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Cluster SR - interesting, new way of looking at support & resistance
- #43
- Feb 13, 2012 12:27am Feb 13, 2012 12:27am
- Joined Jan 2011 | Status: Senior Trader | 1,475 Posts
Bulls are stupid Animals!especially when Im short!
- #44
- Feb 13, 2012 12:28am Feb 13, 2012 12:28am
- Joined Jan 2011 | Status: Senior Trader | 1,475 Posts
Bulls are stupid Animals!especially when Im short!
- #46
- Feb 13, 2012 9:01am Feb 13, 2012 9:01am
- | Commercial User | Joined Nov 2011 | 1,267 Posts
Yes it's 700 of them to be exact
template of Cluster MA's right here
I've never seen someone use 700 at a time... but I used to do something like this with 4 (stringing green or red clouds between them) with a custom indicator I wrote for Thinkorswim.
EDIT: the ToS indicator:
http://i.imgur.com/Sc3JA.png
Oh... I'm not quite doing this for an edge trading.. lol... I don't use MA's much anymore, but I think this would be very visually stimulating to watch get painted on the chart... art perhaps?
FXGears.com
- #47
- Feb 13, 2012 9:17am Feb 13, 2012 9:17am
- Joined Jan 2011 | Status: Senior Trader | 1,475 Posts
if you don't mind, I'm going to put this into a single indicator and let the user set between SMA/EMA/WMA/etc....
I've never seen someone use 700 at a time... but I used to do something like this with 4 (stringing green or red clouds between them) with a custom indicator I wrote for Thinkorswim.
EDIT: the ToS indicator:
http://i.imgur.com/Sc3JA.png
Oh... I'm not quite doing this for an edge trading.. lol... I don't use MA's much anymore, but I think this would be very visually stimulating to watch get painted on the chart... art...
make sure you post the result in here,
btw, EMA's don't work, you won't get the stripes,
I use Simple Ma's, I haven't tested the rest of the bunch though
Bulls are stupid Animals!especially when Im short!
- #48
- Feb 13, 2012 9:20am Feb 13, 2012 9:20am
- Joined Jan 2011 | Status: Senior Trader | 1,475 Posts
Roughtrader,
This is actually very good, even on smaller tf's.
many thanks
Pardy
Bulls are stupid Animals!especially when Im short!
- #49
- Feb 13, 2012 10:55am Feb 13, 2012 10:55am
Hi Roughtrader,
Thank you for your another view of support and demand with those thick red lines. Very interesting.
I'm basically a PA trader. Your SMA just give some insight.
If price failed to make new lower on those thick area, it's probably act as support and price likely bounce up, so we're LONG.
If price failed to make new higher on those thick area, it's probably act as resistance and price likely drop down, so we're SHORT.
Any break at those area means support becomes resistance and vice versa. Just as basic of PA.
I won't use those thick lines itself to decide to LONG or SHORT, but i'm watching how price reacts at those lines.
Best regards,
-I-
Thank you for your another view of support and demand with those thick red lines. Very interesting.
I'm basically a PA trader. Your SMA just give some insight.
If price failed to make new lower on those thick area, it's probably act as support and price likely bounce up, so we're LONG.
If price failed to make new higher on those thick area, it's probably act as resistance and price likely drop down, so we're SHORT.
Any break at those area means support becomes resistance and vice versa. Just as basic of PA.
I won't use those thick lines itself to decide to LONG or SHORT, but i'm watching how price reacts at those lines.
Best regards,
-I-
- #50
- Feb 14, 2012 1:52am Feb 14, 2012 1:52am
- Joined Jan 2011 | Status: Senior Trader | 1,475 Posts
Ok, some of you requested live trade examples and here is the first,
a nice little brakeout and live trade today on USDJPY 30M
also another way to use the Ma's,
as you can see the Ma's are spreading out like a fan,
this is another thing to look for,
this is very bullish and it means the momentum behind the move is strong,
the distance between the Ma's are increasing,
that means momentum is getting stronger,
note the long green brakeout candle from that pretty thick red belt below,
resistance that now act as support, the brakeout from that pretty thick resistance is very forceful in it self.
and you could buy right there on the close of the brakeout candle,
(aggresive style) but the risk would have been large if you chose to put the stop below it,
I chose to wait and see new support holds and to see if I could get a little retrace for a better entry, more conservative,
I could see price bouncing away from the blue line,
thats again old resistance that now act as support,
I made my entry right there with the stop right below the spinning top above the arrow, lets see how long it runs
15 pips and counting.
a nice little brakeout and live trade today on USDJPY 30M
also another way to use the Ma's,
as you can see the Ma's are spreading out like a fan,
this is another thing to look for,
this is very bullish and it means the momentum behind the move is strong,
the distance between the Ma's are increasing,
that means momentum is getting stronger,
note the long green brakeout candle from that pretty thick red belt below,
resistance that now act as support, the brakeout from that pretty thick resistance is very forceful in it self.
and you could buy right there on the close of the brakeout candle,
(aggresive style) but the risk would have been large if you chose to put the stop below it,
I chose to wait and see new support holds and to see if I could get a little retrace for a better entry, more conservative,
I could see price bouncing away from the blue line,
thats again old resistance that now act as support,
I made my entry right there with the stop right below the spinning top above the arrow, lets see how long it runs
15 pips and counting.
