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

  • #261
  • Edited 6:05am Feb 21, 2012 5:54am | Edited 6:05am
Quoting roughtrader
Yes you are right, you could take some profit there,
I think it will brake through, but there are no guaranties
as I trade the minimum amount the broker allows me, I don't have a chance to take partial profit at the moment. But my last trade's SL is +10 now. I may close it if I realize a reversal pattern in higher time frames. I'm waiting at the moment. by the way I'm aiming for the close of last week...

ismail...

update: closed my last position at +15. might enter again around daily pivot if it retraces back...
  • #262
  • Feb 21, 2012 6:05am Feb 21, 2012 6:05am
Im Following the 1M chart looking at that stripe,
a brake of that stripe could mean troubble,
that would indicate that price is strong enough to move through resistance,
but Im keeping my fingers crossed, so far so good,
anyway if that would happend, I probably will close out the trade
Attached Image
Bulls are stupid Animals!especially when Im short!
  • #263
  • Feb 21, 2012 6:14am Feb 21, 2012 6:14am
Quoting roughtrader
Im Following the 1M chart looking at that stripe,
a brake of that stripe could mean troubble,
that would indicate that price is strong enough to move through resistance,
but Im keeping my fingers crossed, so far so good,
anyway if that would happend, I probably will close out the trade
that stripe is at the confluence point where daily pivot and choros' m15 and m5 MAs intersect. I think price will get there and turn back downwards. I hope to catch that train, too.
  • #264
  • Feb 21, 2012 6:15am Feb 21, 2012 6:15am
Quoting isengoz
that stripe is at the confluence point where daily pivot and choros' m15 and m5 MAs intersect. I think price will get there and turn back downwards. I hope to catch that train, too.
isn't that a coincidence
Bulls are stupid Animals!especially when Im short!
  • #265
  • Feb 21, 2012 6:17am Feb 21, 2012 6:17am
looks like price couldn't get through an old fib there, thats weak!
going down again
Bulls are stupid Animals!especially when Im short!
  • #266
  • Feb 21, 2012 6:21am Feb 21, 2012 6:21am
Quoting roughtrader
looks like price couldn't get through an old fib there, thats weak!
going down again
I wonder why it happens all the time. My stop was at +10 and I just quit in order not to loose more of my profit at +15. Just a second later I quit my trade, price stopped rising and now it's falling again. I'm sure that if I didn't quit, that would hit my stop loss... I feel sometimes that somebody is watching me over my shoulder and laughing at my anger when these kind of things happen...

edit: ok, it's rising again. I feel better now but, I hope it won't last long. I want to go short...
  • #267
  • Feb 21, 2012 6:29am Feb 21, 2012 6:29am
Quoting isengoz
I wonder why it happens all the time. My stop was at +10 and I just quit in order not to loose more of my profit at +15. Just a second later I quit my trade, price stopped rising and now it's falling again. I'm sure that if I didn't quit, that would hit my stop loss... I feel sometimes that somebody is watching me over my shoulder and laughing at my anger when these kind of things happen...
no there is nobody watching you, LOL
but I know it can sometimes seems like it,
price and charts are the same for everyone,
and they can't watch everyoine trading forex,
I think you are exiting too soon, here is a tip,
don't think of pips you must save,
and don't think of it as money, only pips,
it's better you exit only if a resistance or support has been broken,
that way price must first prove it self to you, showing, yes price can go higher, or price can go lower. if price didn't show that to you,
there is no reason to exit and you would catch when it continues in your direction
Bulls are stupid Animals!especially when Im short!
  • #268
  • Feb 21, 2012 6:35am Feb 21, 2012 6:35am
price broke the 1M stripe so I closed another part at 50 pips,
moved my stop down and I also have profit on this last position
in case it takes me out, but Im not planing to hold it over night either way,
Bulls are stupid Animals!especially when Im short!
  • #269
  • Feb 21, 2012 7:07am Feb 21, 2012 7:07am
we can messure the momentum increasing or decreasing based on direction, meaning if it's either more momentum to one side than the other side.
by messuring the distance between MA's begining from the same location. if they are expanding away from eachother, the momentum is increasing.
if they are squeezing together they are decreasing based on direction, of course there can be a lot of momentum inside the squezed area, but
so far there is no direction and not tradable because the momentum is in that case equal to both sides fighting eachother. when we are begining to see expansion, that means momentum is encreasing in the direction of the slope on the stripes. then either the bulls or the bears have won the battle, this theory can also be used on single MA's like in the expanding Fan I described earlyer, but we can also use the stripes because they are more powerful.
Attached Image (click to enlarge)
Click to Enlarge Name: messuring momentum.jpg Size: 168 KB
Bulls are stupid Animals!especially when Im short!
  • #270
  • Feb 21, 2012 8:11am Feb 21, 2012 8:11am
Update EURUSD, I got stopped out at 30+ pips on my last positions,
anyway that was a good trade
Bulls are stupid Animals!especially when Im short!
  • #271
  • Feb 21, 2012 9:33am Feb 21, 2012 9:33am
i just got back home and missed the trade...
now as I see the chart, i find the stripe on H1 is quite thick which gives strong support, holds price no lower than 1.3190. Then on D1, the thick stripe is above 1.35, and there's a stripe consolidating just below 1.3190, and in between,, there r no major stripes developing, only a minor one around 1.33 ares.
so my current view is that price will go up and break out 1.33, up to 1.35 then go down. so I think i'll look for opportunities to buy dips. sth like when price break 1.33 and bounce back touch 1.33 again and i'll buy then...i mean if price do break up 1.33. If price never touch 1.33, then i think it will go down pretty heavily 'coz i only can see thick stripe on MN1 around 1.21
What do u think roughtrader? and guys?
make some money, have some fun, leave some footprints
  • #272
  • Feb 21, 2012 10:40am Feb 21, 2012 10:40am
Quoting boostrade
What do u think roughtrader? and guys?
Thats good thinking,
and that is maybe just what is going to happend,
I prefer to wait and see if reistance or support brakes or holds,
thats how I see it, if it brakes upwards there will be oportunitys for longs,
if it dont brake upwards it will be oportunitys for shorts.
I will put more weight on the daily stripe even that is not as thick,
so I will be looking at the brake of that one before I go long on the 1h,
and then I would probably exit before that huge zone on the weekly,
that is going to be tough for price to go through.
or the Daily stripe don't brake and the 1h starts brakes down,
then a short would be OK.
but as I see it that stripe on the Dailys is a obstacle that needs to be cleared before any longs are thought of.
Bulls are stupid Animals!especially when Im short!
  • #273
  • Feb 21, 2012 5:45pm Feb 21, 2012 5:45pm
doji on daily eu looks promising with resistance forming above. i don't know why, but i still have short bias about it...
Attached Image
  • #274
  • Feb 21, 2012 5:55pm Feb 21, 2012 5:55pm
Same here, I even draw a little flag for some small scalping
http://img20.imageshack.us/img20/135...neurdollar.jpg
  • #275
  • Feb 22, 2012 2:31am Feb 22, 2012 2:31am
I expect to see a decisive movement today when lines get broken. I just don't know to which side...
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_flag_m15_2202.png Size: 39 KB
  • #276
  • Feb 22, 2012 2:56am Feb 22, 2012 2:56am
tried a short scalp on eu to the resistance at daily pivot point. let's see if it will make it...

