Very accurate support and resistence play | Page 3 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

One pair system, very slow but accurate 1,111 replies

Renko channel - very accurate (assembled by me) 418 replies

Price Action at Major Support or Resistence (Horizontal) - For Intraday Traders 179 replies

Which MT4 platform you recommend for accurate rates and technical analysis? 7 replies

Attachments: Very accurate support and resistence play
Exit Attachments

Very accurate support and resistence play

  • #41
  • Edited 4:25pm Nov 5, 2009 4:24pm | Edited 4:25pm
Quoting Forexpreneur
...
Let's look at the 365 EMA on the Daily chart for the Cable (GBP/USD for the newbies). Now the chart I am posting is from MetaTrader. As I mentioned before MT's charts the EMA slightly different than my GFT charts. I believe this is due to the fact that GFT's trading week starts 2 hours earlier. I find my GFT charts to be very accurate, but the MT4 charts are close enough and work out just fine. So here is the MT4 chart

Attachment
This chart is current as I write this.

To help everyone to navigate this chart here is the following...
Hi Forexpreneur,
Have been trying to duplicate your MA's on my IBFX demo (server demo1). They have a 1 hour Sunday bar at the start of the week, but I didnt think it would effect the MA's to such an extent.
Attached is a screen shot of almost the same bars as yours at post 33 with same MA's as your 25, 150 & 365.
Considerable difference in the 365 EMA, I have to crank the 365 EMA up to 442 EMA to make it match. Also notice that the 25 EMA has some different curves. Are you sure yours is EMA not SMA.
Can you confirm they are all based on the closed price for the bars.

I will have a look at MT4 on my FXDD platform. They are GMT +3 (vers IBFX using GMT). My FXDD is so painfully slow now, it occassionally stalls the whole computer. But they have no Sunday bar and overall are 1 bar shorter than IBFX for the week.

Really like the S&R trading & bit of breakout trading. If the MA's can work as active S&R, then awesome. Like your way of reconfirming them as "its now support or now it is resistance". Not sure I can handle 5 time frames though, I was more thinking just the 3. But then you have a lot more time up then me & probably a lot more consistant success.
So watching & learning here.

Right off to close down some stray screens & tempt the FXDD platform.

cheers scalpz
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd daily ibfx demo1.gif Size: 19 KB
Target 2 : Stoploss in the green
  • #42
  • Nov 5, 2009 8:32pm Nov 5, 2009 8:32pm
Quoting scalpz
Hi Forexpreneur,
Have been trying to duplicate your MA's on my IBFX demo (server demo1). They have a 1 hour Sunday bar at the start of the week, but I didnt think it would effect the MA's to such an extent.
Attached is a screen shot of almost the same bars as yours at post 33 with same MA's as your 25, 150 & 365.
Considerable difference in the 365 EMA, I have to crank the 365 EMA up to 442 EMA to make it match. Also notice that the 25 EMA has some different curves. Are you sure yours is EMA not SMA.
Can you confirm they are all based on the closed...
I love the fact that you are toying with the EMA's. That is a good thing and something every trader should do as markets do change. In this case you did it because you weren't getting a match, however you tweeked it untill you started to get a consistent match.

You hit the nail on the head of how this can be a very powerful thing. They are active and moving support and resistence lines. Isn't that what we are all looking for? Areas where we know there is likely to be resistance of support? That really is a big part of trading. Also having areas where you can expect a possible break out.

To answer your question I am absolutely positive they are EMA and not SMA or weighted, etc. Also the EMA is set for close of price. That is something I didn't even think about letting people know.

As far as Sundays, GFT opens 2 pm PST, however it also closes at 12 pm PST on Friday. This will make a difference over time if your broker opens or closes at different times than GFT. Like I mentioned before there is a slight difference on the MT4 charts however it isn't much and doesn't take away the accuracey.

Hopefully that makes sense.
  • #43
  • Nov 5, 2009 10:30pm Nov 5, 2009 10:30pm
Hi Forexpreneur

Are you considering or would you consider sharing your system with us?

Cheers
Ezzy
What you do is a reflection of you....what I do is a reflection of me.
  • #44
  • Nov 6, 2009 12:23am Nov 6, 2009 12:23am
Quoting Ezzy
Hi Forexpreneur

Are you considering or would you consider sharing your system with us?

Cheers
Ezzy
Shure. I'll have to wait untill this weekend as I have some things I need to do tomorrow. It will have to be a couple of posts long as there are things to explain and some of it has to be in detail, but absolutely.
  • #45
  • Nov 6, 2009 1:47am Nov 6, 2009 1:47am
Quoting Forexpreneur
Shure. I'll have to wait untill this weekend as I have some things I need to do tomorrow. It will have to be a couple of posts long as there are things to explain and some of it has to be in detail, but absolutely.
Hi Forexpreneur

Thanks for sharing what you have so far.

