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  • #13,401
  • Oct 29, 2009 3:07pm Oct 29, 2009 3:07pm
Quoting shiko
no I cannot. I attach pictures from MT4 where I am looking for S/R areas because they have save picture feature. But I am trading with Oanda and they do not have this feature. i have to save screen shots and their size is too big. This server rejects them.
You can use a screen capture app like the GIMP. Then just scale the image size.

It works really well.
  • #13,402
  • Oct 29, 2009 3:12pm Oct 29, 2009 3:12pm
Hmm.. Can't see these images, but really would like to.. Maybe printscreen, mspaint, save as png? Greetings.
  • #13,403
  • Oct 30, 2009 12:23am Oct 30, 2009 12:23am
Quoting FXSurfer
You can use a screen capture app like the GIMP. Then just scale the image size.

It works really well.

I downloaded and installed GIMP, but cannot see it anywhere and have no idea how to use it.
  • #13,404
  • Oct 30, 2009 1:49am Oct 30, 2009 1:49am
My yesterday trades. You can see I leave too many pips on the table. But entries are good. I was doing 30-50 pips per trade 3 weeks ago. need to come back to similar state of mind to continue.


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  • #13,405
  • Oct 30, 2009 1:55am Oct 30, 2009 1:55am
Here are my today trades. Same problem, missed a lot of pips. I just hate when price gives me 10-15 pips and then reverses, so I close it, it reverses again as you can see and make many more pips.
Even this way made 0.5% yesterday and o.6% today with 1:1 leverage.
So, it is clear i am leave double of that on the table.

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  • #13,406
  • Oct 30, 2009 12:30pm Oct 30, 2009 12:30pm
Quoting shiko
I downloaded and installed GIMP, but cannot see it anywhere and have no idea how to use it.
I have been using Screenprint Platinum for many years. I recommend it. http://www.softwarelabs.com/tsl4/3-screenprint.htm

SR
  • #13,407
  • Oct 30, 2009 1:05pm Oct 30, 2009 1:05pm
Quoting seattlerust
I have been using Screenprint Platinum for many years. I recommend it. http://www.softwarelabs.com/tsl4/3-screenprint.htm

SR

I used Irfanview to post these screen shot. Works pretty fine.
  • #13,408
  • Oct 31, 2009 2:21pm Oct 31, 2009 2:21pm
I've read here (and has been used elsewhere)... the term "don't catch falling knives". I've had fairly consistent success with this method but I still feel a bit uncertain about reading some setups & trade management.

Wouldn't taking a countertrend trade, in a falling market, constitute "catching falling knives"? So, if a currency recently broke one level going down, we would look to go long once it reaches the next (lower) area of support. Right?

The current GBP/USD (1H) setup shows what I mean.
Attached Image


I have (1) Support level below it (2) Daily fib Level (3) Trendline (4) 1.6400 level... Lots of confluence by any standard... But I would still feel uneasy going long at 1.6400 area. (I will actually NOT go long here due to my uneasiness.. but would still like input). I would, however, feel good about a bounce up to the 1.6460 and then going short.

So, is this "catching falling knives"?.. If not.. What is?

Thank you traders for you opinions/advice
  • #13,409
  • Oct 31, 2009 3:37pm Oct 31, 2009 3:37pm
Quoting pipimo88
I've read here (and has been used elsewhere)... the term "don't catch falling knives". I've had fairly consistent success with this method but I still feel a bit uncertain about reading some setups & trade management.

Wouldn't taking a countertrend trade, in a falling market, constitute "catching falling knives"? So, if a currency recently broke one level going down, we would look to go long once it reaches the next (lower) area of support. Right?

The current GBP/USD (1H) setup shows what I mean.
Attachment

I have (1) Support...

Let's see what will happen on Sunday. I guess heads will cool. Plus, if level gets broken we can find a moment to enter short.
Please check above trades.
I had to take wife to city center before news came up. But I was taking position in right direction using broken resistance turned support to enter with some confirmations from price action. I was exiting tardes cause daily Pivot point was just below.
  • #13,410
  • Oct 31, 2009 4:40pm Oct 31, 2009 4:40pm
So... According to the method... We should be looking long at the 1.6400 (if your setup was like the image above). Right?

If so... What would constitute "catching falling knives"? Images would help. I feel that understanding this is the final piece of my future-success puzzle
  • #13,411
  • Oct 31, 2009 7:51pm Oct 31, 2009 7:51pm
Quoting pipimo88
So... According to the method... We should be looking long at the 1.6400 (if your setup was like the image above). Right?

