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Support & Resistance ONLY Trading

  • #1
  • First Post: Aug 13, 2009 3:51pm Aug 13, 2009 3:51pm
Hello Traders.

I open this threat to discuss S&R levels to enter and exit trades. I have been researching and found out that 60% of the total volume of Forex is managed by 6-7 global banks. Then researched that this banks are the ones that drives the support and ressistance levels..so, knowing this, I will go with the historical trades from them!

The strategy I have been analyzing is to pull out the R&S Levels from the 4 hour charts and apply them to the 15 min charts.

I am trading EUR/USD and USD/JPY only. I will post Resistance and Support levels at 7:15-7:30 US EST everyday when possible and then give an overall explanation of winnings and losses at the end of the day using them.

Certainly useful comments and advices are more than welcome.

Today's levels:

EUR/USD
Resistance:
1.4330 from 6/02 10:00 +60 pips today
1.4299 from 7/27 22:00 +20-25 pips

Support:
1.4225 from 8/02 22:00 NOT TOUCHED
--------------------------------------------------------
USD/JPY
Resistance:
95.80 on 7/30 10:00 +55 pips today!!!
96.30 on 6/29 14:00 +120 pips today!!!!
96.70 on 5/19 and 6/01 NOT TOUCHED

Support:
95.15 on 6/26, 8/01 and 8/11 +20-25 pips


Let me put a small disclaimer: This signals are my personal opinion and they carrie a risk of loosing when using them.

my loss radio is between 20 and 30 pips depending on how I see the rate.


Good trading to everyone!

Rod
  • #2
  • Aug 13, 2009 4:02pm Aug 13, 2009 4:02pm
Can you post how you S/R levels are calculated. I'm curious because there are a few ways of calculating them.

Perhaps you have an indicator?
  • #3
  • Aug 13, 2009 4:14pm Aug 13, 2009 4:14pm
Hi Rod A few charts would be great as well. also can you explain these numbers the way it is laid out does not make sence to me..


Today's levels:

EUR/USD
Resistance:
1.4330 from 6/02 10:00 +60 pips today
1.4299 from 7/27 22:00 +20-25 pips

Support:
1.4225 from 8/02 22:00 NOT TOUCHED

Thanks Rod

Moxie

It is better to keep your mouth closed and let people think you are a fool than to open it and remove all doubt.
  • #4
  • Aug 14, 2009 3:37pm Aug 14, 2009 3:37pm
Quoting Rodrifx
Hello Traders.

I open this threat to discuss S&R levels to enter and exit trades. I have been researching and found out that 60% of the total volume of Forex is managed by 6-7 global banks. Then researched that this banks are the ones that drives the support and ressistance levels..so, knowing this, I will go with the historical trades from them!

The strategy I have been analyzing is to pull out the R&S Levels from the 4 hour charts and apply them to the 15 min charts.

I am trading EUR/USD and USD/JPY only. I will post Resistance and...
Hello buddy. Excelent thread, maybe one of the best on this forum. According to me trading forex is nothing else then" buying support and selling resistnsane" no indicator will tell you those levels.
It seems that you were right about levels for today. Well done. I use same principles for trading but I calculate s/r on some other way. Will explain you my calculating if you are interested but for now i want to see your judgment and calculations. So far so good, just go on buddy.
Maybe you should explain how do you calculate those levels and what is your base for them.
Thanks.
  • #5
  • Aug 14, 2009 7:01pm Aug 14, 2009 7:01pm
expanation of how you guys are getting s/r lines would be great.
  • #6
  • Aug 15, 2009 12:06am Aug 15, 2009 12:06am
Yes, and this thread is in the "Trading Systems" category, and we'd welcome you explaining your system of trading.

Thank you.
  • #7
  • Aug 15, 2009 12:56am Aug 15, 2009 12:56am
hi all....

oh my... Pilatus...you make this comment...."Hello buddy. Excelent thread, maybe one of the best on this forum"

When the thread starter has made 1 post with historical trades.....WHAT did I miss...

Rodrifx says ...

"I will go with the historical trades from them"

So how does he know what trades those banks took.....well if he says they control S&R.....I guess those trades would be everytime the price turns around....lol
  • #8
  • Edited 9:37am Aug 15, 2009 9:15am | Edited 9:37am
Quoting Angler
hi all....

oh my... Pilatus...you make this comment...."Hello buddy. Excelent thread, maybe one of the best on this forum"

When the thread starter has made 1 post with historical trades.....WHAT did I miss...

