Attachments: FOREX Market Reversal Levels

FOREX Market Reversal Levels

#361
Feb 18, 2011 4:28am Feb 18, 2011 4:28am

Andrewkin
| Membership Revoked | Joined Nov 2010 | 646 Posts

Quoting hardpippin

Disliked

Here is the result to back up the previous chart from around 2 hours before.
This is a clear case of the FMRL lines being powerful when you know how to use them along with how the market really moves.

As you can see, the composite operators (The Big Dogs) were distributing
and waited for some news to come out in order to drive the price down, thus clearing out all those buy orders in the background; known as the proverbial stop hunt manouvre.

AS you can see from my previous post I detected this, and as a result I was only looking for short...

Ignored

Hi hardpippin,

Outstanding trading and wise advice.

Thanks for letting us benefit from your experience.

Andrew

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#362
Feb 18, 2011 4:34am Feb 18, 2011 4:34am

Andrewkin
| Membership Revoked | Joined Nov 2010 | 646 Posts

A number of subscribers have asked for daily FMRL levels.

From next week we will add them.

They can be very accurate when used for short-time trading.

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They will be published in the same fmrl.csv file as the monthly and weekly numbers.

This file will be updated every night the markets are open, soon after at 11:30 GMT.

Monthly and weekly numbers will be published as usual.

We hope these new numbers contribute to your trading success.

BUT BEWARE price action can be very fast around these levels causing whipsaw.

Andrew

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#363
Feb 18, 2011 5:18am Feb 18, 2011 5:18am

hardpippin
| Commercial User | Joined Jun 2008 | 971 Posts

As Andrew states:
Daily Levels are ok, but I find due to news events and such just be careful.
My experince of daily FMRL's (along with daily pivots) is they have an habit of being sliced through like a hot knife through butter at news release times.
To minimise risk, try and take your trade if there is also a weekly FMRL in close proximity to the daily FMRL

Try to book profit before news releases.
:-)

#364
Feb 18, 2011 8:42am Feb 18, 2011 8:42am

Andrewkin
| Membership Revoked | Joined Nov 2010 | 646 Posts

Quoting hardpippin

Disliked

As Andrew states:
Daily Levels are ok, but I find due to news events and such just be careful.
My experince of daily FMRL's (along with daily pivots) is they have an habit of being sliced through like a hot knife through butter at news release times.
To minimise risk, try and take your trade if there is also a weekly FMRL in close proximity to the daily FMRL

Try to book profit before news releases.
:-)

Ignored

Hi hardpippin,

Thanks for your observation. We totally agree.

Levels in close proximity seem to be particularly strong.

Andrew

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#365
Feb 18, 2011 8:59am Feb 18, 2011 8:59am

Old_Dog
Joined Sep 2010 | Status: Snake Oil sniffer dog | 178 Posts

Quoting hardpippin

Disliked

Here is the result to back up the previous chart from around 2 hours before.
This is a clear case of the FMRL lines being powerful when you know how to use them along with how the market really moves.

As you can see, the composite operators (The Big Dogs) were distributing
and waited for some news to come out in order to drive the price down, thus clearing out all those buy orders in the background; known as the proverbial stop hunt manouvre......

Ignored

Hello mate,

Many thanks indeed for your excellent charts and analysis. I may be an Old Dog but I am definitely in the market for a New Trick here and I am learning a lot from your charts. http://cdn.forexfactory.com/images/s...m/big_grin.gif

I have long been interested in this business of stop hunting by the Big Dogs. Attached are a couple of PDFs I have been trying to get to grips with. Maybe it's just me getting old and silly, but I am struggling to see what they are getting at here.

I'd be very grateful for your view on these and how they tie in with your most insightful analysis of the charts you have presented so far.

Very best regards

OD

Attached File(s)

HowToSeeWhereOtherTradersHavePlacedTheirStopandBuyOrders.pdf 237 KB | 779 downloads

HowToSeeWhereTradersPlaceTheirStopLoss.pdf 595 KB | 1,317 downloads

#366
Edited Feb 19, 2011 9:41am Feb 18, 2011 12:29pm | Edited Feb 19, 2011 9:41am

hardpippin
| Commercial User | Joined Jun 2008 | 971 Posts

Hey old dog,
Welcome...

