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  • #7,181
  • Jul 2, 2010 6:29am Jul 2, 2010 6:29am
Quoting Custos
yep, good lines. Your levels are spot on. Well, only the first level I would adjust by 2 pips. Mine is at 74.42.

Other than that, a good setup. Definitely worth a shot. I will definitely enter at your identified level.
thanks for the reply

Im starting to believe (correct me if im wrong) that one of your big edges (apart from trading with the order flow) is the way you setup your sl placements in order to reverse and or close for small losses/B.E.

Am i correct in thinking this?

The way im trying to focus at the moment is to concentrate on one timeframe across the board (23 pairs) and just trade s/r with intraday swings such as the example here.


Cheers again dude
  • #7,182
  • Jul 2, 2010 6:41am Jul 2, 2010 6:41am
Also how about this setup?

What do you think about the s/r lines?

I know its still the yen here (as in the previous example) but mainly posting to see what you Custos + others think about these lines if ok.


Cheers again.
Attached Image (click to enlarge)
Click to Enlarge Name: EurJpy15m.png Size: 43 KB
  • #7,183
  • Jul 2, 2010 6:45am Jul 2, 2010 6:45am
And another lol.

Just trying to get feedback on s/r levels and how you guys see them personally.


Not taking into account news or any other influences. Just pure s/r lines and feedback if possible.

Cheers again to all
Attached Image (click to enlarge)
Click to Enlarge Name: AudNzd15m.png Size: 35 KB
  • #7,184
  • Jul 2, 2010 6:51am Jul 2, 2010 6:51am
Quoting Pipalicious
And another lol.

Just trying to get feedback on s/r levels and how you guys see them personally.


Not taking into account news or any other influences. Just pure s/r lines and feedback if possible.

Cheers again to all

Looks like you are a natural Pipalicious

I am still very new at this myself but am looking forward to fully grasping it. Mktspace, Paulette and of course Custos are always so helpful making it a pleasure to participate here. I am almost at a point where I will feel more comfortable to post potential setups as well.

Nice charts!
  • #7,185
  • Jul 2, 2010 6:53am Jul 2, 2010 6:53am
Quoting Pipalicious
thanks for the reply

Im starting to believe (correct me if im wrong) that one of your big edges (apart from trading with the order flow) is the way you setup your sl placements in order to reverse and or close for small losses/B.E.

Am i correct in thinking this?

The way im trying to focus at the moment is to concentrate on one timeframe across the board (23 pairs) and just trade s/r with intraday swings such as the example here.


Cheers again dude
yep, sl placement and this reversing is very important.

good, idea with that focus!
  • #7,186
  • Jul 2, 2010 6:55am Jul 2, 2010 6:55am
Quoting Pipalicious
Also how about this setup?

What do you think about the s/r lines?

I know its still the yen here (as in the previous example) but mainly posting to see what you Custos + others think about these lines if ok.


Cheers again.
everything okay, except one: 109.042 should be 109.07. It just fits slightly better.
  • #7,187
  • Jul 2, 2010 7:02am Jul 2, 2010 7:02am
Quoting CharlesSA
Looks like you are a natural Pipalicious

I am still very new at this myself but am looking forward to fully grasping it. Mktspace, Paulette and of course Custos are always so helpful making it a pleasure to participate here. I am almost at a point where I will feel more comfortable to post potential setups as well.

Nice charts!
Cheers Charles

Im no natural. Im just a very focused and determined person thats all

What makes a "natural" is constant practice over and over and over again.

Less reading...more charts lol. Thats one reason i cut down on posting a lot at the moment. Mainly just to shut myself up and just scan charts over and over again.

But yes, this thread is very helpful and willing to share.

Definetely the environment to be in.

Currently in eur/jpy from 109.813 full exit at 109.60

Lets see what happens
  • #7,188
  • Jul 2, 2010 7:06am Jul 2, 2010 7:06am
Quoting Pipalicious
And another lol.

Just trying to get feedback on s/r levels and how you guys see them personally.


Not taking into account news or any other influences. Just pure s/r lines and feedback if possible.

Cheers again to all
first let me tell you, the aud/nzd is hard on the lower time-frames in terms of finding S/R levels, cause of the huge wicks all the time.