Bulls are stupid Animals!especially when Im short!
- #51
- Edited 2:18am Feb 14, 2012 2:08am | Edited 2:18am
- Joined Jan 2011 | Status: Senior Trader | 1,475 Posts
Bulls are stupid Animals!especially when Im short!
- #52
- Feb 14, 2012 2:10am Feb 14, 2012 2:10am
- Joined Nov 2009 | Status: ŻŻŻŻŻŻŻŻŻŻ | 1,339 Posts
I've been trading this on M5 for the last couple of days and I'm impressed.
Yesterday was profitable and so far today it's looking profitable.
I have opened a short at my tp with SL the other side of the thick purple resistance.
Trade just closed.
EUR/USD M5
Yesterday was profitable and so far today it's looking profitable.
I have opened a short at my tp with SL the other side of the thick purple resistance.
Trade just closed.
EUR/USD M5
- #53
- Feb 14, 2012 2:13am Feb 14, 2012 2:13am
- Joined Jan 2011 | Status: Senior Trader | 1,475 Posts
I couldn't have made it better my self Good work Fosking!
nice risk to reward on that trade!
Good work Fosking!nice risk to reward on that trade!
Bulls are stupid Animals!especially when Im short!
- #54
- Feb 14, 2012 2:20am Feb 14, 2012 2:20am
- Joined Nov 2009 | Status: ŻŻŻŻŻŻŻŻŻŻ | 1,339 Posts
I couldn't have made it better my self
I'm using it on 6 pairs (M5)
EUR/USD
GBP/USD
USD/JPY
USD/CHF
AUD/USD
XAU/USD
I will try and keep this thread posted
- #55
- Feb 14, 2012 3:40am Feb 14, 2012 3:40am
- Joined Nov 2009 | Status: ŻŻŻŻŻŻŻŻŻŻ | 1,339 Posts
I have opened a short at my tp with SL the other side of the thick purple resistance.
I got stopped out at BE.
Opened a short on GU.
Moved stop to break even.
GBP/USD M5
- #56
- Feb 14, 2012 3:42am Feb 14, 2012 3:42am
- Joined Jan 2011 | Status: Senior Trader | 1,475 Posts
looks promising
Bulls are stupid Animals!especially when Im short!
- #58
- Feb 14, 2012 3:50am Feb 14, 2012 3:50am
- Joined Nov 2009 | Status: ŻŻŻŻŻŻŻŻŻŻ | 1,339 Posts
Short opened on USD/CHF.
USD/CHF M5
USD/CHF M5
- #59
- Feb 14, 2012 4:33am Feb 14, 2012 4:33am
- Joined Jan 2011 | Status: Senior Trader | 1,475 Posts
I was really near to close this trade,
this is what happend, I waited for the candle to close,
price was well below the blue line,
and I intended to exit the trade, and I was just about to do just that when the next candle went green,
so I waited a few seconds and it started to look better and better,
before I knew it there was a bullish engulfing candle,
when price comes down like that and close and then on the next candle if jumps back up, I don't consider that a valid close and reason to exit,
thats more of a false brakeout, or false close.
so well in profit a few pips, my money managment allowed me to open a new position in the same direction again based on the bullish fan and the bullish engulfing, I removed the blue line because it was just minor support and I think not valid anymore, the new support looks good,
it's the purple line and it lines up well with the previous high.
price should not brake that line, if so, then it's a definite close and the trade is over, if we go higher I will keep moving up my stop,
this will be a lesson of trade management aswell,
I'll keep the updates on this trade coming
this is what happend, I waited for the candle to close,
price was well below the blue line,
and I intended to exit the trade, and I was just about to do just that when the next candle went green,
so I waited a few seconds and it started to look better and better,
before I knew it there was a bullish engulfing candle,
when price comes down like that and close and then on the next candle if jumps back up, I don't consider that a valid close and reason to exit,
thats more of a false brakeout, or false close.
so well in profit a few pips, my money managment allowed me to open a new position in the same direction again based on the bullish fan and the bullish engulfing, I removed the blue line because it was just minor support and I think not valid anymore, the new support looks good,
it's the purple line and it lines up well with the previous high.
price should not brake that line, if so, then it's a definite close and the trade is over, if we go higher I will keep moving up my stop,
this will be a lesson of trade management aswell,
I'll keep the updates on this trade coming
Bulls are stupid Animals!especially when Im short!