.

- DW
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  • #12,032
  • Jun 10, 2009 12:14pm Jun 10, 2009 12:14pm
Looks like a nice setup and with such a large reaction last time, you could almost count on there being some sort of bounce this time around. Nice trade Hwd.

Quoting Hwd
Did anyone take this trade? I took it. GBP/CHF at 1.7700

Reasons for trade:

1. Huge resistance in the past. Price retraced 600 pips the alst time it was there. Furthermore it doesnt hurt that it is a double-zero resistance level.

2. Pivot Resistance 2 at 0.7707.

3. Divergence on MACD 1 hr chart.

This was a must trade in my opinion!!

Closd half my lots at 20 pips profit and let the rest run to 50 pips. Again I still struggle with taking profit. Should I have left it to run to the next support or close 1/2...
  • #12,033
  • Jun 10, 2009 1:30pm Jun 10, 2009 1:30pm
Hello:

Yesterday was my first day trading the BRV method and I'm looking for some feedback on the trade I took on GBP/JPY. I was watching the 158.49 level which appeared to be resistance that had been tested 3 times previously on the H1 chart. However, I did not sit down until price had already broken through, and I entered long on the circled area of the chart as price looked to be bouncing off the level serving as support. I was talking to someone in the chat room who did not like the trade but I decided to take it anyways because its a learning process. I appreciate any insight or critique you can provide about this execution decision.

Quantum09
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  • #12,034
  • Jun 10, 2009 2:47pm Jun 10, 2009 2:47pm
Quoting Quantum09
Hello:

Yesterday was my first day trading the BRV method and I'm looking for some feedback on the trade I took on GBP/JPY....
Hi Quantum

Well done on the winning trade!

You will discover that almost everyone in NBT has their own take on exactly how to trade S/R, also remember that we deal in probabilities not certainties in trading so don't be put off by someone not wanting to take the same trade as you. Without differences of opinion there would be no market!

Trade you took looks like an ideal pullback trend trade to me - it worked didn't it?

If you've read through the thread you may already know that I am a big fan of actually measuring the probability of our trades. However crude the method if you have a consistent scale of probability at least you can answer the following questions: -

Why should I take this trade?

Why did I take this trade?

Why did you take this trade?

I can answer these sort of questions with: -

Resistance became support

High Timeframe level

Fibonacci level

Trendline confluence

Round Number

Bucket Bottom

etc.

So ask yourself why did you take this trade? The reasons could form the basis of your recipe for success!

I hope that helps.
  • #12,035
  • Jun 10, 2009 7:33pm Jun 10, 2009 7:33pm
Morning,

Just taken a short on Eur/Gbp. 8570 went and if it can keep its head down I'll try and ride this to the 8350 region.
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  • #12,036
  • Jun 10, 2009 10:35pm Jun 10, 2009 10:35pm
Quoting Siam
Morning,

Just taken a short on Eur/Gbp. 8570 went and if it can keep its head down I'll try and ride this to the 8350 region.

I like it!
  • #12,037
  • Jun 11, 2009 1:01am Jun 11, 2009 1:01am
Quoting RedCabbage
Getting back into my rythmn.
And this is how we ended up.
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  • #12,038
  • Jun 11, 2009 3:52am Jun 11, 2009 3:52am
Adding to the thread here another one I look at alot -

Serves as an intraday price turning point. These are very reliable if used properly and and can be seen on everything from daily down to 15 min charts. Most frequently, you’ll be using them on hourlies.

The easiest way to describe this pattern is a 0-1-0 pattern, where in the case of a buy, price makes a new low; that low is taken out, price comes back up past the initial pullback from the first low, comes back down and uses the base of the first low as support. Its essentially a mutated version of the very common head and shoulders pattern, without the diagonal trendline ambiguity.

Think of it as the top of a 2 dimensional pyramid made of squares, where the blocks on the second level from the top have equal highs.

In the case of a buy:
1. Price makes a new low
2. Price retraces from this low
3. Low is taken out to the downside (price extends beyond it)
4. Price comes back above the initial retracement from the first low
5. Price comes back down and fades the original swing point

The reason we require, in the case of a buy, a higher high on the second retracement, is to disqualify the current downtrend, and initiate a price reversal. Without the higher high, market participants could easily view the current price action as nothing more than a bump in a downtrend, as opposed to a reversal. Reverse this logic for sells.

Like anything else I list here, these are nothing more than patterns that repeat themselves all the time, and some of you might be aware of this one already. They key is to identify, and most importantly, react to them, when the opportunity arises.
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  • #12,039
  • Jun 11, 2009 4:56am Jun 11, 2009 4:56am
Thanks for your reply Ian - least I know now that it isn't just my internet connection, and apologies for delay in thanking you I wasn't trading yesterday thus missed you reponse. cheers.
  • #12,040
  • Jun 11, 2009 8:37am Jun 11, 2009 8:37am
What's up Sam?
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