I've taken a look through the two pdf's that you have posted up. They are correct in the way they present themselves, but like I was a few years back and what you have said, they can be very confusing to many unless you've probably spent over 70,000 hours of screen time like myself. This is why I've tried to break it down into an easier understandable form for most people with my charts. I've been studying the VSA concept for the last two years and that can sometimes still be a little tricky. Trading is a mind game. You are up against some of the worlds brightest traders.

Did you notice in the pdf's how many times the support and resistance lines got tested?
As you may be aware, the amount of times to take a trade off these lines is two at the most. After that they are not worth the chart space. The brokers also know this, and that is when stops are ran!

The FMRL's certainly make it easier to spot where the smart money is likely to manipulate the market

Too many people rely on chart patterns, Macd,s Majic Indicators etc.
My advise- GET RID OF THEM- 98% of them are absolute Rubbish

Dont be part of the Herd-You'll never make money!

I've attached a couple more charts to prove all you need is 15 pips a day to get rich.

Get In, Get Out Get Done!
:-)

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#367
Feb 18, 2011 1:12pm Feb 18, 2011 1:12pm

Ultimatus
| Joined Apr 2010 | Status: Trader | 286 Posts

Hi Hardpippin, thank you for posting your charts and analysis I am finding it very helpful.

Tell me, when trading using the FMRL levels, do you wait for the break and retest every time? Or will you take a trade purely on a candlestick pattern off a line?

#368
Feb 19, 2011 5:37am Feb 19, 2011 5:37am

Old_Dog
Joined Sep 2010 | Status: Snake Oil sniffer dog | 178 Posts

Quoting hardpippin

Disliked

Hey old dog,
Welcome...

I've taken a look through the two pdf's that you have posted up. They are correct in the way they present themselves, but like I was a few years back and what you have said, they can be very confusing to many unless you've probably spent over 70,000 hours of screen time like myself.....

Ignored

Hello all,

Thanks for that feedback.

As you all probably know from my posts, I have been Green (indicator-freehttp://cdn.forexfactory.com/images/s..._the_floor.gif) for a long time. I trade Price Action in the vicinity of clear S/R such as Fibs or these FMRL lines.

But I have largely ignored Volume up to now as I kinda assumed that volume in the FX market was not reliable due to there being no centralised exchange.

However, I have visited Shamus's thread on VSA and downloaded a primer which I am just trying to get my head around...

I think I may have missed a piece of the jigsaw here but time will tell...

BTW hardpippin, I am just curious about one thing....

You advise against "majic indys" too but in all you charts I see you have an indy called MultiWave530. I have never seen such a "jumbly" set of lines http://cdn.forexfactory.com/images/s..._the_floor.gif. Obviously you have it there for a good reason. Can you tell me (a) what it does (b) if it "works" and (c) how you read it?

Best regards

OD

#369
Feb 19, 2011 9:13am Feb 19, 2011 9:13am

hardpippin
| Commercial User | Joined Jun 2008 | 971 Posts

No worries..
This is one of the very few Indis I DO Trust!
It's a Multi Harmonic Indicator.
I'm sure you already know about Harmonics already.
This Indicator Check's the Harmonic patterns on THREE time frames.

When I get a confluence of lines either at the 89 or the 11 level
along with other checks(Volume, strengh/Weakness and time of day etc) and I'm at a FMRL, I'm in!

More info found at shredderfx.com
Hope this helps.
:-)

BTW I do Use Shamus's smart vsa too-It's a good tool!

#370
Feb 19, 2011 9:28am Feb 19, 2011 9:28am

hardpippin
| Commercial User | Joined Jun 2008 | 971 Posts

Quoting Ultimatus

Disliked

Hi Hardpippin, thank you for posting your charts and analysis I am finding it very helpful.

Tell me, when trading using the FMRL levels, do you wait for the break and retest every time? Or will you take a trade purely on a candlestick pattern off a line?

Ignored

Not all the time.."For instance" If we are in a down trend and I can see supply coming in (VSA) I will wait for a slight pull back on the next bar, then I'm in.
I'm not a great advocate of candle stick patterns I'm afraid. Candle patterns are to easily manipulated. It's a lot harder to manipulate
a trend line.

:-)

#371
Feb 19, 2011 1:21pm Feb 19, 2011 1:21pm

Andrewkin
| Membership Revoked | Joined Nov 2010 | 646 Posts

Subscibers have been askig for daily levels.

They will be provided to subscribers from next week.

