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Trade What You See - Almost Naked Trading

  • #13,041
  • Mar 30, 2011 8:53am Mar 30, 2011 8:53am
My other active trade..almost in profit
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  • #13,042
  • Mar 30, 2011 8:54am Mar 30, 2011 8:54am
Consolidating at the top.
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  • #13,043
  • Mar 30, 2011 8:56am Mar 30, 2011 8:56am
Just now breaking in the last 2 candles.
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  • #13,044
  • Mar 30, 2011 8:57am Mar 30, 2011 8:57am
Chart
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  • #13,045
  • Mar 30, 2011 10:20am Mar 30, 2011 10:20am
Quoting qweretyq
Good call on EURJPY (and the rest as well). If you don't mind me asking, how do you determine your R/S levels?
LG said she does it based on PA only, do you do the same?

Hi qweretyq, that's such a good question and LG had a great explanation for it. I do the same thing , analyze S/R levels on multiple time frames and adjust my TP accordingly.
Here are some of my rules that help me determine S/R levels and try to follow as much as I can:

 

  1. 3T's – to be valid S/R line must touch 3 most recent bottoms or tops , the more the better
  2. Write down S/R levels on H1 D1 W1 MN for pairs I'm watching
  3. S/R around round numbers are always stronger
  4. Areas of resistance become support and areas of support become resistance
  5. Whenever S/R not clear stay out
  6. S/R around major news might not be valid



Hope this helps.

  • #13,046
  • Mar 30, 2011 11:01am Mar 30, 2011 11:01am
Quoting Cristian2011
Hi qweretyq, that's such a good question and LG had a great explanation for it. I do the same thing , analyze S/R levels on multiple time frames and adjust my TP accordingly.
Here are some of my rules that help me determine S/R levels and try to follow as much as I can:


[list=1][*]3T's – to be valid S/R line...
I agree with everything you summarized except no. 5. S/R levels will always be clear on some time frame. The higher the TF the more run room, but less "structure", for lack of a better word, because PA seeks levels, yet rarely goes straight up or down to that level.

I look at it this way: PA aspires to reach a level/goal. Those levels/goals are R/S levels or areas. If those levels/goals are too far away, PA will "play around" before getting there. Kind of like walking home from school was...you knew where you were going, but you took your time getting there--stopping to talk to friends, kicking rocks back and forth, etc.

That's why S/R levels as close to your trading setup time frame are the most obtainable...less "playing around" opportunity.
  • #13,047
  • Mar 30, 2011 11:15am Mar 30, 2011 11:15am
Quoting lawgirl21
I agree with everything you summarized except no. 5....
great explanation and analogy. Like someone said earlier " so much clarity in your answers" . Thank you for taking the time out of your busy schedule to help us out in our forex journey.
  • #13,048
  • Mar 30, 2011 11:18am Mar 30, 2011 11:18am
Quoting lawgirl21
Kind of like walking home from school was..
I wish I could remember that far back
Your Attitude Determines Your Altitude
  • #13,049
  • Mar 30, 2011 11:27am Mar 30, 2011 11:27am
Quoting Cristian2011
great explanation and analogy. Like someone said earlier " so much clarity in your answers" . Thank you for taking the time out of your busy schedule to help us out in our forex journey.
I'm glad that made sense. I wasn't sure. R/S can be a very hard concept to internalize.
  • #13,050
  • Mar 30, 2011 11:28am Mar 30, 2011 11:28am
Quoting lawgirl21
I [...] walking home from school was...you knew where you were going, but you took your time getting there [...]
I like this very much
Time matters most
  • #13,051
  • Mar 30, 2011 11:31am Mar 30, 2011 11:31am
Quoting blackqn
I like this very much
Thanks, I'm glad.
  • #13,052
  • Mar 30, 2011 11:32am Mar 30, 2011 11:32am
Quoting forexnutter
I wish I could remember that far back
I would bet that I am older than you, but I don't want to have to prove it!
  • #13,053
  • Mar 30, 2011 11:47am Mar 30, 2011 11:47am
Quoting forexnutter
I wish I could remember that far back
It's not that far for me... I liked that analogy so much, lol, I guess everbody felt the same...
Flp. 4:13
  • #13,054
  • Mar 30, 2011 12:04pm Mar 30, 2011 12:04pm
What's with EURUSD choppy moves for today?... anyway... it broke out of that blue congestion zone...
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Flp. 4:13
  • #13,055
  • Mar 30, 2011 12:54pm Mar 30, 2011 12:54pm
Crazy trading day today. Breakouts, then retrace back to the consolidation zone, then out again, etc.
  • #13,056
  • Mar 30, 2011 1:07pm Mar 30, 2011 1:07pm
Quoting lawgirl21
I'm glad that made sense. I wasn't sure. R/S can be a very hard concept to internalize.
Probably the hardest, I've always been told that Forex is a S&R market and drawing those lines has always been a challenge. I have a small book in pdf format that i found very helpful. Check it out here:

http://www.amazon.com/Stikky-Stock-C.../dp/1932974008

If anyone is interested i could post it to the thread or just email it if size is an issue with FF.
  • #13,057
  • Mar 30, 2011 1:17pm Mar 30, 2011 1:17pm
Quoting Cristian2011
Probably the hardest, I've always been told that Forex is a S&R market and drawing those lines has always been a challenge. I have a small book in pdf format that i found very helpful. Check it out here:

http://www.amazon.com/Stikky-Stock-C.../dp/1932974008

If anyone is interested i could post it to the thread or just email it if size is an issue with FF.
That looks interesting, and it's not expensive at all, I'm reading on Trading psychology now, but every new knowledge is always welcome. Thanks for the advise.
Flp. 4:13
  • #13,058
  • Mar 30, 2011 1:25pm Mar 30, 2011 1:25pm
As jdcompute just said, pairs tend to bo and go back to the consolidation zone and then back to with their original move.
Most of the days we take advantage of this with ZC, but today was a whacky day.
Most days we see how a pair BO of the box and then goes back into or on top of it, and then continue its original direction... here USDJPY might be doing just that right now...
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Flp. 4:13
  • #13,059
  • Mar 30, 2011 1:41pm Mar 30, 2011 1:41pm
Quoting Anthar
That looks interesting, and it's not expensive at all, I'm reading on Trading psychology now, but every new knowledge is always welcome. Thanks for the advise.
Welcome.

Looks like EURJPY is testing 117.00 level again. Short term resistance around 117.20. I'm going to stay with this one, I'm +35 and move my SL to break even.

There's a 3T H4 setting up also i"m going to use for confirmation

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  • #13,060
  • Mar 30, 2011 2:00pm Mar 30, 2011 2:00pm
Quoting Cristian2011
Welcome.

Looks like EURJPY is testing 117.00 level again. Short term resistance around 117.20. I'm going to stay with this one, I'm +35 and move my SL to break even.

There's a 3T H4 setting up also i"m going to use for confirmation

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I´m in that also. + 75 pips. Check out also AUD/USD already at all time highs. The sky seems to be the limit?
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