If so... What would constitute "catching falling knives"? Images would help. I feel that understanding this is the final piece of my future-success puzzle
According to the method we should pass 1.6400 cause it has been sloshed around for a long time now. i have used it twice by now.
or, we should not take immediate position but watch what will be happening once 1.6400 is hit. and then act according to price action setting stop loss tight. may be it is good for some short scalp. how we know. let'
s check next week.
I do not think this method is about catching falling knifes if you know what you are doing. We wait at important S/R areas where price was known to reverse before. If market conditions are not heated like last week, these levels should hold and give some pips. What I notice. News come. market moves here and there for 1-2 hours , after lunch it erupts and moves as if someone pumping air into it and no retracements. I would not take any position against it until I see price action confirmation.
In general, price action and behavior should be watched before taking such positions. i like when price moves hysterically without building foundation, in this case when it hits S/R it bounces off like cold water from hot iron.
  • #13,412
  • Oct 31, 2009 11:04pm Oct 31, 2009 11:04pm
Oh... And one more question... In the image below (current G/U - Daily), price found major support at point "A". The very next chance it had to hold... it failed (point "B").
Attached Image (click to enlarge)
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Assuming that G/U continues up... Would you even consider this a valid S/R level... since it failed its only test? According to the rules, we're looking for flips in S/R and several tests in order for it to be considered a valid level. This area, back in time, has in fact been used as S/R but a bit lower... and the PDF says that when price turns a bit sooner, essentially making a new level, then we are to use the most recent turning area.

My confusion is that on one hand, we are to use the most recent level but on the other we are to look for areas that have been tested several times. I hope I'm making sense
  • #13,413
  • Nov 1, 2009 3:22am Nov 1, 2009 3:22am
Quoting pipimo88
I've read here (and has been used elsewhere)... the term "don't catch falling knives". I've had fairly consistent success with this method but I still feel a bit uncertain about reading some setups & trade management.

Wouldn't taking a countertrend trade, in a falling market, constitute "catching falling knives"? So, if a currency recently broke one level going down, we would look to go long once it reaches the next (lower) area of support. Right?

The current GBP/USD (1H) setup shows what I mean.
Attachment

I have (1) Support...
Hi
I can't speak for anyone else, but my own experiences trading these levels tells me that;

1- Price offers some form of tradeable reaction more often than not at these levels, and....

2- If, as can happen, price just blows straight through the level, then very often it will return back to give you an opportunity to exit gracefully.

Looking at GU recently, price took out 1.6485 in a convincing fashion, but then subsequently retraced to allow an exit at breakeven or better.
  • #13,414
  • Nov 1, 2009 4:47am Nov 1, 2009 4:47am
Quoting Interceptor
Hi


2- If, as can happen, price just blows straight through the level, then very often it will return back to give you an opportunity to exit gracefully.

exactly, and it did happen on the chart above. Price revisited that resistance level once more. The only question what was stop loss there. If stop loss was not hit yet, trade could have been left at B/E
  • #13,415
  • Nov 1, 2009 5:02am Nov 1, 2009 5:02am
Quoting pipimo88
Oh... And one more question... In the image below (current G/U - Daily), price found major support at point "A". The very next chance it had to hold... it failed (point "B").
Attachment

Assuming that G/U continues up... Would you even consider this a valid S/R level... since it failed its only test? According to the rules, we're looking for flips in S/R and several tests in order for it to be considered a valid level. This area, back in time, has in fact been used as S/R but a bit lower... and the PDF says that when price...

S/R area do not mean it cannot be broken. The price bounced from 1.7446. before that last time it gave some reaction from 1.7452.
You already got one good bounce, now price came back and took it out.
Last fall market was pretty crazy.
Trading is about probabilities. we sure have more probabilities to earn money at S/R levels than to lose money. But second time it is better to watch what's going on. watch price action and decide to take trade or not. BRW was not taking any trade, he passed trades he believed would be risky. It comes with experience.
I got some alreafdy. Got burned last week Monday on S/R, that this week seeing same price action I stayed away and passed the trade. Level was broken. i just found another S level lower , waited for confirmation and made some pips on long side.
  • #13,416
  • Nov 1, 2009 2:22pm Nov 1, 2009 2:22pm
lets get the ball rolling .. looking at usdcad for resistance at 1.0964....50% retracement to 1.0991 range .
if that breaks, good resistance at 1.1101 to 1.1146...62%retracement.

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  • #13,417
  • Nov 1, 2009 2:37pm Nov 1, 2009 2:37pm
another one im keeping an eye on... 1.0350 range .. resistance plus 76% retracement . watching wallstreet as a severe downmove seems to strenthen the dollar.. have a good week.

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  • #13,418
  • Nov 2, 2009 3:03am Nov 2, 2009 3:03am
Hi forex faders !

Anybody know which currency meter uses Steve? In any place i read he uses one.

I have tom yeomans's meter but itīs very short time meter.

Have you nice pips !
Psssst !!!... I have found the Holy Grail !!!.... It's YOU !!!
  • #13,419
  • Nov 2, 2009 3:07am Nov 2, 2009 3:07am
long here
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Psssst !!!... I have found the Holy Grail !!!.... It's YOU !!!
  • #13,420
  • Edited 5:31am Nov 2, 2009 5:30am | Edited 5:31am
my first contribution

Audusd long
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