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  • #41
  • Jul 18, 2011 5:57am Jul 18, 2011 5:57am
The title of your thread does not suggest that it is a trading system, it sounds more like a discussion. Maybe you would want to change it to something in the context of "long term trading the confluence of TLs and S/Rs"
Regards
  • #42
  • Jul 18, 2011 6:18am Jul 18, 2011 6:18am
Quoting howard
The title of your thread does not suggest that it is a trading system, it sounds more like a discussion. Maybe you would want to change it to something in the context of "long term trading the confluence of TLs and S/Rs"
Message understood but once you've read the 2nd post there isn't much doubt what it is.
  • #43
  • Jul 18, 2011 6:34am Jul 18, 2011 6:34am
Hugh Briss, thank you for this thread, it's really helpful and you give plenty of useful information (charts and your experience).

I hope you will update this thread no matter in which section it's placed.

Now ontopic: why don't you use fibonacci levels? I'm testing it for a while and it seems those levels are very powerful like trendlines and s/r.
  • #44
  • Jul 18, 2011 7:02am Jul 18, 2011 7:02am
Quoting Baltimore
Hugh Briss, thank you for this thread, it's really helpful and you give plenty of useful information (charts and your experience).

I hope you will update this thread no matter in which section it's placed.

Now ontopic: why don't you use fibonacci levels? I'm testing it for a while and it seems those levels are very powerful like trendlines and s/r.
I will probably keep it going but annoyed it's been moved.

I do sort of use fibonacci levels but I find that I spot these by eye anyway. It does add to the strength of confluence. 50% is the most reliable level which is easy to see on a chart.
  • #45
  • Jul 18, 2011 7:35am Jul 18, 2011 7:35am
One tip for fibonacci if you don't know is to add extensions on it. Add -0.618, -0.5 and -0.382. It can be used for targets. The -0.382 level is one to watch.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy fibonacci extensions.gif Size: 22 KB
  • #46
  • Jul 18, 2011 3:09pm Jul 18, 2011 3:09pm
eurgbp trade opened. I am early, another hour til my candle closes but I'm up at 4.30. 100 pip stop loss. If it goes my way I'd be thinking about taking profit around the top trendline.
Attached Image (click to enlarge)
Click to Enlarge Name: trade 1 eurgbp.gif Size: 25 KB
  • #47
  • Jul 18, 2011 5:09pm Jul 18, 2011 5:09pm
i reviewed your nice chart with support/resistance levels and trend lines. I need to understand, at what point you decided to enter the market and your exit plan. Sorry, the question might not make sense, but i see a spike at the entry point which i'm curious to know about.
  • #48
  • Jul 18, 2011 10:45pm Jul 18, 2011 10:45pm
Quoting kj8
i reviewed your nice chart with support/resistance levels and trend lines. I need to understand, at what point you decided to enter the market and your exit plan. Sorry, the question might not make sense, but i see a spike at the entry point which i'm curious to know about.
I entered the market at the close (or just before) of the daily candle. When I posted a chart of eurgbp the other day I actually said that I would consider a long if the price was to test the horizontal s/r and then close back above the trendline which is actually what it did. This is obviously guesswork but the fact that sellers have been repelled by two significant s/r levels and is heading back up gives me enough confidence to buy it. It isn't as pretty a set up as I would like but the principle is sound and I only need a 100 pip stop loss when the possible return is around 200 pips. My exit plan is to simply watch the price. If there is a significant move in my favour I will move my stop loss to break even and keep moving the stop loss up as the trade progresses up. If I see a significant candlestick reversal pattern at a s/r level then I will exit manually. I hope this helps?
  • #49
  • Jul 18, 2011 10:48pm Jul 18, 2011 10:48pm
Still in trading discussion and no reply to my email
  • #50
  • Jul 19, 2011 1:16pm Jul 19, 2011 1:16pm
Here's a weekly chart of gold zoomed out followed by a daily chart. Coincidence? It's not possible to know if this is a temporary reaction before it breaks through or the start of a pulback so I won't be trading this. A pullback to a trendline and horizontal s/r trading zone followed by nice clear candlestick pa will be a good buy opportunity.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gold upper trendline.gif Size: 21 KB
Click to Enlarge Name: gold upper trendline 2.gif Size: 20 KB
  • #51
  • Jul 19, 2011 1:28pm Jul 19, 2011 1:28pm
Quoting Hugh Briss
Here's a weekly chart of gold zoomed out followed by a daily chart. Coincidence? It's not possible to know if this is a temporary reaction before it breaks through or the start of a pulback so I won't be trading this. A pullback to a trendline and horizontal s/r trading zone followed by nice clear candlestick pa will be a good buy opportunity.
The correction in gold ranges between $50 to $100, before reaching to the next level. It's been good day for me today +97 pips. Here is my chart.
Attached Image (click to enlarge)
Click to Enlarge Name: gold-july-18.gif Size: 296 KB
  • #52
  • Jul 19, 2011 2:01pm Jul 19, 2011 2:01pm
Quoting kj8
The correction in gold ranges between $50 to $100, before reaching to the next level. It's been good day for me today +97 pips. Here is my chart.
What was your entry and exit? I wouldn't short this because you just don't know when it's going to snap back upwards. Good you made pips though.
  • #53
  • Jul 19, 2011 2:17pm Jul 19, 2011 2:17pm
Hi to all of the 10 vouch + members reading (invisibly of course). If any of you are or know a moderator please could you ask them to move this back to the trading systems section. Thanks.
  • #54
  • Jul 19, 2011 2:27pm Jul 19, 2011 2:27pm
Here's the eurgbp trade with heiken ashi candles. I entered yesterday after the test of the trendline and the s/r level. If you were using heiken ashi it didn't change colour until today (assuming it closes where it is now). The standard entry method for this would be to put a buy order just above the top of todays high. As it is the price looks like closing above the trendline even though it has gone down from yesterdays close. I'm not overly concerned at the moment, trades go backwards before they go forwards all the time. Tomorrow should give us a better idea of what's going to happen.
Attached Image (click to enlarge)
Click to Enlarge Name: trade 1 eurgbp 2.gif Size: 28 KB
  • #55
  • Jul 19, 2011 6:46pm Jul 19, 2011 6:46pm
Quoting Hugh Briss
What was your entry and exit? I wouldn't short this because you just don't know when it's going to snap back upwards. Good you made pips though.
entry at 1599.4 (support in first downfall curve), exit at 1589.9 (weekly low average daily range). The RSI hit 80, representing overbought condition.
Attached Image (click to enlarge)
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  • #56
  • Last Post: Jul 20, 2011 11:11pm Jul 20, 2011 11:11pm
This thread was moved to the commercial section due to my over promotion of a commercial member. I understand this completely however I don't want to be a commercial member soI have restarted my thread in the trading systems section, link below.

http://www.forexfactory.com/showthre...16#post4796416
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