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  • #2,341
  • Jan 20, 2010 10:43am Jan 20, 2010 10:43am
Quoting NightMoves
I agree the 1.400 is a key area here is a daily line chart on the close, the 1.400 has held several time may do so again but I think a break below that level needs to be watched the line chart shows how many times this has been respected a little cleaner than the candle charts show (Blackeagel posted a line chart and I like the way the S/R levels stand out so I posted this one).

--NM
hm, interesting. Now the question is what does actually build an S/R level, the highs and lows or the closes of price. Did you look at this into more detail already? hehe, I am anyways gonna do my own testing, since I find it fascinating, didn't think of the closes too much before, just wondering if you already did some testing on that.
  • #2,342
  • Jan 20, 2010 10:46am Jan 20, 2010 10:46am
Quoting EntropyLad
Thanks. Thanks. For caring to share all this with us. I appreciate it. Definitely going on my watch list. Besides, it gives me a window into how other intelligent traders trade and view trading setups.
thanks for flattering me, haha. Yeah, I think it's good to post potential setups, cause 4 eyes are always better than one. I might have missed something which you guys can then point out. It's a giving and taking I guess.
  • #2,343
  • Jan 20, 2010 10:49am Jan 20, 2010 10:49am
Quoting Custos
hm, interesting. Now the question is what does actually build an S/R level, the highs and lows or the closes of price. Did you look at this into more detail already? hehe, I am anyways gonna do my own testing, since I find it fascinating, didn't think of the closes too much before, just wondering if you already did some testing on that.
I look at the high and the close and use that as an area of resistance, I have seen the actual S/R levels actually fall in between both, on the trading station I can show both lines at the same time and it usually bangs off the high or low, but there are times when the close actually holds.

However, it seems if there is round number in there somwhere then that can be used because it looks like over shoot around that number so I personally use the the nearest RN for the actual S/R level.

--NM
  • #2,344
  • Jan 20, 2010 11:08am Jan 20, 2010 11:08am
Quoting NightMoves
I look at the high and the close and use that as an area of resistance, I have seen the actual S/R levels actually fall in between both, on the trading station I can show both lines at the same time and it usually bangs off the high or low, but there are times when the close actually holds.

However, it seems if there is round number in there somwhere then that can be used because it looks like over shoot around that number so I personally use the the nearest RN for the actual S/R level.

--NM
yeah, I think that approach is good if the highs and lows always overshoot a certain level, then the closes will give the right S/R level, but need to further test it.
  • #2,345
  • Jan 20, 2010 11:09am Jan 20, 2010 11:09am
Quoting NightMoves
I look at the high and the close and use that as an area of resistance, I have seen the actual S/R levels actually fall in between both, on the trading station I can show both lines at the same time and it usually bangs off the high or low, but there are times when the close actually holds.

However, it seems if there is round number in there somwhere then that can be used because it looks like over shoot around that number so I personally use the the nearest RN for the actual S/R level.

--NM
i always look at both: the highs/lows, and also the close. And for my 1st TP, i always choose the close(not the retracement high or low), while mindful of any RN in the neighborhood.
  • #2,346
  • Jan 20, 2010 11:11am Jan 20, 2010 11:11am
Quoting EntropyLad
i always look at both: the highs/lows, and also the close. And for my 1st TP, i always choose the close, while mindful of any RN in the neighborhood.
good to hear how others see the charts, never stopping to learn
  • #2,347
  • Jan 20, 2010 11:18am Jan 20, 2010 11:18am
okay, so first test of that new look at the charts. There is a kind of S/R level at around 1.4020, which probably can be extended down to the 1.4 level.
Attached is the daily chart EUR/USD
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd d1 20.1.2010.gif Size: 41 KB
  • #2,348
  • Jan 20, 2010 11:18am Jan 20, 2010 11:18am
Quoting EntropyLad
i always look at both: the highs/lows, and also the close. And for my 1st TP, i always choose the close(not the retracement high or low), while mindful of any RN in the neighborhood.
Thats very similar as to how I do it too, my first TP is usually the last high or low and the second TP could be the ADR or the last pattern projection target, and then sometimes I will just let them run and let the trend do its magic.

--NM
  • #2,349
  • Jan 20, 2010 11:22am Jan 20, 2010 11:22am
Quoting Custos
okay, so first test of that new look at the charts. There is a kind of S/R level at around 1.4020, which probably can be extended down to the 1.4 level.
Attached is the daily chart EUR/USD
I am not sure of there is a way to set MT4 to show either the high or close on a line chart, if there is I am not sure how it is done. Anyone know if it can be done?

