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looks like a re-read is in order then
Quoting AnimalHungry
97.74 was support last. 96.32 was resistance last. Buy resistance. Sell support.

Simon
Thanks Simon - I got that message as a main part of the thread but if you look at wiz's 2 posts. One is a daily chart and you can see on the daily that the area he says to omit was resistance LAST yet he says to omit it because of a small re-test on the 60m chart. It's a surprise to me because I'm fairly sure there have been many posts by other regulars of this thread that are not doing this, and if the crux of the approach is to drill down to intraday charts when assessing daily levels - then I'm sure many including myself have overlooked that. Thanks for clarifying.

All my best,
MK
Quoting MidKnight
Thanks Simon - I got that message as a main part of the thread but if you look at wiz's 2 posts. One is a daily chart and you can see on the daily that the area he says to omit was resistance LAST yet he says to omit it because of a small re-test on the 60m chart. It's a surprise to me because I'm fairly sure there have been many posts by other regulars of this thread that are not doing this, and if the crux of the approach is to drill down to intraday charts when assessing daily levels - then I'm sure many including myself have overlooked that....
I see your confusion, which gives rise to a question I have for the Wiz...

Tom - when you're working out whether a level was resistance last (in the case of a long RR trade) ideally you want a clean breakout of resistance and no butt-kiss retest, but if you drill down to lower TFs then you'll often see a little retest of former resistance turned support at the breakout point. Do you only look at the H1 to work out whether price has already tested your level as support?

And would only one touch on the H1 after price has broken through and closed above your resistance level invalidate that level for you as a potential long RR setup?

Cheers
Simon
Quoting the_wizard
Sure I don't have to tell anyone I'm going to be hammering Cable long at 1.6467 on a rounded retest.
Why not pick it at 1.6410?
Quoting kravmaga39
Hi,
Nope, You should buy resistance and sell support.
KM
Dont make an absolutes from that. It might work most of the time but opportunities present themselfs in all shapes.
Nice reaction of that hourly sfp at great level with macd divergence.

Attached Image (click to enlarge)
Click to Enlarge Name: usdchg sfp.gif Size: 22 KB


pat
Quoting plund
Nice reaction of that hourly sfp at great level with macd divergence.

Attachment 765058

pat
With a little help from SNB not mentioning anything about a peg to the euro.
Quoting plund
With a little help from SNB not mentioning anything about a peg to the euro.
But still,last time when the SNB announced that will take measures,the frank collapsed,I really like to know why is rising now,they just released some news that they will continue to intervine to keep the frank down....and I was 100 pips up
Quoting madboy
But still,last time when the SNB announced that will take measures,the frank collapsed,I really like to know why is rising now,they just released some news that they will continue to intervine to keep the frank down....and I was 100 pips up
Hi,

The major reason behind the selloff on CHF was the whole "peg" talk. Todays SNB comment didnt meet the expectations hence those moves..
Quoting madboy
But still,last time when the SNB announced that will take measures,the frank collapsed,I really like to know why is rising now,they just released some news that they will continue to intervine to keep the frank down....and I was 100 pips up
I am trying to not listen to much to fundamental crap but I believe the market was expecting the peg to the euro and now when they did not mention it, it collapsed short term at least.

pat
Quoting plund
I am trying to not listen to much to fundamental crap but I believe the market was expecting the peg to the euro and now when they did not mention it, it collapsed short term at least.

pat
Quote
Hi,

The major reason behind the selloff on CHF was the whole "peg" talk. Todays SNB comment didnt meet the expectations hence those moves..

I got that but c'mon,this is like kindergarden...''if you don't give me that toy I will tell you''...the SNB did not peg the frank to the euro but they are committed to weaken the frank by any means,and they are taking measures about that right now,why was that move down necessary?I wish that the market would move a little more logically and not take into consideration every little rumour that some big head tells to some news channel.I bet that todays close on xxx/chf pairs will be so much higher that they are now.
Very nice reaction on EUR/USD at around 1.433

Resistance becomes support
Quoting madboy
I got that but c'mon,this is like kindergarden...''if you don't give me that toy I will tell you''...the SNB did not peg the frank to the euro but they are committed to weaken the frank by any means,and they are taking measures about that right now,why was that move down necessary?I wish that the market would move a little more logically and not take into consideration every little rumour that some big head tells to some news channel.I bet that todays close on xxx/chf pairs will be so much higher that they are now.
That is the most logical move you could expect from todays comments.
Exactly, it came off a round no. and a level that Tom shorted yesterday, not a surprise. On H1 the bar pushing higher failed to close above the previous swing high, telling clue right there.
Quoting the_wizard
Excellent trade management on that Euro (the loss)

German GDP has put the Euro in a bit of a tailspin.

I think a push down to 1.4329's is on the cards now.

Might try it long here.
I've hit that 1.4329 long. Target 1.4520 on this one (D1 bias) but I will trail a stop as we move up.
Please note: I cannot respond to PM's but you can email me via my profile.
Quoting NTM
Exactly, it came off a round no. and a level that Tom shorted yesterday, not a surprise.
Except that this level didnt have anything to do with this move. Orders came to the market becouse of the comments ... not the round number.
Quoting AnimalHungry
I see your confusion, which gives rise to a question I have for the Wiz...

Tom - when you're working out whether a level was resistance last (in the case of a long RR trade) ideally you want a clean breakout of resistance and no butt-kiss retest, but if you drill down to lower TFs then you'll often see a little retest of former resistance turned support at the breakout point. Do you only look at the H1 to work out whether price has already tested your level as support?

And would only one touch on the H1 after price has broken through and closed...
Good question : I will have to go over this in the webinar - it's going to be hard to explain via charts.
Please note: I cannot respond to PM's but you can email me via my profile.
SNB fundamental problems:

http://www.reuters.com/article/2011/...7JH0HY20110817
Quoting Greenhaze
Except that this level didnt have anything to do with this move. Orders came to the market becouse of the comments ... not the round number.
How do you know? A level is a level and price turned at the level. The PA said down, the news helped it on its way. If you can't learn from your mistakes and accept that losses are an inherent part of the game you're not gonna make it.

Orderflow from news is not independent from levels in the market. Market-makers know where the most orders are and news or not these orders create the levels and will mark the turning points.
Quoting the_wizard
Good question : I will have to go over this in the webinar - it's going to be hard to explain via charts.
Wiz,

How can it be hard to explain when you previously made it sound like it should be very obvious with regards to your chf/jpy post......
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