update: TP reached +15... by the way price broke the line I showed in the previous post. will be watching if it can stay there...
Attached Image
  • #277
  • Edited 4:13am Feb 22, 2012 3:47am | Edited 4:13am
I bet sideways guys, look at the zone
when you look at the zones for direction,

edit

I agree, no direction, it is slightly down but still bullish,
that stipe on the Daily is blocking the way,
lets hope they get tired soon so we can short it.


allways look at the nearest small part,
if you look at the stripe on streatching over the whole chart
then it might be goin down, but if you look at the closest time,
you might see that it has been goin sideways for the last hour,
or last 4 hour, the nearests part is the most important,
also look at all timeframes, the 1 minute will show any
change in bias first, Im not saying that is the case with E/U
just something to think about.

also if it has been coming from down a long period
and then go slightly up for 1 hour, we should wait
for more confirmation because the earlyer bias often comes back into play,
we can use other indicators for this, Im using RSI
which is a momentum indicator, and it's still over 50
so still bullish, thats why I think sideways is to be expected.
Bulls are stupid Animals!especially when Im short!
  • #278
  • Feb 22, 2012 5:25am Feb 22, 2012 5:25am
very slow, I think I'll pack it up for today,
you guys have any luck?
Bulls are stupid Animals!especially when Im short!
  • #279
  • Feb 22, 2012 5:43am Feb 22, 2012 5:43am
Quoting roughtrader
very slow, I think I'll pack it up for today,
you guys have any luck?
nope, I decided not to trade until the market shows its hand. I'm waiting for the line I posted gets broken. and the price is ranging above the lower trendline, but doesn't force it. so, I wait...

by the way, about your edit above, roughtrader, I think charts of time frames (TF) lower than h1 should be used for exit or stop arrangement for ongoing trades. because stripes in lower TFs can easily change (especially m1 and m5) and seem to me too flexible to trade, but an h4 or daily chart for example, shows real support where price can turn or break for a longer while (ie last 200 move of EU), and also with higher risk:reward ratio. so I tend to use h1 and upper for entries, and lower ones just for scalping or exiting the trades.

just my 2 cents...
ismail...
  • #280
  • Feb 22, 2012 5:51am Feb 22, 2012 5:51am

Yes you got a point there,
I have been using your idea for a long time,
for exits in a uncertain market I will use it for both exits and entry,
but for a more certain market when there is a clear direction such as an uptrend,
I use the smaller timeframes only for more precise entrys,
and I still exit based on the larger timeframe Im trading at.
I don't know if thats right or wrong but that seem to work for me

edit

the reason behind my thinking there is that
the higher timeframes seem to rule the smaller timeframes
so the trend might still be down on ex; a 4h timeframe,
while price has been changing bias several times on the lower timeframes,
so in that regards, the lower timeframes don't count,
so thats why Im not using them for exits in a clear market direction,
I might be exiting too soon when the trend on the 4h chart will continue for days.

Bulls are stupid Animals!especially when Im short!
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