out -11 pips 
- #643
- Aug 25, 2010 6:06am Aug 25, 2010 6:06am
- Joined Apr 2008 | Status: Trader | 1,271 Posts
- #653
- Aug 25, 2010 6:36pm Aug 25, 2010 6:36pm
Hi Dim/traders...
My first post on this thread. I am trying something new in my trading, which is support/resistance trading, as Feb put forth in this thread.
Rather than place a limit/buy order at support, and hoping that price makes a U-turn and heads back up, I thought it would be nice to have a confirmation of price reversal.
So I marked up support/resistance on 30M chart (for EU), and then went to 1M chart and waited for price to come down to support.
Then I waited for a 123 reversal pattern to confirm that price would indeed turn around at support. I think this may be in line with some of Feb's earlier teaching in his other threads.
Anyways, it worked out nicely.
I posted two charts to show this particular trade. First chart is 30M where I marked S/R areas, and second chart is 1M where I confirmed price reversal and took trade from.
You think this is a good method to use for price confirmation at support/resistance areas? Any feedback would be welcome. This seems like a great thread, and thanks Dim for carrying on Feb's stuff.
Regards,
Wally
My first post on this thread. I am trying something new in my trading, which is support/resistance trading, as Feb put forth in this thread.
Rather than place a limit/buy order at support, and hoping that price makes a U-turn and heads back up, I thought it would be nice to have a confirmation of price reversal.
So I marked up support/resistance on 30M chart (for EU), and then went to 1M chart and waited for price to come down to support.
Then I waited for a 123 reversal pattern to confirm that price would indeed turn around at support. I think this may be in line with some of Feb's earlier teaching in his other threads.
Anyways, it worked out nicely.
I posted two charts to show this particular trade. First chart is 30M where I marked S/R areas, and second chart is 1M where I confirmed price reversal and took trade from.
You think this is a good method to use for price confirmation at support/resistance areas? Any feedback would be welcome. This seems like a great thread, and thanks Dim for carrying on Feb's stuff.
Regards,
Wally
"Be the change that you wish to see in the world." --Gandhi
- #656
- Aug 26, 2010 1:16pm Aug 26, 2010 1:16pm
- Joined Apr 2008 | Status: Trader | 1,271 Posts
Hi Dim/traders...
My first post on this thread. I am trying something new in my trading, which is support/resistance trading, as Feb put forth in this thread.
Rather than place a limit/buy order at support, and hoping that price makes a U-turn and heads back up, I thought it would be nice to have a confirmation of price reversal.
So I marked up support/resistance on 30M chart (for EU), and then went to 1M chart and waited for price to come down to support.
Then I waited for a 123 reversal pattern to confirm that price would indeed turn around...
Well - think about this... if you you would wait for additional confirmation - then you will miss the bus more often then not...