--NM
  • #2,350
  • Edited 12:03pm Jan 20, 2010 11:32am | Edited 12:03pm
CUSTOS, I am curious, do you wait for a BPC formation under a 123 before you enter? Hector approach is to enter at the completion of a 123 formation....Maybe i misread what you wrote.
  • #2,351
  • Jan 20, 2010 11:39am Jan 20, 2010 11:39am
Quoting Custos
It depends which currencies are in that pair and how much ATR is left. If it's gbp/chf I will enter only in early london, if it's gbp/jpy, I would enter maybe as well in asian session and so on. You can review my previous posts on that topic.

best regards

Thanks for the input, CUSTOS, Yeah, i wrote an email to hector about this problem last year...he is probably too busy to reply. I think the FCI may solve some of it. Anyways, here is the original email i sent him:

____________________________________________
Thanks. Thank you very much. You are most kind.

Best of wishes to you and your family this holiday.

I have a quick question about something that has been vexing me. Perhaps, you can comment on my thoughts about the matter:

Sometimes, you will see a setup across the board of a currency, let say, for example, JPYs. Let us say that the JPY is setting up nicely in every JPY crosses and pairs. Since you dont want to double down your risk, you have to pick and choose. Sometimes, the one that you choose end up not really doing much of anything, despite how elegant the setup looks before the trade. After reviewing previous trades and whatnot, i have an idea, and want to run it through you to see if it makes sense to you.

Here is the idea:

Let say we are in EUR trading time. and the JPY crosses/pairs across the board have good setups, perhaps, it will be best to choose to trade the EUR/JPY or the CHF/JPY or the GBPJPY instead of the USD/JPY, CAD/JPY, AUDJPY or the NZD/JPY. Because this is euro time, volume will be coming into EURO currencies(chf, gbp, eur) rather than US open(cad, usd) or ASIA open currencies(nzd. aud).

Does this make sense?

And if you are in US OPEN session and you have JPY setups across board, perhaps, it is best to gravitate towards CADJPY and USDJPY and prioritize them over GBP, EUR, AUD, NZD, CHF, of the JPY crosses. Since we are in the USD and CAD trading time zone.(Assuming of course, that they are all setup nicely. Of course, if gbp/jpy is the one setup nicely, we will go for it. no question asked.) but assuming they are all setup nicely and you have to choose rather than double up on risk.

I have notice this, here and there, where when we are in the trading time zone of one of the constituent of a pair/crosses it gives a boost to the breakout trades....but i have limited trading experience, so i am asking if you've noticed it as well. Where there are two or three setups, and the one in the trading time zone beats strongly and handily the one with a different time trading time zone. I even noticed it in one of your YOUTUBE videos...i cannot find the link at the moment, but i remember that one of the pairs readily beats the other(the one you were in), then i check the time zone, and i noticed that the stronger, faster breakouts belongs to the trading time was when the trade was taken/breakout happened.

You know, let say, the GBPs crosses or pairs are setting up across the board, and it is ASIA trading time zone; is it preferably to go for the GBP/JPY, GBP/AUD, GBP/NZD, since we are in asia time zone? than say, GBP/CHF, GBP/USD, GBP/CAD? (assuming of course, that they all have identical, solidly tradable setups in all of them.

It is a vexing question: which one of these should i trade when all setups is nice, when the adr is fine, when the round numbers is fine, when the trendline is fine, etc, etc. and it boils down to which one to choose. Because i dont want to double down on risk.

Thanks, i really appreciate any response you can come up with.
___________________________________________
  • #2,352
  • Jan 20, 2010 12:15pm Jan 20, 2010 12:15pm
Quoting EntropyLad
CUSTOS, I am curious, do you wait for a BPC formation under a 123 before you enter? Hector approach is to enter at the completion of a 123 formation....Maybe i misread what you wrote.
My main entry technique is either a bpc or a 1-2-3, for me it's actually almost the same, only that the bpc happens below the retracement trendline. (I don't not wait for a bpc after a 1-2-3. )Secondly I use pinbars, outside bars and sometimes inside bars on the setup chart for entry, and if I am very sure of a setup (I know there is no certainty in the market), I just enter when price retraces back to an S/R level.
  • #2,353
  • Jan 20, 2010 12:19pm Jan 20, 2010 12:19pm
Quoting EntropyLad
Thanks for the input, CUSTOS, Yeah, i wrote an email to hector about this problem last year...he is probably too busy to reply. I think the FCI may solve some of it. Anyways, here is the original email i sent him:...
yeah, the fci is good, and I use it if I have more than one setup. But in general, if you divide your risk into 2, by entering only half of the lots you normally you enter with, you can enter into 2 trades.
Cause, as you mentioned, sometimes one goes and the other doesn't. I experienced that also quite often. But nowadays I look if we are in the right session for the pair, then at the fci and take the two best looking setups, take half of my lotsize and enter both trades.

hope that helps
  • #2,354
  • Jan 20, 2010 1:22pm Jan 20, 2010 1:22pm
I have been using the Currency strength meter ( in the lower left of the chart) as some what of a guide similar I think to what You guys got from the course, it does not have as many pairs on it I dont think as you guys have on yours but it seems to do ok. The one you guys have was not offered when I bought in but it does look really nice and I think it is useful.

