Sonic R. System

GU:

Ddaytrader has added another succinct, valuable post (see post #11574 above). In line with it, here is what I am looking at regarding GU.

PA turned at R-area of 1.5300 (was overshot), fell to lower quarter level (was overshot) and bounced back up to eighth level between. PA is now between that eighth level and the quarter level, placing it inside of the Dragon. We could get a short setup, most likely next session (Tuesday). And the way the PA and Dragon look right now, we could see EP (blue rectangle) around the next lower half number (or higher) with a run down to previous lows as the target (green rectangle). Even a lower target of the next lower half number is within its daily ranging (second, lower grreen rectangle).

EU:

And for EU, we have lower highs and a clear support area, in between which is the PA. This may present a short setup (likely not until next session). The forecast EP (blue rectangle) presents a problem. A run down thru it could still bounce at the support area. And just below that is the half number. Between EP and the lower half number, a lot of time and consolidation could take place. But if PA does break down thru these areas, the next lower whole number is a target. And even if PA at sometime comes up to the upper whole number of 1.3500, there is enough in the daily range to accomodate a slightly lower, second target in the 1.3375 quarter area.

This is all surmising and forecasting, which can turn out to have been useless. But, as it stands, if PA moves down thru EP (or whatever new EP may get created) be prepared for a long pause (and possibly whipsawing) in the support-half number area, before a move down resumes. Warning: Speculation.

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Gu Short Trade:

Previous session I left this trade running. Late in previous session I added to short. Average EP is shown in blue.

Considering the current PA, typically FO/LO would pull price back up. And a run down would happen afterwards, or after the US open. Not being sure what will happen, the SL is set above the overall resistance area.

Due to the several days of mild ranging, first waiting for releases, then reacting mildly to the first but yet waiting for the second, and finally reacting mildly to the second, this could be due for much more than a mild move now. So TP1 is at the range limit. If PA gets down there, depending on how strong the run has been, part of trade may be left running in expectancy of further downside.

GU Short Trade:

The run down did not quite make it to the quarter number, before pulling back up a bit. PA is now drifiting down again. I am looking for price to hit, maybe go below quarter number. It will be my exit (temporarily). Since I am expecting a larger pullup for FO/LO, I want to be out of the trade and in a position to re-enter higher again.

If I am wrong, and price continues to drop, well so be it. Eventually there will be a pullup and another leg down, imho.

Gu just placed a buy order.
Will add to it on SonicR.

GU Short Trade:

Closed at quarter number for 50 pips. Now the market needs to decide up, sideways or more down next. It is LO time.

Gu seems to have found support off of the 61.8 fibo and I am hoping sonic EP will be around my first TP, by which point I shall move SL to BE+.

What do you think about this trade i think is good becouse H1 chart is down

Well, things don't look too good on M15 but it will come around.

Moved SL to avoid this drop.

GU:

The daily range is full to the downside now. But US release of FOMC Meeting Minutes is yet to come at 2pm EST. A conclusion is the market expects to move up later, and they have put in max lows with plenty of lead time to load up long. Or possibly this is a genuine selloff. If so, will the US open be followed by a brief pump before those traders join in the selloff? (Warning: Speculation!)

In any case, PA on this pair gave a nice result following the short setup forecast. And it will be interesting to see what will be the US trading reaction to this move down.

EU:

PA on this pair also gave nice results following the short setup forecast. The range still has a bit more in it to the downside, but it looks like both EU and GU may sit tight, consolidating/preparing for the market's next move. There is FOMC Meeting Minutes release at 2PM EST. But that is late in the session. There could be some movement shortly after the US open.....maybe some US reaction to what the market has already done.

Traderathome, you had very nice and profitable setups :]
Also I see Rastaman is trying to apply ddaytrader's strategy of
buying,selling highs and lows at S&R and adding positions on SonicR setups.
It's interresting how this will work :]

I recommend to stay just on sonicr entries. These blind entries need special skills (not complicated, just need experience).

And another thing RM. DD put his SL 5-10 pips. Blind entries should have a very tight SL, not that wide ...

Anyway, it's just my opinion

Regards,
Basber

Here is an example. GU just had a run down to a half number, where it consolidated for a while. Towards the end of that period of consolidation, there was another quick spike down to a support area (black line on H1 chart). As price recovered back into the consolidation range, and below the half number, I entered long.

Initially, I placed SL below lowest low. But when price shot up out of the consolidation zone (this is where probably a safer long entry should have been made) above the half number, I immediately raised SL to within 10 pips of entry.

These non-SonicR entries off of bounces from S&R areas are experimental with me right now. And trade size is very conservative while I am not altogether comfortable with it.

Just wanted to add my opinion. While support and resistance based trading can indeed be very profitable, it doesn't mean that it is for everyone. A trading system should reflect your individuality, the way you think about the market, your fear and greed.

Once you find that and it works i.e. you are comfortable trading that way, it makes you feel good or at least feel nothing at all (no greed/fear/anger etc.) then you should stick to it. Do not deviate from something that makes you emotionally stable. It may sound silly, but humans tend to be self-destructive and deliberately sabotage themselves. That way they have more problems to solve. In trading this results in rejecting a winning system to search for a "better" one. Those "better" systems are the new problems that we hope to solve. Then you are not only provided with a "better" system, but also with excitement, fear, hope, greed and other strong feelings. These are all normal feelings to have in everyday life, just not in trading.

I want to avoid walls of text so I'll just keep it short. SonicR is a good and working system and if you are comfortable with it, do not ever try to make it better. It will only lead to account destruction. If trading SonicR makes you feel strong emotions, stop trading. Trade something that makes you comfortable. Don't work for a system, make a system work for you.

Happy trading!

Well, guys, it's working! S&R is working quite well!

i cannot testify with charts, but i manage to grab around 100 pips with this method, as with sonic i didnt had any entry's!

i will try this method for today on and on...up and down...and i'll keep you informed!

Thank you!