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Attachments: Cluster SR - interesting, new way of looking at support & resistance
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Cluster SR - interesting, new way of looking at support & resistance

  • #221
  • Feb 19, 2012 11:38am Feb 19, 2012 11:38am
Im glad to hear that
Im sure you will find it useful and profitable.
Happy trading!
Bulls are stupid Animals!especially when Im short!
  • #222
  • Feb 19, 2012 1:49pm Feb 19, 2012 1:49pm
Hi roughtrader: just dropping in to say how impressed I am by your idea - it really is a small slice of genius. In the last couple of trading days alone it would have allowed me to enter a good trade much earlier and to stay out of a bad one. The sceptics should remember that no indicator offers a prediction, but instead provides us with decision points that become tradeable if confirmed by price action - this one just does it better than most!
  • #223
  • Feb 19, 2012 10:22pm Feb 19, 2012 10:22pm
Hi there,
Thought I would share how I am incorporating your idea into my Triage Analysis.

As I posted before I like the AUDUSD and EURUSD pairs.

Here is a look at my Analysis Screen:
EurUsd, EurAud and AudUsd
4 hour and 30m charts

Attached Image (click to enlarge)
Click to Enlarge Name: Overview.jpg Size: 306 KB


As you can see in the EurAud H4 (bottom middle) the Aud is stronger overall than the Eur trading below supply/ resistance levels above.

You can see that in the EurUsd H4 chart (bottom left) price is range bound and in the AudUsd H4 (bottom right) price is trading above Demand / Support.

So even though on the 30m EurUsd and AudUsd charts price is above I would be looking for a Long on the AudUsd. Price is just under supply on the EurAud 30m still showing Aussie strength.

So for the moment I will be looking at the 5m and 30m AUDUSD charts for a long setup.

Hope you don't mind my contribution.

Thanks
Attitude can reflect outcome in life and trading!
  • #224
  • Feb 19, 2012 11:12pm Feb 19, 2012 11:12pm
Interesting the way those 3 pairs are reflected at the moment on the Cluster SR, I like the way AUDUSD broke the thick cluster.
I will keep an eye on that pair too.

Thx
  • #225
  • Feb 20, 2012 12:32am Feb 20, 2012 12:32am
Quoting krmo
...
So for the moment I will be looking at the 5m and 30m AUDUSD charts for a long setup...
hi krmo,

according to my broker (alpari) eur/usd has a gap a little bit wider then aud/usd which means eur/aud may go lower as the gaps close. however, I would be cautious taking long on these two before their gaps are closed. although there is no rule that gaps should be closed, they generally do as we all know. so be careful, I would say...

good luck...
ismail...
  • #226
  • Feb 20, 2012 12:47am Feb 20, 2012 12:47am
Quoting isengoz
hi krmo,

according to my broker (alpari) eur/usd has a gap a little bit wider then aud/usd which means eur/aud may go lower as the gaps close. however, I would be cautious taking long on these two before their gaps are closed. although there is no rule that gaps should be closed, they generally do as we all know. so be careful, I would say...

good luck...
ismail...
Hi Ismail,
Yes, I agree with you.
I am waiting for the AudUsd to retest the stripe/ band below on the 30m chart which would fill most of the gap.
The gap on the Eur Aud is now filled so we might see resumed Aussie strength.
Wait and watch. Patience is the hard part!!!
Attitude can reflect outcome in life and trading!
  • #227
  • Feb 20, 2012 3:06am Feb 20, 2012 3:06am
Quoting Vorsprung
Hi roughtrader: just dropping in to say how impressed I am by your idea - it really is a small slice of genius. In the last couple of trading days alone it would have allowed me to enter a good trade much earlier and to stay out of a bad one. The sceptics should remember that no indicator offers a prediction, but instead provides us with decision points that become tradeable if confirmed by price action - this one just does it better than most!
Thank you! Apprechiated
may the pips flow your way
Bulls are stupid Animals!especially when Im short!
  • #228
  • Feb 20, 2012 3:09am Feb 20, 2012 3:09am
Beautiful long EURUSD bounce just now @1.3181 - it's clear on the M15 if you keep adding MAs up to 850.
  • #229
  • Feb 20, 2012 3:13am Feb 20, 2012 3:13am
Quoting krmo
Hi there,
Thought I would share how I am incorporating your idea into my Triage Analysis.

As I posted before I like the AUDUSD and EURUSD pairs.

Here is a look at my Analysis Screen:
EurUsd, EurAud and AudUsd
4 hour and 30m charts

Attachment

As you can see in the EurAud H4 (bottom middle) the Aud is stronger overall than the Eur trading below supply/ resistance levels above.

You can see that in the EurUsd H4 chart (bottom left) price is range bound and in the AudUsd H4 (bottom right) price is trading above Demand / Support.

So...

I like your idea chosing pair based on usd strength,
it's a good way to get an understanding on which pair is stongest,
I use it a little different, I also look to see who is weakest, then If possible I pair the 2 currencys, by doing so,
I would be trading the strongest currency against the weakest currency keep it up and please post your results
Bulls are stupid Animals!especially when Im short!
  • #230
  • Edited 3:32am Feb 20, 2012 3:14am | Edited 3:32am
Agree, I just catch it at the bounce moment, but couldnt resist the red candle after 10 pips and closed it.
Looks like wants to keep going.