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: Currency Strength Meter.png Size: 43 KB
  • #2,355
  • Jan 20, 2010 4:33pm Jan 20, 2010 4:33pm
Quoting NightMoves
I have been using the Currency strength meter ( in the lower left of the chart) as some what of a guide similar I think to what You guys got from the course, it does not have as many pairs on it I dont think as you guys have on yours but it seems to do ok. The one you guys have was not offered when I bought in but it does look really nice and I think it is useful.

--NM
The currency meter we are talking about is the FCI. Forex Currency Index. Check the last two videos to get an idea of what i mean

http://www.learnforexlive.com/advanced-indicators.php
  • #2,356
  • Jan 20, 2010 4:40pm Jan 20, 2010 4:40pm
Quoting Custos
yeah, the fci is good, and I use it if I have more than one setup. But in general, if you divide your risk into 2, by entering only half of the lots you normally you enter with, you can enter into 2 trades.
Cause, as you mentioned, sometimes one goes and the other doesn't. I experienced that also quite often. But nowadays I look if we are in the right session for the pair, then at the fci and take the two best looking setups, take half of my lotsize and enter both trades.

hope that helps
Dividing up my risk is a good idea. I sometimes uses that too. I like your thinking, CUSTOS.

(1) See what trading session we are in

(2) Use the FCI to lend support to which pair to trade out of available ones

(3)Choose the best looking two pairs/crosses out of a basket of available ones, and divide up your risk.

As good a plan as any. What else can you ask for? Hehehe.

This is why i like this place.

Serious, intelligent input.

Thanks.
  • #2,357
  • Jan 20, 2010 4:51pm Jan 20, 2010 4:51pm
Quoting EntropyLad
The currency meter we are talking about is the FCI. Forex Currency Index. Check the last two videos to get an idea of what i mean

http://www.learnforexlive.com/advanced-indicators.php
That is something new he has, that was not available when I took the course, the dashboard and the trend filter pro was all he had then now he has some pretty cool indicators.

--NM
  • #2,358
  • Jan 20, 2010 5:00pm Jan 20, 2010 5:00pm
ATTENTION: ALL HANDS!

Nightmoves doesnt have the FCI indicator...because he took the course earlier than some. ( i dont have it either). Given his contributions to this list and helping others...I think s/he more than deserves it. He has answered questions, posted charts, explains things a million times, etc. If anybody has the FCI indicator..and care to be soo generous with it...you can do so privately. Anonymously.

Quoting NightMoves
That is something new he has, that was not available when I took the course, the dashboard and the trend filter pro was all he had then now he has some pretty cool indicators.

--NM
Yes, NIGHTMOVES, he has some cool stuff now. Seriously cool looking stuff. I think they might even have a message, exchange, chatroom with hector. i dont remember quite correctly. It isnt fair that the fresh newbies get all the goodies. LOL.
  • #2,359
  • Jan 20, 2010 5:30pm Jan 20, 2010 5:30pm
AUD/NZD 30minutes/5minutes potential bullish formation. Setting up. Apparently the positive NZD retail sales data wasnt strong enough to push past the 1.2600 for now.

Below is the setup chart and the trigger chart. We will see how things develop subsequently. Best of luck.

ONE MORE THING: cny, that is, china, will release important economic data at 2am london time. That, will DEFINITELY affects the commodity currencies(aud, nzd, cad). Anyways, below is the setup chart(30mins) and the trigger chart(5mins). See if the pattern completes itself and provoke a trade trigger
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audnzd m30 15mins.gif Size: 25 KB
Click to Enlarge Name: audnzd m30 15mins trigger chart.gif Size: 25 KB
  • #2,360
  • Jan 20, 2010 5:31pm Jan 20, 2010 5:31pm
Quoting Butterfly
You think market tend to go disorder deltaG =delta H - T delta S ?
hhehehe. Glad to see another person familiar with thermodynamics here. Gibbs equations. Hehehehe.
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