Anyways, I would draw the level like this. It fits better in my opinion. Except on the first instance, it always just spiked through the level and never broke it. Now when it got broken (orange marked), price touched it from the other side again, overshot it actually a bit and then went for a continuation down.
When you draw a level you typically want to see two things, and the second thing I actually was looking at for the last couple of weeks.
First thing is rejection of the level. But second thing is, if the level breaks you want price to retest your line from the other side, and you want to see that over and over and over again. Here we only have one instance, but let's say it is enough, if you don't have more data points. Now if there are a few instances where this didn't happen it doesn't matter, but it should generally happen.

Hope I have said that clearly. Basically you always want rejection, and when there is a break you want price to typically retest that level from the other side. If it didn't do that in the past, it's likely that it will also not do that in the future.

cheers
Attached Image (click to enlarge)
Click to Enlarge Name: audnzd m15 2.7.2010.gif Size: 23 KB
  • #7,189
  • Jul 2, 2010 7:07am Jul 2, 2010 7:07am
Quoting Custos
everything okay, except one: 109.042 should be 109.07. It just fits slightly better.
Cheers Custos.

Hmm.... This is what "gets me" haha.

If you may, what makes you say it fits better? What is your criteria for this if you may?
  • #7,190
  • Jul 2, 2010 7:17am Jul 2, 2010 7:17am
Quoting Custos
first let me tell you, the aud/nzd is hard on the lower time-frames in terms of finding S/R levels, cause of the huge wicks all the time.

Anyways, I would draw the level like this. It fits better in my opinion. Except on the first instance, it always just spiked through the level and never broke it. Now when it got broken (orange marked), price touched it from the other side again, overshot it actually a bit and then went for a continuation down.
When you draw a level you typically want to see two things, and the second thing I actually was...


Interesting.

I agree, price is pretty choppy with that pair on lower TF's but just practising s/r. Thats my focus.

I seriously believe if one can get ridiculously good at s/r, identifying swings and trade management he/she has very high probabilities of making it.

Then again, its all a question of psychology lol.

So, going back to your 2 points:

Is this what you mean with this chart as example?

It may not be the perfect example but i think this is exactly what you mean.

Please correct me if im wrong.

Cheers again Custos and thanks for your time.
Attached Image (click to enlarge)
Click to Enlarge Name: EurGbp1h.png Size: 50 KB
  • #7,191
  • Jul 2, 2010 7:18am Jul 2, 2010 7:18am
Quoting Pipalicious
Cheers Custos.

Hmm.... This is what "gets me" haha.

If you may, what makes you say it fits better? What is your criteria for this if you may?
Because on your chart, price closed on the other side and reversed back below the level. Price shouldn't do that normally. It should close maximum at the level and reverse. Of course price is not perfect. You will always have instances where price will close on the other side and reverse back through your S/R level. But let's say you want to make the best fit where most of the time price closes on the right side. So the closes as well as the wicks are important.

Does that make sense?
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy m15 2.7.2010.gif Size: 23 KB
  • #7,192
  • Jul 2, 2010 7:25am Jul 2, 2010 7:25am
Quoting Custos
Because on your chart, price closed on the other side and reversed back below the level. Price shouldn't do that normally. It should close maximum at the level and reverse. Of course price is not perfect. You will always have instances where price will close on the other side and reverse back through your S/R level. But let's say you want to make the best fit where most of the time price closes on the right side. So the closes as well as the wicks are important.

Does that make sense?
Totally!

Thanks again
  • #7,193
  • Jul 2, 2010 7:27am Jul 2, 2010 7:27am
Custos, regarding EUR/JPY... are you not a bit nervous about that fairly strong up strength?

Would love to short there as well but PA has me scared
  • #7,194
  • Jul 2, 2010 7:27am Jul 2, 2010 7:27am
Quoting Pipalicious
Interesting.

I agree, price is pretty choppy with that pair on lower TF's but just practising s/r. Thats my focus.

I seriously believe if one can get ridiculously good at s/r, identifying swings and trade management he/she has very high probabilities of making it.

Then again, its all a question of psychology lol.

So, going back to your 2 points:

Is this what you mean with this chart as example?

It may not be the perfect example but i think this is exactly what you mean.

Please correct me if im wrong.

Cheers again Custos and thanks for your...
nope, but almost, you want it to close on the other side and then immediately reverse back down so if you went short you can now go long on the retest. But you want to see this price behavior in the past too.

