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The System III (Oh no!)

  • #1,281
  • Nov 29, 2011 6:56am Nov 29, 2011 6:56am
By rejection I look for a parabolic or sine wave type move off of a support and then take the long

I usually know it when I see it. And have pending order waiting.
  • #1,282
  • Nov 29, 2011 7:02am Nov 29, 2011 7:02am
sitting on my hands....
Peace
  • #1,283
  • Nov 29, 2011 7:04am Nov 29, 2011 7:04am
I see some bulls pushing up at the floor (futures) But I am not that convinced....yet....I want to go long anyway...
Peace
  • #1,284
  • Nov 29, 2011 7:07am Nov 29, 2011 7:07am
long trade@ 51 (pending order) move to B/E when it gets to 90. Stop-loss 3327 - limit....3395

If we get a breakout I will cancel my pending order...
Peace
  • #1,285
  • Nov 29, 2011 7:14am Nov 29, 2011 7:14am
I have a feeling there will be a slaughtering on that breakout....just a felling you know....
Peace
  • #1,286
  • Nov 29, 2011 7:20am Nov 29, 2011 7:20am
Feb, Dim and all other members of the group

This is how my 5 min chart is looking, the black lines are what i would class as the more major support and resistance levels (or the outter ones)
and the blue lines and the minor (or innner) S/R levels
If anyone could just check and see if i seem to be plottin them right?
Also a question, would you suggest i plot the s/r lines based on the tail of the candle or the body of the candles
Thanks rob.
Attached Image (click to enlarge)
Click to Enlarge Name: Sup Res.png Size: 32 KB
  • #1,287
  • Nov 29, 2011 7:25am Nov 29, 2011 7:25am
Quoting robthorp
Feb, Dim and all other members of the group

This is how my 5 min chart is looking, the black lines are what i would class as the more major support and resistance levels (or the outter ones)
and the blue lines and the minor (or innner) S/R levels
If anyone could just check and see if i seem to be plottin them right?
Also a question, would you suggest i plot the s/r lines based on the tail of the candle or the body of the candles
Thanks rob.

You're spot on brother!

always use the tail of the candle - it's the last price traded...
Peace
  • #1,288
  • Nov 29, 2011 7:26am Nov 29, 2011 7:26am
Quoting robthorp
Feb, Dim and all other members of the group

This is how my 5 min chart is looking, the black lines are what i would class as the more major support and resistance levels (or the outter ones)
and the blue lines and the minor (or innner) S/R levels
If anyone could just check and see if i seem to be plottin them right?
Also a question, would you suggest i plot the s/r lines based on the tail of the candle or the body of the candles
Thanks rob.
i will try to answer.. at first I remember feb told some days ago - do not pay attention on the candles and wicks plotting levels... Think about them like about price...

So - where the end of candle (and of wick) is (the very high, or the very low of candle/bar) - there is a level.. and - level as more like a price area... not exact price. So - 2 -3 pips may be would not matter. Just my humble opinion.

And I do not think about major or minor levels... just levels for small swings (like for 1,5, 15 min. charts), and for more bigger swings (like for 30 min, 1, 4 hr charts etc.)... Of corse - between bigger swings there could be more areas to go.. Etc... Again - just my humble opinion.

Hope it helps.
  • #1,289
  • Nov 29, 2011 7:32am Nov 29, 2011 7:32am
looking@ 3315
Peace
  • #1,290
  • Nov 29, 2011 7:34am Nov 29, 2011 7:34am
No short at 32 - Sitting on hands

Yes - looking what is going to happen at 14 - by my feed.
  • #1,291
  • Nov 29, 2011 7:37am Nov 29, 2011 7:37am
looks like market is heading to 3308 area
  • #1,292
  • Nov 29, 2011 7:40am Nov 29, 2011 7:40am
3305 area is holding...sitting on my hands....
Peace
  • #1,293
  • Nov 29, 2011 7:44am Nov 29, 2011 7:44am
I placed a temporary level @ 3305 just in case......just temporary....The market will be on a rocky mode today......we need some bulls.......
Peace
  • #1,294
  • Nov 29, 2011 8:14am Nov 29, 2011 8:14am
looking @ 94 83 area....still sitting on my hands...
Peace
  • #1,295
  • Nov 29, 2011 8:23am Nov 29, 2011 8:23am
Wave Trader,

what is the indicator on your chart?
  • #1,296
  • Nov 29, 2011 8:23am Nov 29, 2011 8:23am
long@ 3321 - stop @3280 - target 3383.....let's see what happens...
Peace
  • #1,297
  • Edited 9:47am Nov 29, 2011 8:47am | Edited 9:47am
Quoting moldsz
Wave Trader,

what is the indicator on your chart?
Moldsz

I do not use indicators - I use:

Today's High and Low Lines - Yesterday's High and Low Lines

A Red Line - A Green Line - A Brown line and sometimes a Blue Line

but I think you are refferring to the yellow squares behind the candles.

Those are Pyrapoint Squares - My charting service provides them and they are a part of the Line Tools

You can search engine Pyrapoint - Don Hall - Square of 9 - GANN

I have developed my use for them in my own way and not for this thread.

One should have mastered FEB's work prior to looking to tweak any additional stuff
  • #1,298
  • Nov 29, 2011 10:09am Nov 29, 2011 10:09am
Dear feb!

Please, do not bash me hard... if I do something wrong - tell me honestly...

I did not went long at previous opportunity (was a little busy), but went short now at the setup I spot at charts...

here is chart:
Attached Image (click to enlarge)
Click to Enlarge Name: short now.gif Size: 15 KB
  • #1,299
  • Nov 29, 2011 10:29am Nov 29, 2011 10:29am
Quoting dim4ik42
Dear feb!

Please, do not bash me hard... if I do something wrong - tell me honestly...

I did not went long at previous opportunity (was a little busy), but went short now at the setup I spot at charts...

here is chart:
The trade was a late one - still can work.

Means the liquidity stalls but there's still room for trading

USD pairs runs on high gear from 2:00 AM EST to 10-11 AM EST - after that liquidity stalls. Need more patience if you have a trade working like I do now.

I have a long trade still working but the market is up for grabs. I trail my stop so the risk now is minimal.
Peace
  • #1,300
  • Nov 29, 2011 10:32am Nov 29, 2011 10:32am
Currency futures have some weight on the dollar lately. Last time I check their volume was around 60 billion dollars traded per day. Not a whole lot but I suspect banks hide behind that curtain. If they're trading multiple markets, expect to see some runs in the afternoon at dollar pairs....
Peace
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