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  • #12,461
  • Jul 3, 2009 5:49pm Jul 3, 2009 5:49pm
http://img443.imageshack.us/i/plan.p...g%5D%5B/url%5D
  • #12,462
  • Jul 3, 2009 5:51pm Jul 3, 2009 5:51pm
Guys, I cannot attach images from my PC cause they are too big. I am trying to Insert image from Imageshack. But cannot do it either. How are you making images small enough to post or may be you use another way?
  • #12,463
  • Jul 3, 2009 5:59pm Jul 3, 2009 5:59pm
http://img443.imageshack.us/img443/144/plan.th.png
  • #12,464
  • Jul 3, 2009 5:59pm Jul 3, 2009 5:59pm
ok, already something. too small.
  • #12,465
  • Jul 3, 2009 6:03pm Jul 3, 2009 6:03pm
http://img20.imageshack.us/img20/4414/planswy.th.png
  • #12,466
  • Jul 3, 2009 6:05pm Jul 3, 2009 6:05pm
ok, Guys, it is what I think of long and short possibilities, mostly long cause I think next week E/U gonna test those support levels. Pleas enote, I am not looking for 100 and so on pips. i am looking for 15-20 pips bounces. what do you think. are those levels good enough?
I will watch for short opportunities too and other 2 pairs I trade and post it here.
You gotta click few times on this image to enlarge it.

http://img20.imageshack.us/img20/4414/planswy.th.png
  • #12,467
  • Jul 3, 2009 8:19pm Jul 3, 2009 8:19pm
I think those look great and I'll be keeping a closer eye on the lower 1.38 & 1.37 levels.

Do any fibs match up with those? Especially 50% and 61%?

Quoting shiko
ok, Guys, it is what I think of long and short possibilities, mostly long cause I think next week E/U gonna test those support levels. Pleas enote, I am not looking for 100 and so on pips. i am looking for 15-20 pips bounces. what do you think. are those levels good enough?
I will watch for short opportunities too and other 2 pairs I trade and post it here.
You gotta click few times on this image to enlarge it.

http://img20.imageshack.us/img20/4414/planswy.th.png
  • #12,468
  • Jul 3, 2009 8:44pm Jul 3, 2009 8:44pm
Hi everyone.

I m setting up horizontal lines on USD/JPY chart. I m starting from monthly chart. I just wanted to confirm that the values i have selected match with ya other people. I do a "Green" line for level that has acted as support only. "Blue" for level both as resistance and support and "Red" for resistances.

Thanx for help.

Sunny
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpymon.gif Size: 45 KB
  • #12,469
  • Jul 3, 2009 9:25pm Jul 3, 2009 9:25pm
Hi Sunny,

The only point I would make is that since this is a Monthly chart, you might restrict your focus to only those S/L levels that are near current price since it might be a very long time before the other levels become relavent. Also, remember that when these Monthly levels are seen on the lower time frames, they will become ranges, not discretel levels. A monthly level might be a range of plus or minus 50 pips for instance, when seen on a 4H or 1H chart, or the level might migrate to a different level on a lower time frame if it has been seen recently by price.

Welcome aboard.

SR
  • #12,470
  • Jul 3, 2009 9:54pm Jul 3, 2009 9:54pm
Quoting seattlerust
Hi Sunny,

The only point I would make is that since this is a Monthly chart, you might restrict your focus to only those S/L levels that are near current price since it might be a very long time before the other levels become relavent. Also, remember that when these Monthly levels are seen on the lower time frames, they will become ranges, not discretel levels. A monthly level might be a range of plus or minus 50 pips for instance, when seen on a 4H or 1H chart, or the level might migrate to a different level on a lower time frame if it has been...

Thanx very much for a prompt reply.

I could see that this monthly chart spans 20 years and obviously the S/R levels far away would be meaningless. The only reason i did that was because i want to setup my chart and start from scratch. Now i m moving on to daily and then H4 and so on to have a chart with all the levels on it. I will post such a chart when i m done and then i would like to know if the values i have come to are close to everyone else.

This is important because Steve's philiosphy is to make sure that you are looking at something that everyone else is looking at.

