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No Brainer Trades

  • #12,701
  • Jul 17, 2009 11:59pm Jul 17, 2009 11:59pm
Quoting yuan83
hi all,

i m new to this thread but this is really all about S R as no brainer as that? so what TF do you all work on? at least H1? or must it be higher? this system allow for counter trend trading also I suppose? thanks
Well, in my view s&r works on all timeframes and is the underlying principle of the market. You could use the term 'fractal', as the same pattern unfolds on all resolutions (timeframes). You could just say 'why not just call it support & resistance' and 'Ferrari don't be confusing me' but I highly doubt that some traders view the market in the manner in which its actually happening and the term is meant to spark your conciousness, because we need to know to be able to be profitable. You need to align your beliefs about the market and how it operates with the reality of the market, because your belief system IS your trading method.

I can highly recommend to you that you trade with the flows in the market at the time, ie. with the trend, and leave countertrend trading for when you have more experience. Personally I look trades on a 1hr timeframe mostly, however I sometimes take trades on smaller timeframes, depending on the situation. For instance I traded short the USDJPY off the 5min on thursday. I don't do it often because mostly the 5min ranges are not enough to take say 20 pips from. I don't like going into the market for less than that.
  • #12,702
  • Jul 18, 2009 12:03am Jul 18, 2009 12:03am
Quoting seattlerust
Here is a sweet bearish Gartley on the USDJPY 1H chart this morning. Confluence with earlier fractal base and the Bucket Bottom too. I would rate this as SBR, 79, R, S, BB, FB G.

SR
Oh you are totally going on my buddy list now! Team Lori!
  • #12,703
  • Jul 18, 2009 12:39am Jul 18, 2009 12:39am
Quoting Ferrari
Well, in my view s&r works on all timeframes and is the underlying principle of the market. You could use the term 'fractal', as the same pattern unfolds on all resolutions (timeframes). You could just say 'why not just call it support & resistance' and 'Ferrari don't be confusing me' but I highly doubt that some traders view the market in the manner in which its actually happening and the term is meant to spark your conciousness, because we need to know to be able to be profitable. You need to align your beliefs about the market and how...
thanks for the reply! yup definitely it can be used on any TF, but I supposed the smaller it is, the less accurate it is. Ok I shall read the 50page pdf before asking more!

thanks again!
  • #12,704
  • Jul 18, 2009 3:02am Jul 18, 2009 3:02am
Hey any of you guys know how to backup your charts and levels with metatrader?
  • #12,705
  • Jul 18, 2009 3:15am Jul 18, 2009 3:15am
Quoting Ferrari
Hey any of you guys know how to backup your charts and levels with metatrader?
hmm wad sort of backup are u referring to? n wad's level?
  • #12,706
  • Jul 18, 2009 4:37am Jul 18, 2009 4:37am
You guys gotta check out this article on algo trading in equity markets and its links to increased volatility,

John Mauldins weekly newsletter

http://www.tradingacademy.com/lesson...et_article.htm

the article itself

http://www.themistrading.com/article...t_12-17-08.pdf
  • #12,707
  • Jul 18, 2009 10:22am Jul 18, 2009 10:22am
billy excellent idea and your view suits my trading style...

which is the best TF according to you for NO brainers trade?
  • #12,708
  • Jul 19, 2009 2:52am Jul 19, 2009 2:52am
Quoting seattlerust
Here is a sweet bearish Gartley on the USDJPY 1H chart this morning. Confluence with earlier fractal base and the Bucket Bottom too. I would rate this as SBR, 79, R, S, BB, FB G.

SR
Hi Seattle

Just wanted to comment on perhaps why this level didnt hold out.
The level had already been tested 3 times. Also as you see price move down there was alot of buying on the dips into the trend line as indicated by the higher volume and pin bars.

The high volume bar indicated by the yellow arrow shows buyers coming into the market. Even though this was a down bar if the volume in that bar was Sellers the market would have moved down after it.
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Boxing clever since 76.
  • #12,709
  • Jul 19, 2009 3:51am Jul 19, 2009 3:51am
I'll be watching this level, not for a trade but more for a gauge on risk appetite. The S&P and the Dow have just invalidated their H&S patterns.

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  • #12,710
  • Jul 19, 2009 2:42pm Jul 19, 2009 2:42pm
Quoting copi88
Hi Seattle

Just wanted to comment on perhaps why this level didnt hold out.
Yes and no, Copi. First, and perhaps most important, the level did hold out enough to pay. My trades are planned to take an initial profit as early as possible and reduce risk accordingly. I was able to do that on this trade. Basically, one doesn't have to be righ on the direction of the market to make money; only on the reaction of the price at the higher probability levels. Second, I took my levels closer to the bodies of the candles, so although price did approach the levels, they never actually tagged them. This is both plus and minus. Plus, in that I can argue that the level is not yet over used, but minus, I cannot expect much in the way of a reaction either. So, my expectations were not high for this trade, but the level was sound. And one muct take the trades at the levels where the edge is based on their plan, right?