The red stripe at the bottom looked like a real thick support to cross...
  • #231
  • Feb 20, 2012 3:43am Feb 20, 2012 3:43am
could be something on USDJPY Daily
Im waiting for the close of the current candle,
nice inverted pin right now but there is no way to know how it will close.
anyways, I like that stripe above
price stopped at the pip! at the stripe
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY.jpg Size: 339 KB
Bulls are stupid Animals!especially when Im short!
  • #232
  • Feb 20, 2012 3:44am Feb 20, 2012 3:44am
i saw a nice bull candle on m15, so i bot 1 mini eu
i set a 20pips sl, which is below the stripe consolidating on m5
i set tp 1.3300 which is the stripe above on H4
see the attached charts.
roughtrader, is it correct to trade the csma this way?
Attached Image (click to enlarge)
Click to Enlarge Name: eu201202201732.jpg Size: 79 KB
Attached Images
make some money, have some fun, leave some footprints
  • #233
  • Feb 20, 2012 3:53am Feb 20, 2012 3:53am
boostrade, I don't like that trade, with that said,
Im not saying it won't work out, it might, but personally I would not take that trade, I think you are buying into resistance and thats never a good thing,
the long bullish candle look nice, and all the spinning top tells is that the buyers and seller allmost agree on price, that tells you that this might be the top. I would buy this at the hammer further down, I fear your trade is a little bit late, but this is just how I thinks, I may be wrong and price may continue? who knows, anyway I hope it does. I would buy at A not B
I would possibly buy on B if I see the new stripe forming is holding and give support,
in other words I like to see a bounce from it.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD 15.jpg Size: 241 KB
Bulls are stupid Animals!especially when Im short!
  • #234
  • Feb 20, 2012 3:57am Feb 20, 2012 3:57am
Ok it looks like ther is a bounce now so good luck
Bulls are stupid Animals!especially when Im short!
  • #235
  • Feb 20, 2012 4:01am Feb 20, 2012 4:01am
EURUSD 15M Green lines are support and red lines are resistance
and ofcourse the red stripe should now be support
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD 15 SR.jpg Size: 261 KB
Bulls are stupid Animals!especially when Im short!
  • #236
  • Feb 20, 2012 4:07am Feb 20, 2012 4:07am
u r right! it's better to buy at Point A with the hammer, and come with smaller SL.
the reason i din buy there 'coz i saw a stripe consolidating on the near top at that time and i want to see breakout of that stripe, then i saw this bull candle stick out of the stipe and i think yes maybe it's time...what u said about price agreement between buyers and sellers is interesting. i should've taken consideration of that too. thank you.

Quoting roughtrader
boostrade, I don't like that trade, with that said,
Im not saying it won't work out, it might, but personally I would not take that trade, I think you are buying into resistance and thats never a good thing,
the long bullish candle look nice, and all the spinning top tells is that the buyers and seller allmost agree on price, that tells you that this might be the top. I would buy this at the hammer further down, I fear your trade is a little bit late, but this is just how I thinks, I may be wrong and price may continue? who knows, anyway I hope...
make some money, have some fun, leave some footprints
  • #237
  • Feb 20, 2012 4:46am Feb 20, 2012 4:46am
Another way you could use the csma's with your strategy, whatever it is,
in this case the csma act as filter in a crossover strategy so you wouldn't get so many whipsaws. for example, you wouldn't take this cross because the red thick zone is flowing downwards, supply
Attached Image (click to enlarge)
Click to Enlarge Name: another usability.jpg Size: 197 KB
Bulls are stupid Animals!especially when Im short!
  • #238
  • Feb 20, 2012 5:18am Feb 20, 2012 5:18am
Think about the risk reward when entring trades,
this is vital for your succsess using ANY method.
very important guys! if your stop is 10 pips,
your reward you also be atleast 10 pips minimum,
if not, you should pass the trade,
even if everything else looks great,
if we have nice stripe and confluences,
horisontal support, and fibs,
we have support and everything line up,
it looks great and you really want to take this trade!
BUT if you don't have atleast 1:1, Pass the trade!
what you do is projecting price from your entry
untill you hit likely resistance long trade, or support short trade,
that distance should be atleast as long as from the SL to your entry.
if not, pass the trade! we might not get more out of the trade,
price maybe will bounce at the first SR we don't know,
even if you win a trade which does not
have atleast 1 to 1 risk reward, it's a looser in the long run.
so there is no point taking a trade like that,
so either you must use a smaller stop loss or pass the trade.
as you can see in the pic, the reward is smaller than the risk, thats bad
Attached Image (click to enlarge)
Click to Enlarge Name: risk reward.jpg Size: 285 KB
Bulls are stupid Animals!especially when Im short!
  • #239
  • Feb 20, 2012 5:35am Feb 20, 2012 5:35am
This trade would have good risk reward,
doubble the money until the first obstacle,
thats maybe all you get out of this trade,
but then atleast you would have got that,
which isn't bad at all.
it's important to draw horisontal SR lines
and not only use the csma for this reason,
this is just an example and the lines may not be exact
Attached Image (click to enlarge)
Click to Enlarge Name: Good risk reward.jpg Size: 161 KB
Bulls are stupid Animals!especially when Im short!
  • #240
  • Feb 20, 2012 5:44am Feb 20, 2012 5:44am
Quoting boostrade
u r right! it's better to buy at Point A with the hammer, and come with smaller SL.
the reason i din buy there 'coz i saw a stripe consolidating on the near top at that time and i want to see breakout of that stripe, then i saw this bull candle stick out of the stipe and i think yes maybe it's time...what u said about price agreement between buyers and sellers is interesting. i should've taken consideration of that too. thank you.
Looks like you got a nice run there after all
I missed it at the hammer otherwice I would be in to,
Bulls are stupid Animals!especially when Im short!
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