Here are examples from Friday 18 February 2011 on 15m charts.

Daily levels are particularly accurate but must be traded with care.

FMRL numbers are available by subscription.

Subscription costs GBP20 a month.

THE FIRST MONTH IS FREE.

You can subscribe HERE (https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=EL6M8ARFNNNUA).

And unsubscribe anytime HERE (https://www.paypal.com/cgi-bin/webscr?cmd=_subscr-find&alias=WWV5GDLDB3D6C).

EURUSD

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GBPUSD

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EURJPY

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USDJPY

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USDCHF

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USDCAD

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The other charts are in the next post.

AUDUSD

GBPJPY

EURCHF

NZDUSD

GBPCHF

#372
Edited 3:13pm Feb 19, 2011 1:28pm | Edited 3:13pm

Andrewkin
| Membership Revoked | Joined Nov 2010 | 646 Posts

NEW: Daily FMRL Levels continued from the previous post.

AUDUSD

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GBPJPY

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EURCHF

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NZDUSD

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GBPCHF

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#373
Feb 20, 2011 8:12am Feb 20, 2011 8:12am

Andrewkin
| Membership Revoked | Joined Nov 2010 | 646 Posts

Quoting hardpippin

Disliked

Not all the time.."For instance" If we are in a down trend and I can see supply coming in (VSA) I will wait for a slight pull back on the next bar, then I'm in.
I'm not a great advocate of candle stick patterns I'm afraid. Candle patterns are to easily manipulated. It's a lot harder to manipulate
a trend line.

:-)

Ignored

Hi hardpippin,

Thanks you for forcing us to look again at the effects of behaviour on price.

We considered and disregarded it a long while back for our own system.

Research made us conclude that the markets obey the laws of nature.

We will review again the temporary effects of human behaviour.

Can't promise to report back though.

Andrew

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#374
Feb 20, 2011 10:00am Feb 20, 2011 10:00am

hquevedoamar
| Joined May 2009 | Status: Trader | 49 Posts

Hi Hardpippin,

I am not sure if understand very well.
Do you refer to volumes in your analysis?

I heard from a professional trader that in mt4 is not possible to see the whole picture about volumens (i understand orders being filled) that is possible to see when you trade inside a trading room for a major bank or hedge fund.

best

Hernando

Quoting Andrewkin

Disliked

Hi hardpippin,

Thanks you for forcing us to look again at the effects of behaviour on price.

We considered and disregarded it a long while back for our own system.

Research made us conclude that the markets obey the laws of nature.

We will review again the temporary effects of human behaviour.

Can't promise to report back though.

Andrew
Attachment

Ignored

#375
Feb 20, 2011 1:11pm Feb 20, 2011 1:11pm

hardpippin
| Commercial User | Joined Jun 2008 | 971 Posts

Yes the banks do have Privvy to information that we dont have, but we make the best of whats on offer to us.
In MT4, The volume you see is just a representation from your broker which can differ from one broker to another.
people like forexflash and shamus has certainly made it easier to read volume within the MT4 Platform. I've sort of got the concept of the volume off to a reasonble art so I've a good good idea of which turning points price is likely to turn at.
Even I can get it wrong though occasionally...Thats Trading.

:-)

#376
Feb 21, 2011 6:03am Feb 21, 2011 6:03am

hardpippin
| Commercial User | Joined Jun 2008 | 971 Posts

Hi all,
Just for your info today.
I dont normally bother with Monday's because I like to see what the market wants to do from the previous week's results, but for those who do, take a look at the following charts.

Even more reason not to trade today is US Banks are closed.
Ripe for a good old stop hunt!!
:-)

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#377
Feb 21, 2011 3:40pm Feb 21, 2011 3:40pm

Andrewkin
| Membership Revoked | Joined Nov 2010 | 646 Posts

As Hardpippin says ... a day to stay away ...

Below are today’s 15m charts showing monthly, weekly and daily levels.

A risky day although there were lots of pips to be made.

Our FMRL numbers are available by subscription.

Subscription costs GBP20 a month.

THE FIRST MONTH IS FREE.

You can subscribe HERE (https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=EL6M8ARFNNNUA).

And unsubscribe anytime HERE (https://www.paypal.com/cgi-bin/webscr?cmd=_subscr-find&alias=WWV5GDLDB3D6C).

Andrew

EURUSD - Interesting stack of reversal levels!

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