Rodrifx says ...

"I will go with the historical trades from them"

So how does he know what trades those banks took.....well if he says they control S&R.....I guess those trades would be everytime the price turns around....lol
Hello!
You did not miss nothing but trading support and resistance is best system you can find or trade, looks like you do not know much about forex. But no problem I would like to teach you. All those "plenty of indicator" system will not help you to make money and be successful. Next, when I said that this is best thread I wanted to encourage Rodrifx to post here, and that I believe in trading support and resistance and this thread can growe in excelent thread if people like you will not ruin others effort to share their knowledge. Instead of encourage someone to give us his knowledge easiest thing is to spit on their effort . So why are you so negative? You must be a newbie or dissaponted trader who do not know how to trade fx and what is important and what is scam.
It would be better if you said "big thanks" to Rodrifx because with those levels he gave us oportunity to make more then 100 pips. Sure, you did not mention that.
  • #9
  • Aug 15, 2009 9:29am Aug 15, 2009 9:29am
Quoting pilatus
Hello!
You did not miss nothing but trading support and resistance is best system you can find or trade, looks like you do not know much about forex. But no problem I would like to teach you. All those "plenty of indicator" system will not help you to make money and be successful. Next, when I said that this is best thread I wanted to encourage Rodrifx to post here, and that I...

R we here to fight or r we here to discuss this system? I personally don't care to hear a retort from either one of you. Let's just discuss how to properly set the SR lines and how to trade them. How bout that guys? Good luck to all and let's have a good thread here!!!
  • #10
  • Aug 15, 2009 9:40am Aug 15, 2009 9:40am
I'm still waiting for this magical s/r formula.
  • #11
  • Aug 15, 2009 9:44am Aug 15, 2009 9:44am
Quoting Ronald Raygun
I'm still waiting for this magical s/r formula.
And when you find it, it will surely be broken. The market has a way of breaking through support and resistance often.
  • #12
  • Aug 15, 2009 9:51am Aug 15, 2009 9:51am
Quoting jtmoore007
R we here to fight or r we here to discuss this system? I personally don't care to hear a retort from either one of you. Let's just discuss how to properly set the SR lines and how to trade them. How bout that guys? Good luck to all and let's have a good thread here!!!
Sorry if I offended you, wasn't my intention. Just do not like poeple who crticize every effort which can be wrong or right, but is effort and it has to be wellcome.
  • #13
  • Aug 15, 2009 10:22am Aug 15, 2009 10:22am
Hi brother Rod

thanx too much for opening this supject..

My traiding based only on SR and TL + Channles ..

Hope to learn from you more .

thanx again.
Never sell @ lower upward channel unless breacked and vise versa .
  • #14
  • Aug 15, 2009 10:55am Aug 15, 2009 10:55am
Quoting Rodrifx
Hello Traders.

I open this threat to discuss S&R levels to enter and exit trades. ....

The strategy I have been analyzing is to pull out the R&S Levels from the 4 hour charts and apply them to the 15 min charts.

....
Resistance UY
96.70 on 5/19 and 6/01 NOT TOUCHED


Rod

If any body here read what Rod said .. will know that Rod already start open his idea to us .. He said that he pull out RS level from 4H and aplay them in 15 min..

he also list his SR and told us from where coutch them

"Resistance UY
96.70 on 5/19 and 6/01 NOT TOUCHED "

i want here to post this to make image clear .. ( i pull R from Daily chart )


what we want know is to countinue discucce why he take this level and escap other and so on ..
Attached Image (click to enlarge)
Click to Enlarge Name: 8-15-2009 6-42-11 PM.png Size: 19 KB
Never sell @ lower upward channel unless breacked and vise versa .
  • #15
  • Aug 15, 2009 11:05am Aug 15, 2009 11:05am
how could that possibly be resistance? there are countless candles above that. to be resistance is where price will not break it bounces off of. not where it has broken several times. that is why im wanting to know how he is calculating S/R
  • #16
  • Aug 15, 2009 11:25am Aug 15, 2009 11:25am
Quoting Rodrifx
Hello Traders.

....
EUR/USD
Resistance:
1.4330 from 6/02 10:00 +60 pips today
1.4299 from 7/27 22:00 +20-25 pips

Support:
1.4225 from 8/02 22:00 NOT TOUCHED
Good trading to everyone!

