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  • #1,021
  • Jul 21, 2011 9:52am Jul 21, 2011 9:52am
Quoting the_wizard
I would say that trade has been done. I know a handful of people that had that.
This is interesting. You mean that if the price comes 10-15 pips from the level u identify and bounces from there you would consider the level as exhausted? Why?
  • #1,022
  • Jul 21, 2011 5:49pm Jul 21, 2011 5:49pm
Quoting Malarky
Hi Trader3000

No problem - here it is.

Cheers
Guys what does this indicator do?
  • #1,023
  • Jul 21, 2011 5:51pm Jul 21, 2011 5:51pm
Quoting alter
This is interesting. You mean that if the price comes 10-15 pips from the level u identify and bounces from there you would consider the level as exhausted? Why?
I think from chart watching you do notice where price has nearly reached a level and its almost like it has touched it but just quite not exactly as per the S/R Level on our charts. Remember try to think of these areas more of zones rather then a specific point.
  • #1,024
  • Jul 21, 2011 5:52pm Jul 21, 2011 5:52pm
Quoting the_wizard
I love acceleration into my level but I want the market to have been moving that way for several H1 candles in a row. I don't like trading the first H1 bar that is accelerating out of a sideways congestion.
Another chicken nugget to add to my notes! HA!
  • #1,025
  • Jul 21, 2011 5:55pm Jul 21, 2011 5:55pm
Quoting plund
Hi Jeff,

There you go.

pat
Peter what does this indicator do dude?
  • #1,026
  • Jul 21, 2011 7:12pm Jul 21, 2011 7:12pm
Quoting Malarky
Heres an example.

Not the greatest level but hopefully you get what I mean.

Cheers
Not Quite.. Anyways I am slow.

So if the price reached to ATR top or bottom, does not it mean, pair will not move futher much since price had its average momentum for that day ?

May be I am not getting the point here.
  • #1,027
  • Jul 21, 2011 7:27pm Jul 21, 2011 7:27pm
Quoting the_wizard
I love acceleration into my level but I want the market to have been moving that way for several H1 candles in a row. I don't like trading the first H1 bar that is accelerating out of a sideways congestion.
Tom,

Can you provide an example for the above statement ?

I put a sell limit order on EURCHF at 1.1798 based on the daily Support level. But I cancelled the order just 20 pips before hitting the price. I cancelled the price since all EUR pairs behaving bullishly due to EURO bailout talks.

In fact price did bounce from that point.. though bounce was not very strong.. the price is currently around that price only. Attached are Daily, H4 and H1 charts.

What you will do in this particual scenario ?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: d-7-20-2011-eurchf-ss position-analysis.jpg Size: 151 KB
Click to Enlarge Name: H4-7-20-2011-eurchf-ss position.jpg Size: 150 KB
Click to Enlarge Name: h1-7-20-2011-eurchf-ss position-analysis.jpg Size: 149 KB
  • #1,028
  • Jul 21, 2011 7:59pm Jul 21, 2011 7:59pm
ATR is a guide not an absolute. If the ATR is say 189 and today it's already done say 175 you'd want to be careful.
  • #1,029
  • Jul 21, 2011 8:41pm Jul 21, 2011 8:41pm
Quoting cprao
Tom,

Can you provide an example for the above statement ?

I put a sell limit order on EURCHF at 1.1798 based on the daily Support level. But I cancelled the order just 20 pips before hitting the price. I cancelled the price since all EUR pairs behaving bullishly due to EURO bailout talks.

In fact price did bounce from that point.. though bounce was not very strong.. the price is currently around that price only. Attached are Daily, H4 and H1 charts.

What you will do in this particual scenario ?
Hm not enough sellers pushing price down?
  • #1,030
  • Jul 21, 2011 9:29pm Jul 21, 2011 9:29pm
Quoting kravmaga39
Hm not enough sellers pushing price down?
I am thinking about the same.. Hence just watching the trade.
  • #1,031
  • Jul 21, 2011 11:30pm Jul 21, 2011 11:30pm
Quoting simplebeans
I think from chart watching you do notice where price has nearly reached a level and its almost like it has touched it but just quite not exactly as per the S/R Level on our charts. Remember try to think of these areas more of zones rather then a specific point.
yes, but the zone was missed by 10 pips.
  • #1,032
  • Jul 22, 2011 12:30am Jul 22, 2011 12:30am
Quoting simplebeans
Peter what does this indicator do dude?
Ho Simple,

It does nothing more than showing the current daily range and the average daily range (not atr) for x amounts of days.