Thanx for your help.
  • #12,471
  • Jul 3, 2009 10:47pm Jul 3, 2009 10:47pm
Quoting jack.canadia
What pair are we speaking of?
In general... it is true
  • #12,472
  • Jul 4, 2009 12:37pm Jul 4, 2009 12:37pm
Do any fibs match up with those? Especially 50% and 61%?////


To my shame, I still do not know how to calculate, place Fibs. Where can I learn how to do it?
  • #12,473
  • Jul 4, 2009 12:52pm Jul 4, 2009 12:52pm
Guys, I use MT4 and I noticed they have Fib retracement option. I guessed , it it is downtrend, I need to set it on the highest point and then drag it into the lowest point of downtrend and visa versa with uptrend? am I right? it set retracements automatically.
  • #12,474
  • Jul 4, 2009 9:24pm Jul 4, 2009 9:24pm
Quoting shiko
Guys, I use MT4 and I noticed they have Fib retracement option. I guessed , it it is downtrend, I need to set it on the highest point and then drag it into the lowest point of downtrend and visa versa with uptrend? am I right? it set retracements automatically.

Hi Shiko,

You are correct, high to low in a downtrend, low to high in an uptrend. Concentrate on the major highs and lows on the longer timeframes at first as these hold more significance. The 50% and 61.8% retracements are generally the more significant levels.

I suggest do a google search and just read up on fibonacci, there's loads of info around. Even the pdf at the start of this thread has plenty of examples. Horizontal s/r is more powerful when a fib level or TL coincides with the level.

all the best - dingo

ps - re your earlier question about image size - you should find that if you save the images as .jpg or .png file extensions the file sizes are smaller and the images appear larger.
  • #12,475
  • Jul 4, 2009 10:43pm Jul 4, 2009 10:43pm
Quoting sunnytrader
Hi everyone.

I m setting up horizontal lines on USD/JPY chart. I m starting from monthly chart. I just wanted to confirm that the values i have selected match with ya other people. I do a "Green" line for level that has acted as support only. "Blue" for level both as resistance and support and "Red" for resistances.

Thanx for help.

Sunny
Quoting seattlerust
Hi Sunny,

The only point I would make is that since this is a Monthly chart, you might restrict your focus to only those S/L levels that are near current price since it might be a very long time before the other levels become relavent. Also, remember that when these Monthly levels are seen on the lower time frames, they will become ranges, not discretel levels. A monthly level might be a range of plus or minus 50 pips for instance, when seen on a 4H or 1H chart, or the level might migrate to a different level on a lower time frame if it has been...
All valid points...

Furthermore I would advise you to NOT use different colors for support and resistance levels. The reason being that support and resistance both can well be provided by a single line that you've drawn,

Besides why would you need a diff color to show you a supp or res level? If price is above it the level it will hold as support and if price is below it the level will hold as resistance.

Regards,
Ghous.
I believe . . .
  • #12,476
  • Jul 5, 2009 3:51am Jul 5, 2009 3:51am
Quoting Iron-man
Less than 190 pips to go until my next Government subsidized intervention check signed by the SNB. (Man I hope George Soros doesn't come out of retirement)

For some reason this chart reminds me of a guy falling without a parachute and about to hit a clump of trees. (Fx trading by Rorschach)


Attachment
Just as a note, Iron-man: There has NEVER been a government intervention that has held in the face of fundamentals. There will eventually be a point past which the SNB will not be able to protect its currency target.
  • #12,477
  • Jul 5, 2009 5:34am Jul 5, 2009 5:34am
Anyone looking at Geppy.

H4 looks good for a long - appreciate your thoughts.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY.jpg Size: 110 KB
  • #12,478
  • Jul 5, 2009 9:23am Jul 5, 2009 9:23am
Dingo432, thank you


I am already working on it.
Actually, I draw Fibs and I already see that S/R levels coincide with Fibs on the most important levels.
I noticed that Fibs do not coincide pip to pip with S/R, but they are close to them, sometimes they do coincide.
Fib 50% coincide pip to pip with 1.4062 E/U Resistance. Looks like a good short opportunity if price reaches there .
  • #12,479
  • Jul 5, 2009 11:47am Jul 5, 2009 11:47am
Quoting ghous
All valid points...

Furthermore I would advise you to NOT use different colors for support and resistance levels. The reason being that support and resistance both can well be provided by a single line that you've drawn,

Besides why would you need a diff color to show you a supp or res level? If price is above it the level it will hold as support and if price is below it the level will hold as resistance.

Regards,
Ghous.
Hallo Ghous nice to see you on this thread..... a step forward the J16 method.
Patience is essential
  • #12,480
  • Jul 5, 2009 1:05pm Jul 5, 2009 1:05pm
Quoting stewrigh
Anyone looking at Geppy.

H4 looks good for a long - appreciate your thoughts.

Attachment
Brov have to be honest.....Look at........the momentum this is falling with....
A break out could be severe...short term totally different ball game...

a bounce and trend are 2 totally different ball games...

I would like to see the test which I am expecting of 158.10

Lets see good luck
Steve
Let Price determine your future!
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