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Support and Resistance Trading Simplified

  • #181
  • Edited Apr 2, 2010 12:36am Apr 1, 2010 11:48pm | Edited Apr 2, 2010 12:36am
Update on my last chart. Short worked well, that mini top still holding but that maybe until markets open in full gear on Tuesday.

sisse
Attached Image (click to enlarge)
Click to Enlarge Name: EJ02042010.png Size: 27 KB
Pending conversations? PM for a chat...I am mainly in OTM now
  • #182
  • Apr 2, 2010 1:39am Apr 2, 2010 1:39am
Quoting sisse
Update on my last chart. Short worked well, that mini top still holding but that maybe until markets open in full gear on Tuesday.

sisse
I enjoy watching your trades on those really clear charts sisse, please keep them coming if you can. I think there's much to learn from the way you trade.

Could you explain why you took short 1 on that up bar please? I thought you were waiting for a close below that line? The short was put on very close to the upper resistance line (which was good) and price didn't manage to breach it but that prior bullish pin bar might have got me worried. Just trying to understand your thought process.

Thanks
  • #183
  • Apr 2, 2010 1:55am Apr 2, 2010 1:55am
Thanks Sutts,

The entry short 1 It was an overnight trade. So i setup an auto trade: "If price close below the blue line, place a short 4 pips below the Resistance yellow line".

This is the last update before us news

sisse

PS: Because i am a new member my post take a lot time to be publish...
Attached Image (click to enlarge)
Click to Enlarge Name: EJ01042010 update2.png Size: 16 KB
Pending conversations? PM for a chat...I am mainly in OTM now
  • #184
  • Apr 2, 2010 2:16am Apr 2, 2010 2:16am
Quoting Ted1983
I see.

So with regard to this chart;

http://img42.imageshack.us/img42/3371/pa2p.jpg

You're counting the consolidation areas as places to add to a trade, should you end up in short position on the way back down?

If that's the case, may I ask if you add to a position with equal weight all the way or do you use a pyramid entry or something?
Not really consolidation areas or break out areas just areas of large clustering.. we are just getting started wait till we whip out the order book you can spot failure before it happens with the orderbook and orderflow reading.
but close
and I use equal position sizing.. 50k .. 50k.. 50k or 100k 100k 100k as price falls. depending on account size.
  • #185
  • Apr 2, 2010 2:21am Apr 2, 2010 2:21am
Quoting Ted1983
I see.

So with regard to this chart;

http://img42.imageshack.us/img42/3371/pa2p.jpg

You're counting the consolidation areas as places to add to a trade, should you end up in short position on the way back down?

If that's the case, may I ask if you add to a position with equal weight all the way or do you use a pyramid entry or something?

I'm no expert Ted but I think the significance of the 6-7 clusters in the RZ name is this....

The more short order clusters put in on the build-up to a resistance line, the more powerful the move down from that RZ is likely to be. With many short clusters below, I think the break of the last higher low will be powerful since new longs will have added on the continuation of each pull back and these long players will have shifted their protective stops up as new lows are put in (so the greatest concentration of orders will be below the last low).

This surge may be enough to propel price into the next cluster below and if the clusters are close enough together, a chain reaction may take place (domino effect!).

When counting clusters below a RZ level, I don't think we should be including lows that have been subsequently taken out by price before price reaches the RZ line. I attach a diagram to try to explain my thoughts.

Perhaps Domino could confirm please?
Attached Image
  • #186
  • Apr 2, 2010 4:43am Apr 2, 2010 4:43am
I posted the last chart hours ago but it takes forever to be publish.... So by the time you read this, the market will be already gone.

In any case support hold and i closed the second position BE. Now there is 2 potential trades forming. Let see what happens.

Trades EJ based on S/R.

sisse
Attached Image (click to enlarge)
Click to Enlarge Name: EJ01042010 update3.png Size: 19 KB
Pending conversations? PM for a chat...I am mainly in OTM now
  • #187
  • Apr 2, 2010 6:28am Apr 2, 2010 6:28am
Quoting sisse
Thanks Sutts,

The entry short 1 It was an overnight trade. So i setup an auto trade: "If price close below the blue line, place a short 4 pips below the Resistance yellow line".

This is the last update before us news

sisse

PS: Because i am a new member my post take a lot time to be publish...

Thanks sisse, good stuff.
  • #188
  • Apr 2, 2010 6:44am Apr 2, 2010 6:44am
After news update . Closing Trading day and week.