Malarky's indicator does pretty much the same + projection based on atr where price could go and some other info as well.

pat
  • #1,033
  • Jul 22, 2011 2:24am Jul 22, 2011 2:24am
Quoting Malarky
...I just use this as an extra confluence for my levels. ... that we will get a reaction (bounce or B/T and rounded r/test) at the level...
Please what's B/T ?
  • #1,034
  • Jul 22, 2011 5:38am Jul 22, 2011 5:38am
Quoting cprao
Not Quite.. Anyways I am slow.

So if the price reached to ATR top or bottom, does not it mean, pair will not move futher much since price had its average momentum for that day ?

May be I am not getting the point here.
Morning cprao

Yes thats the idea but remeber it is only the AVERAGE true range. Some days- like yesterday particularly in the Aussie and Euro pairs it smashed right through its ATR so as I said its only a guide - does'nt mean that it will hit to the pip and bounce !! (I wish lol). Its just another layer of confluence to bear in mind.

I am looking at/demoing the ATR indi at present when it corresponds with an hourly level/ supply demand zone AND a 1 hr SFP and so far it looks pretty good - only started with it this last week so early days but so far it has pretty much always made it back to the FTA, sometimes only 15 or so pips but a couple of 40-50 pips runners.

Good luck

Cheers
  • #1,035
  • Jul 22, 2011 5:40am Jul 22, 2011 5:40am
Quoting fosters
Please what's B/T ?
Hi Fosters

Just meant Break Through the level and come back up for a rounded re-test as Tom teaches us here.

Cheers
  • #1,036
  • Jul 22, 2011 5:45am Jul 22, 2011 5:45am
Quoting plund
Ho Simple,

It does nothing more than showing the current daily range and the average daily range (not atr) for x amounts of days.

Malarky's indicator does pretty much the same + projection based on atr where price could go and some other info as well.

pat
So its the same as the ATR indicator? Im confused lol.
  • #1,037
  • Jul 22, 2011 5:47am Jul 22, 2011 5:47am
Quoting Malarky
Morning cprao

Yes thats the idea but remeber it is only the AVERAGE true range. Some days- like yesterday particularly in the Aussie and Euro pairs it smashed right through its ATR so as I said its only a guide - does'nt mean that it will hit to the pip and bounce !! (I wish lol). Its just another layer of confluence to bear in mind.

I am looking at/demoing the ATR indi at present when it corresponds with an hourly level/ supply demand zone AND a 1 hr SFP and so far it looks pretty good - only started with it this last week so early days but...
Good Morning.

Thank you for the explanation. Makes sense. Also interested to see couple of examples of your demo.
  • #1,038
  • Jul 22, 2011 6:22am Jul 22, 2011 6:22am
Just took profits on this move up off 126.65 in the Bund.

It squeezed a little but not enough to get Uncle Wiz out (remember earlier posts about stop beneath the last thrust candle that opens below and closes through the level you are trading if you are going short) :-)

Tweeted it live this morning but not sure who is following.

At any rate ; this was a great setup.

- Very clearly defined S/R pivot that is also a D1 level.

- The level was the inverse e.g. resistance last where we are looking to buy

- It is the first time back.

- The approach is rounded

- The market accelerates into the area.

Any questions?

;-)
Attached Image (click to enlarge)
Click to Enlarge Name: bund.gif Size: 20 KB
  • #1,039
  • Jul 22, 2011 6:28am Jul 22, 2011 6:28am
Quoting the_wizard
Just took profits on this move up off 126.65 in the Bund.

It squeezed a little but not enough to get Uncle Wiz out (remember earlier posts about stop beneath the last thrust candle that opens below and closes through the level you are trading if you are going short) :-)

Tweeted it live this morning but not sure who is following.

At any rate ; this was a great setup.

- Very clearly defined S/R pivot that is also a D1 level.

- The level was the inverse e.g. resistance last where we are looking to buy

- It is the first...

Great, I was in that as well, nice to see that I am looking at the same levels as you. Long at 126.67 out at 126.93.

pat
  • #1,040
  • Jul 22, 2011 6:31am Jul 22, 2011 6:31am
Quoting simplebeans
So its the same as the ATR indicator? Im confused lol.
ATR is calculated a little differently than average daily range. What I've been doing with the indicator is to look at today's range and compare to the ATR for the day. As Malarky said I would only use it for confluence. Have found it to work pretty good in combination with a good level.

pat
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