Interesting S/R levels | Forex Factory

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Interesting S/R levels

  • #1
  • First Post: Jan 23, 2010 1:44am Jan 23, 2010 1:44am
I draw horizontal lines through the previous highs and lows:
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  • #2
  • Jan 23, 2010 2:28am Jan 23, 2010 2:28am
I go to 5 min time frame and it look like this:
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  • #3
  • Jan 23, 2010 2:39am Jan 23, 2010 2:39am
Just try using round numbers of 20 & 10 & note how the fibo matches up with them. If you are just going to use the lines, try drawing not at the resistance area but at price flips, where R has become S or S has become R.
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File Type: mq4 SweetSpots GOLD.mq4   4 KB | 254 downloads
Starting to see instead of just looking.
  • #4
  • Jan 23, 2010 6:26am Jan 23, 2010 6:26am
You are better off using this on nothing less than H4 or at least H1, though.

Draw them from the monthly, W1, D1, H4 & H1.
Only the main places where price has reversed.

If these lines have confluence with a fibo, they are even more important areas to look for Price Action such as OB, PB, IB4 bars etc.
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Starting to see instead of just looking.
  • #5
  • Jan 23, 2010 6:55am Jan 23, 2010 6:55am
Hey guys,

The "Price Flips" that Rastaman mentioned is what I am currently using to place my horizontal lines, and use it as my base to enter trades. Its simple yet effective, keeps the charts clear and no indicators. Since I've been using this outlook to view my charts I've felt like I'm a lot closer to being successful.

So Constin, I think you are on the right track.
  • #6
  • Jan 23, 2010 7:02am Jan 23, 2010 7:02am
Quoting Rastaman
You are better off using this on nothing less than H4 or at least H1, though.

Draw them from the monthly, W1, D1, H4 & H1.
Only the main places where price has reversed.

If these lines have confluence with a fibo, they are even more important areas to look for Price Action such as OB, PB, IB4 bars etc.
That's right those fibs and RN confluences are just great for extra confirmation.
One thing i try to figure out is the time action. Like for example: i enter a trade at a strong S/R and the second thing is when to exit it. The Ideal scene is the next S/R but as we know that doesn't always work.
Thanks
  • #7
  • Jan 23, 2010 7:35am Jan 23, 2010 7:35am
Quoting constin
That's right those fibs and RN confluences are just great for extra confirmation.
One thing i try to figure out is the time action. Like for example: i enter a trade at a strong S/R and the second thing is when to exit it. The Ideal scene is the next S/R but as we know that doesn't always work.
Thanks
Quoting Kyle_Vee
Hey guys,

The "Price Flips" that Rastaman mentioned is what I am currently using to place my horizontal lines, and use it as my base to enter trades. Its simple yet effective, keeps the charts clear and no indicators. Since I've been using this outlook to view my charts I've felt like I'm a lot closer to being successful.

So Constin, I think you are on the right track.
Hello Constin / Kyle

Pls. illustrate your entry with charts.
I am keen in learning S/R levels as a newbie.
Thanks.
  • #8
  • Jan 23, 2010 5:56pm Jan 23, 2010 5:56pm
Quoting constin
That's right those fibs and RN confluences are just great for extra confirmation.
One thing i try to figure out is the time action. Like for example: i enter a trade at a strong S/R and the second thing is when to exit it. The Ideal scene is the next S/R but as we know that doesn't always work.
Thanks

Yeah, I hear ya.

Just because price breaks a PPZ area does not mean it will take off in the direction we make the trade in.

But, if we combine the PPZ with Price action, and notice how far we can expect the bar that breaks the PPZ to run, we have a much better chance at working out where it will and will not move to.
Also, we can see the EMAs as acting as PPZ also.
Starting to see instead of just looking.
  • #9
  • Jan 24, 2010 3:28am Jan 24, 2010 3:28am
Quoting Kyle_Vee
Hey guys,

The "Price Flips" that Rastaman mentioned is what I am currently using to place my horizontal lines, and use it as my base to enter trades. Its simple yet effective, keeps the charts clear and no indicators. Since I've been using this outlook to view my charts I've felt like I'm a lot closer to being successful.

So Constin, I think you are on the right track.
Hello and thanks Kyle,
If you test something similar please post some charts with your findings and I will do so also.
  • #10
  • Jan 24, 2010 3:35am Jan 24, 2010 3:35am
Quoting Rastaman
You are better off using this on nothing less than H4 or at least H1, though.

Draw them from the monthly, W1, D1, H4 & H1.
Only the main places where price has reversed.

If these lines have confluence with a fibo, they are even more important areas to look for Price Action such as OB, PB, IB4 bars etc.
Thanks Rastaman,
I will try this also.
  • #11
  • Jan 24, 2010 4:24am Jan 24, 2010 4:24am
Quoting Rastaman
You are better off using this on nothing less than H4 or at least H1, though.

Draw them from the monthly, W1, D1, H4 & H1.
Only the main places where price has reversed.

If these lines have confluence with a fibo, they are even more important areas to look for Price Action such as OB, PB, IB4 bars etc.
Hi Rastaman,

I understand that you draw the lines based on higher timeframes,but do you look at lower timeframes such as 15min to enter based on Price action?
Always hunting for pips, even in the dark
  • #12
  • Jan 24, 2010 4:29pm Jan 24, 2010 4:29pm
What i am testing right now.
I enter trade at the first touch of the S/R level and i am watching how the strength of the pair behaves on this meter:
Attached Image (click to enlarge)
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It's from a commercial site but you can download it for free:
http://www.newsprofiteer.com/newsprofiteer-meter.html
  • #13
  • Jan 24, 2010 5:01pm Jan 24, 2010 5:01pm
It's not perfect confluence with the fib but looks good:
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  • #14
  • Jan 25, 2010 7:17pm Jan 25, 2010 7:17pm
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  • #15
  • Jan 26, 2010 2:35am Jan 26, 2010 2:35am
Hey constin,

Im looking at the same setup on the GBP/USD right now, entered a short position looking for it to bounce down. Let's see how it goes
  • #16
  • Jan 26, 2010 3:14am Jan 26, 2010 3:14am
Quoting Kyle_Vee
Hey constin,

Im looking at the same setup on the GBP/USD right now, entered a short position looking for it to bounce down. Let's see how it goes
The Gbpusd it's done good. 100 pips first trade. Hey Kyle there is the Prelim GDP q/q release in 15 min and also other GBP fundamentals.
  • #17
  • Jan 26, 2010 3:19am Jan 26, 2010 3:19am
Thanks for the heads up, I'm in front of my screen right now for that very reason
  • #18
  • Jan 26, 2010 3:28am Jan 26, 2010 3:28am
Quoting Kyle_Vee
Hey constin,

Im looking at the same setup on the GBP/USD right now, entered a short position looking for it to bounce down. Let's see how it goes
Hey Kyle, would you post some charts.

Thanks
  • #19
  • Jan 26, 2010 3:33am Jan 26, 2010 3:33am
Audcad it's been doing good.Lot's of scalping opportunity. I've been watching this for almost 4 hours
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  • #20
  • Jan 26, 2010 3:39am Jan 26, 2010 3:39am
Wow that reaction to news was very exciting for me

Here is my current chart for the GBP/USD. Im short from roughly the pink circle.
Weather the rest of the chart makes sense to everyone else im not so sure
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