Attached is the aud/jpy m15 with one of your levels. Do you see the orange marked price, how price broke through the level and let you get out at the retest (spike). You want to see such behavior over and over again when drawing the level. Only in the most recent instance it did not happen, but that is because the market is not perfect. But you want the best fit. So that MOST of the time the market lets you out.

Easier to understand now what I mean?
Attached Image (click to enlarge)
Click to Enlarge Name: audjpy m15 2.7.2010.gif Size: 22 KB
  • #7,195
  • Jul 4, 2010 5:16am Jul 4, 2010 5:16am
Quoting CharlesSA
Custos, regarding EUR/JPY... are you not a bit nervous about that fairly strong up strength?

Would love to short there as well but PA has me scared
I thought I posted an answer to your qestion. Did that post get deleted or what is going on?
  • #7,196
  • Jul 4, 2010 5:21am Jul 4, 2010 5:21am
Quoting Custos
nope, but almost, you want it to close on the other side and then immediately reverse back down so if you went short you can now go long on the retest. But you want to see this price behavior in the past too.

Attached is the aud/jpy m15 with one of your levels. Do you see the orange marked price, how price broke through the level and let you get out at the retest (spike). You want to see such behavior over and over again when drawing the level. Only in the most recent instance it did not happen, but that is because the market is not perfect....
Hi Custos,

Now i see what you mean.

I guess its the finer details that really make the difference.

Thanks again buddy

The way im focusing (see what you think) is to basically swing trade intraday on hourly charts.

Im basically focusing on previous s/r and expecting bounces off of them to trade.

In order to do that i check that the previous s/r has some kind of intraday history behind it.

If it does then i trade it alone, although convergence adds to it aswell.

I find it a bit too aggresive for my psych to trade bounces the opposite way aswell. I prefer a recent break and then to trade in direction of the break once it comes to my designated area.

I guess this is pretty much what you do with the addon that you also trade it the other way. Am i correct in this?

Thanks again!
  • #7,197
  • Jul 4, 2010 5:38am Jul 4, 2010 5:38am
Quoting Pipalicious
Hi Custos,

Now i see what you mean.

I guess its the finer details that really make the difference.

Thanks again buddy

The way im focusing (see what you think) is to basically swing trade intraday on hourly charts.

Im basically focusing on previous s/r and expecting bounces off of them to trade.

In order to do that i check that the previous s/r has some kind of intraday history behind it.

If it does then i trade it alone, although convergence adds to it aswell.

I find it a bit too aggresive for my psych to trade bounces the opposite way aswell....
yep, well put
  • #7,198
  • Jul 4, 2010 11:24am Jul 4, 2010 11:24am
Quoting Custos
I thought I posted an answer to your qestion. Did that post get deleted or what is going on?

Weird one. I see that the original post is also gone of the trade call. Yeah, I also did not see a reply but I really do not expect an answer to all my questions I realize you also have to actually trade. So no worries pal!

As mentioned before, I do feel very fortunate to have someone such as yourself in a group like this. Anyone that can do this for a living is someone that deserves our respect and certainly is someone I want to learn from.

For any readers of this forum, as per direction from Custos to read through the No Brainer thread to learn more about S/R levels... I also want to highly recommend going through a breakdown of this particular system at the following link: http://www.nobrainertrades.com/searc...ing%20Strategy.

Cheers
  • #7,199
  • Edited 11:41pm Jul 5, 2010 8:51am | Edited 11:41pm
http://3.bp.blogspot.com/_nW2eMRU5Wx...0/20100702.gifhttp://www.nobrainertrades.com/2010/...recession.html

This chart dosent paint a good picture!
  • #7,200
  • Edited Jul 6, 2010 6:37am Jul 5, 2010 10:52pm | Edited Jul 6, 2010 6:37am
Hello Everyone,
I couldnt post much lately ...trying to dig myself out of the backlog out of the G20 hole ... however i did read the interesting discussions.

There are also a lot of reports on economic doom & gloom, which has been worrisome especially for the long term the bail out packages by Europe & US are simply appears to be buying more time before things may get worse .... however i hope the situation starts to get better overtime.

I am starting to review the charts and here is a level which appears interesting ... lets see if it holds.

EDIT: Big momentum push broke through it ....
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY.jpg Size: 84 KB
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