Thanks for your observations though. They are sound and worth paying attention to.

SR
  • #12,711
  • Jul 19, 2009 3:00pm Jul 19, 2009 3:00pm
I am able to find the support/resistance on the daily timeframe.(see attachment).
I am not sure how to narrow the areas down to more exact numbers...The S/R seems to be areas instead of exact numbers.

Example:The 11/13/08 high of .8662 is res that later becomes support...but not exactly at that number...what is the best way to narrow it down?
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  • #12,712
  • Jul 19, 2009 7:08pm Jul 19, 2009 7:08pm
Quoting RickW00716
I am able to find the support/resistance on the daily timeframe.(see attachment).
I am not sure how to narrow the areas down to more exact numbers...The S/R seems to be areas instead of exact numbers.

Example:The 11/13/08 high of .8662 is res that later becomes support...but not exactly at that number...what is the best way to narrow it down?
It's a range usually, it's seldom ever to the pip.
Every time you use 'hopium' in a post, God kills a kitten.
  • #12,713
  • Jul 19, 2009 7:13pm Jul 19, 2009 7:13pm
Quoting RickW00716
I am able to find the support/resistance on the daily timeframe.(see attachment).
I am not sure how to narrow the areas down to more exact numbers...The S/R seems to be areas instead of exact numbers.

Example:The 11/13/08 high of .8662 is res that later becomes support...but not exactly at that number...what is the best way to narrow it down?
You have discovered a significant principle that many traders never realize. A S/R level is NOT a single price level. It is truly a range. This becomes more obvious when you look at your daily level on a 4H or 1H chart. Best bet is to draw the levels as a wide line, or two lines or even a rectangular box. As traders continue to evaluate a S/R level their composite beliefs about that level are constantly changing. Price is constantly testing the levels. This is where analysis of price action becomes important to determine just what we want to do.

SR
  • #12,714
  • Jul 19, 2009 7:18pm Jul 19, 2009 7:18pm
Hi,

Imagine drawing the s+R levels with a thick crayon which gives you a wider area of interest to look at. Getting a reversal on these levels to the pip is like getting a hole in one and rarely happens, meaning that you miss the train.

Always be aware of numbers ending in 00 these are numbers that all traders watch and we should also take them into consideration when looking for a level to trade off.

Fib levels also come into play where you are in a situation where say a fat 50 fib level is sitting 10 pips below a major resistance level i find that placing my order just before the fib gives you another line of defense thus limiting your risk.
  • #12,715
  • Jul 19, 2009 7:45pm Jul 19, 2009 7:45pm
Cable testing the diagonal line that formed last week.
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  • #12,716
  • Jul 19, 2009 8:24pm Jul 19, 2009 8:24pm
Quoting seattlerust
You have discovered a significant principle that many traders never realize. A S/R level is NOT a single price level. It is truly a range. This becomes more obvious when you look at your daily level on a 4H or 1H chart. Best bet is to draw the levels as a wide line, or two lines or even a rectangular box. As traders continue to evaluate a S/R level their composite beliefs about that level are constantly changing. Price is constantly testing the levels. This is where analysis of price action becomes important to determine just what we want to do....
Thanks for the replies...I have been reading the thread and the nobrainertrades website....They talk of narrowing the S/R to around a 10 pip range...maybe this is where I am getting confused.
  • #12,717
  • Jul 20, 2009 2:35am Jul 20, 2009 2:35am
AUD weekly chart, historic level, TL, 76.4/78.2
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  • #12,718
  • Jul 20, 2009 3:11am Jul 20, 2009 3:11am
Same story on the kiwi. I think i posted it as 6652 so still not there yet.

Geppy also just hit a wall with a trend line and 61 fib level.
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  • #12,719
  • Jul 20, 2009 3:23am Jul 20, 2009 3:23am
Quoting seattlerust
Here is a sweet bearish Gartley on the USDJPY 1H chart this morning. Confluence with earlier fractal base and the Bucket Bottom too. I would rate this as SBR, 79, R, S, BB, FB G.
SR
seattlerust,
i noticed 94.71 & 92.53 indicated in your $jpy H1 chart.
are these price targets/projections? based from?
it's either my mind is slow right now or im totally unaware of the bases for these 2 prices. (highly likely the latter, or both!) lol
Thanks!

edit: currently guessing/speculating the bases lol
  • #12,720
  • Jul 20, 2009 5:01am Jul 20, 2009 5:01am
EURUSD could retrace from 1.4261.
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