Rod
i am just want to show what he said Graphically ..

i am with you jtmoore007 .. still want to know how these SR tooken and leave other.
Attached Image (click to enlarge)
Click to Enlarge Name: 8-15-2009 7-16-38 PM.png Size: 32 KB
Never sell @ lower upward channel unless breacked and vise versa .
  • #17
  • Aug 16, 2009 11:31pm Aug 16, 2009 11:31pm
Hi everybody,
I'm sorry to leave the discussion unattended, but I had to stop trading for some days.
Great discussion by the way.

Several things to clear up:

From all the turn points (price reversals) in the 4 hour chart, we need to look at the strong ones, meaning the ones that repeat and also the ones that turn around aggressively.

Secondly, we go to the 15 min charts, watch the trend of the pair and put Entry stop and Entry Limits to enter the market.

I have attached a small example from EUR/USD today Sunday.

Chart 1:
EUR/USD 4 hour chart
See how the resistance at 1.4185-90 holds several times for the last 3 months.

Chart 2:
EUR/USD 15 Min chart
I entered a Sell Entry Stop at 1.4190 and a Stop loss of 20 pips. The Pair hits 1.4190 and goes bearish. I Exit at 1.4150 cause the pair bounced at 1.4145 several times.

Win: 40 pips!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EUR-USD4hour.JPG Size: 142 KB
Click to Enlarge Name: EUR-USD15min.JPG Size: 96 KB
  • #18
  • Aug 17, 2009 2:59am Aug 17, 2009 2:59am
Quoting Rodrifx
Hi everybody,
I'm sorry to leave the discussion unattended, but I had to stop trading for some days.
Great discussion by the way.

Several things to clear up:

From all the turn points (price reversals) in the 4 hour chart, we need to look at the strong ones, meaning the ones that repeat and also the ones that turn around aggressively.

Secondly, we go to the 15 min charts, watch the trend of the pair and put Entry stop and Entry Limits to enter the market.

I have attached a small example from EUR/USD today Sunday.

Chart 1:
EUR/USD 4 hour...

very nice! can you show us more examples Rod?
-2 SCOOPS OF PROFITABLE RAISINS
  • #19
  • Aug 17, 2009 5:18pm Aug 17, 2009 5:18pm
Hello Traders.

now that the market is so calm, I will share today's moves.

EUR/USD
Not a good day. I didn't check a couple of variables and went for a 30 pip loose. Here is the explanation.

Chart 1 (EUR/USD 4H) shows 1.4050 as a resistance. So I went to the 15min chart and placed a SELL order at 1.4050 (everything looked normal!).

I lost 30 pips as the price went in reversal (bullish).

If you see the chart 1 (4H), 2 variables changed the price action and I passed them by:

1- Price 1.4050 was a resistance twice, but on July 14th, the resistance broke, meaning that it become a SUPPORT level.

2- If you check CCI and RSI, at 5:45 am (my time, US Mountain time) when the price hit 1.4050, the price was in oversold on the 4 hour and 1 hour chart, so big pressure to go bullish.

So, for the ones that went bullish, a 38+ pip win. For me, a 30 pip lost!

TIP of the DAY: Check for price breakups and also check RSI and CCI in 4H and 1H to see oversold/overbought indexes.

-----------------------------------------------------------------------
USD/JPY

I placed a couple of pending orders after looking at 4H chart:

SELL: 94.75 from 7/19. NEVER TOUCHED TODAY. This is a good example of what hapenned with EUR/USD today. Please check CHART 3.

BUY: 94.38 from 8/04. The BUY order shoot at 9:00 am(my time) and I exit at 3:00 pm(my time), because of the lack of movement. 12 pip WIN.


So, overall, today was a loss of 18 pips, a lot of learning and tonight will do some market analysis for tomorrow.

Its tough to ride this wild horse!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EUR-USD-4hourMonday.JPG Size: 95 KB
Click to Enlarge Name: EUR-USD15minMONDAY.JPG Size: 70 KB
Click to Enlarge Name: USD-JPY4H-Monday.JPG Size: 72 KB
  • #20
  • Aug 18, 2009 3:36am Aug 18, 2009 3:36am
Nice post Rod!
-2 SCOOPS OF PROFITABLE RAISINS
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