Just trade the pullback you idiot!
Trade What You See - Almost Naked Trading
- #2,922
- Nov 2, 2010 7:31pm Nov 2, 2010 7:31pm
I think you're much closer here than you realize...I know a lot of traders that use the session separator method rather than the period separator method. There is a great deal of discussion about which session should be in control but most of them rock back and forth between the New York session and the London session.
I also use a methodology for trading that uses the first seven bars of the Asian session to set the BOr. This seems to work very well as a break out range as well. Also watching to see that there is a large enough range to make a profit before beginning to trade, but this is very short term trading.
I haven't done an extensive search for something like this but I'm sure you could find much more than you could read in a evening or two on this subject.
I've just been going along with LG's methodology as it puts pips in the basket and I'm not going to argue with that.
I also use a methodology for trading that uses the first seven bars of the Asian session to set the BOr. This seems to work very well as a break out range as well. Also watching to see that there is a large enough range to make a profit before beginning to trade, but this is very short term trading.
I haven't done an extensive search for something like this but I'm sure you could find much more than you could read in a evening or two on this subject.
I've just been going along with LG's methodology as it puts pips in the basket and I'm not going to argue with that.
Since before the start of the Asian session (and often in the Asian session as well), we have the lowest volume of the whole day, it makes sense to draw your S/R lines at 4 candles in the Asian session.
I don't know exactly how to quantify it any better, which is why I was asking you, how you learned about this h1 BO system so that I can read up on it, where this "phenomenon" comes from and thus give a better idea of where ppl should draw there S/R lines depending on their broker etc...
Hope this all makes sense http://cdn.forexfactory.com/images/s.../yim/happy.gif...
Listen to the whispers....
You may learn something
- #2,935
- Nov 2, 2010 9:07pm Nov 2, 2010 9:07pm
Need to wait at least until the W1 RSI turns down to follow along by the rules. Who knows...the RSI on the H4 and D1 may be strong up before the W1 rolls over. ...so yes, it's a waiting game, sit on hands, go for a walk, go to the DQ...Whoa...there's an idea, I'm outa here for a while. 
...so yes, it's a waiting game, sit on hands, go for a walk, go to the DQ...Whoa...there's an idea, I'm outa here for a while. Make your chart a 4hr line chart and you'll see at various areas of resistance. Might be better to wait a while?
Listen to the whispers....
You may learn something
- #2,940
- Nov 2, 2010 9:24pm Nov 2, 2010 9:24pm
- Joined Dec 2009 | Status: Trader | 6,603 Posts
Need to wait at least until the W1 RSI turns down to follow along by the rules. Who knows...the RSI on the H4 and D1 may be strong up before the W1 rolls over.
DQ for a Butterfinger Blizzard!