Both Long and Short (hit both targets) worked. Sadly the short was too fast to trade ...well. On the long side 2 entries a late one that broke both resistances and the perfect one after the news settle down and came back to the original entry point.

EJ today final

sisse
Attached Image (click to enlarge)
Click to Enlarge Name: EJ01042010 lastupdate.png Size: 20 KB
Pending conversations? PM for a chat...I am mainly in OTM now
  • #189
  • Apr 2, 2010 7:50am Apr 2, 2010 7:50am
For those following the Eur/Usd this was my view on S/R for today with all potential trades L and S.

sisse
Attached Image (click to enlarge)
Click to Enlarge Name: EurUSD.png Size: 15 KB
Pending conversations? PM for a chat...I am mainly in OTM now
  • #190
  • Apr 2, 2010 8:35am Apr 2, 2010 8:35am
Hello my colleagues,

I am in the Forex market since 2008. I have developed myself about 50 TSs and been jumping from a timeframe to a timeframe. Finally, I end up using the Fibo Retracement on the weekly timeframe for technical analyses and Daily(sometimes 4H) chart for the actual trading. I realized that the most realistic levels of support and resistance are those around the Fibo levels. I consider breaking the Support line if the Daily bar closed below it, and the same approach towards the Resistance if the bar is closed above it.
Attached Image (click to enlarge)
Click to Enlarge Name: New Picture.jpg Size: 151 KB
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  • #191
  • Apr 2, 2010 8:38am Apr 2, 2010 8:38am
Good trades Sisse. Seems like you're trading almost every move from level to level.
  • #192
  • Apr 2, 2010 9:21am Apr 2, 2010 9:21am
Here is another level that has quite a lot touches. How would you name this level Domino and how far do you look back? Do you only count touches from below or also from above?

Is the number of wicks also important when it comes to clusters?

Attached Image (click to enlarge)
Click to Enlarge Name: USDCADH1.png Size: 46 KB


Thank you very much!
  • #193
  • Apr 2, 2010 1:10pm Apr 2, 2010 1:10pm
Just discovered this really good thread. Nice!

Thanks Domino and all!
  • #194
  • Apr 2, 2010 1:52pm Apr 2, 2010 1:52pm
Sutts, what are you doing here?? Just kidding, good to see ya again.

Phil
  • #195
  • Apr 2, 2010 2:00pm Apr 2, 2010 2:00pm
Quoting domino
Not really consolidation areas or break out areas just areas of large clustering.. we are just getting started wait till we whip out the order book you can spot failure before it happens with the orderbook and orderflow reading.
but close
and I use equal position sizing.. 50k .. 50k.. 50k or 100k 100k 100k as price falls. depending on account size.
which company are you using to get your orderbook?
thanks!
  • #196
  • Apr 2, 2010 2:52pm Apr 2, 2010 2:52pm
Quoting Bankshot
Sutts, what are you doing here?? Just kidding, good to see ya again.

Phil
Hi Phil, good to see you've made it over here. There's some really interesting stuff being discussed here isn't there? A real eye opener for me...actually understanding why prices move and where they are likely to go next. Useful info, whatever your trading style.
  • #197
  • Apr 2, 2010 4:48pm Apr 2, 2010 4:48pm
Quoting Sutts
Perhaps Domino could confirm please?
hey guys lets get into market microstruture abit.. We are moving to another thread because if im going to get this involved I need to open a thread so I can organize the ideas for future joiners.. ill place a link in this post in a bit after I made it. Ive been pushing it off just showing some trades up till this point but id like to see some more real order flow traders out there so ill be getting more into it here.

Here is where Ill be continuing this thread... http://www.forexfactory.com/showthre...56#post3606556
  • #198
  • Apr 6, 2010 2:58am Apr 6, 2010 2:58am
Just S/R.

E/J today right now.

sisse
Attached Image (click to enlarge)
Click to Enlarge Name: EJ06042010.png Size: 15 KB
Pending conversations? PM for a chat...I am mainly in OTM now
  • #199
  • Apr 6, 2010 4:25am Apr 6, 2010 4:25am
Caught in the mini bottom noise. Major S/R still holding

sisse
Attached Image (click to enlarge)
Click to Enlarge Name: EJ06042010update.png Size: 16 KB
Pending conversations? PM for a chat...I am mainly in OTM now
  • #200
  • Apr 6, 2010 4:42am Apr 6, 2010 4:42am
Thanks Sisse. What is your criteria to go long? Seems like you're using closing prices.

Flo
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