I am getting the impression that you like to be precise in what you communicate, so please take your time to communicate your system with us.

I believe that any system that considers price action and S&R as fundamental aspects of their system is very much worth learning.......and I have a sneaky suspicion http://cdn.forexfactory.com/images/icons/icon12.gif that your system may include these.

I will read your earlier posts to start off with.
Thanks to Sauron also, he was able to ask some question which elicited more valuable information from you.

Cheers
Ezzy
What you do is a reflection of you....what I do is a reflection of me.
  • #46
  • Nov 6, 2009 6:07am Nov 6, 2009 6:07am
Hello forexenterpren,....

Can you post how to subsitute the values in EMA of 25, 150, 365
The fast period and slow period and etc.

do i need to reload the EMA three times?
  • #47
  • Nov 6, 2009 1:03pm Nov 6, 2009 1:03pm
Quoting dr18
Hello forexenterpren,....

Can you post how to subsitute the values in EMA of 25, 150, 365
The fast period and slow period and etc.

do i need to reload the EMA three times?
yep, add it 3 times to your chart, setting number & color each time in the indicators property tab.
If you want to do it to other pairs, save the first as a template. Then when you click on the new pairs chart, apply the saved template.

cheers scalpz
Target 2 : Stoploss in the green
  • #48
  • Nov 9, 2009 6:37pm Nov 9, 2009 6:37pm
Quoting Forexpreneur
Good question Sauron and I will explain. Bear with me as I will take this from the ground level and expand upon it. Do not take anything I write as being demeaning or negative. This answer is not only for you but to help out others.

Let's look at the 365 EMA on the Daily chart for the Cable (GBP/USD for the newbies). Now the chart I am posting is from MetaTrader. As I mentioned before MT's charts the EMA slightly different than my GFT charts. I believe this is due to the fact that GFT's trading week starts 2 hours earlier. I find my GFT charts...
a very good explanation on this method.
hope that u could continue helping us to understand more.
  • #49
  • Nov 10, 2009 12:09am Nov 10, 2009 12:09am
Quoting Ezzy
Hi Forexpreneur

Are you considering or would you consider sharing your system with us?

Cheers
Ezzy
Hello Ezzy. I am going to start with the general parts of my system and then over the next couple of weeks explain each part of the system in detail. I think that is the best way to do it.

My system entails price action (which is a broad term and often misunderstood so I will cover that in detail first, but not in this post); support and resistence (using the 3 EMA's; century marks (even numbers like 1.6500, 1.6400 on the Cable); previous highs and lows (I draw horizontal lines on the weekly, daily, 4 hour, 1 hour and 15 minute for areas that are proven resistence points for each time frame); average daily range (not the actual indicator, but knowing how many pips a currency pair ranges from high to low for the day and for the time period I trade); different time frames (weekly;daily; 4H; 1H; 15M); RSI (not used as "over bought/ over sold" as this isn't very reliable. I use it for knowing the range); and paying attention to when important reports are due as these can make things very volatile and unpredictable.

I also use risk/reward ratios. I don't like to make a trade unless I have a 1:2 ratio or better. I also do a top down analysis before I trade.

So that is my system in a nutshell. It's a lot to absorb, but it all boils down to support and resistence.

It will take a couple of days to start all of this. Price action alone is a big subject and even though I like to be detailed I won't be able to cover everything in detail so I will lay it out, explain some but leave the rest for others to ask questions and to research themselves.
  • #50
  • Nov 10, 2009 2:08am Nov 10, 2009 2:08am
Quoting Forexpreneur
Hello Ezzy. I am going to start with the general parts of my system and then over the next couple of weeks explain each part of the system in detail. I think that is the best way to do it.

My system entails price action (which is a broad term and often misunderstood so I will cover that in detail first, but not in this post); support and resistence (using the 3 EMA's; century marks (even numbers like 1.6500, 1.6400 on the Cable); previous highs and lows (I draw horizontal lines on the weekly, daily, 4 hour, 1 hour and 15 minute for areas that...

I am all ears mate, count me in! http://cdn.forexfactory.com/images/icons/icon7.gif
What you do is a reflection of you....what I do is a reflection of me.
  • #51
  • Dec 31, 2009 9:35pm Dec 31, 2009 9:35pm
wishing u a happy new year bro.
hopefully that u would resume the tutorial now with the arrival of 2010.
  • #52
  • Last Post: Nov 14, 2011 7:14am Nov 14, 2011 7:14am
Quoting azlan1
wishing u a happy new year bro.
hopefully that u would resume the tutorial now with the arrival of 2010.
Looks like this guy crashed and burned lol
entry - 1.29250 s/l 200 pips
0 traders viewing now