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

  • #281
  • Feb 23, 2012 12:46am Feb 23, 2012 12:46am
good morning all...

I was looking at some forex majors' charts this morning and realized that gbpjpy has turned from a resistance level since the beginning of the week on daily chart. roughtrader, could you tell me your thoughts about this? at which points on the chart should we look at? surely, the spinning top on monday (or 2 spinning tops on h4 on monday and tuesday) would be the best place to enter. however, would it be too late to enter as it has already gone around 90 pips from the high, or would it be okay since it has about 400 pips to the next serious support on daily? I will not be live trading this, but I'm trying to grasp your vision of charts and movements...

one more question... what was the "zone" you were looking at on EU yesterday. you were right that the parity ranged within 50 pips.

ismail...
Attached Image (click to enlarge)
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  • #282
  • Edited 7:06am Feb 23, 2012 6:50am | Edited 7:06am
Yes from the looks of that chart it looks very down to me,
we got horisontal resistance and several stripes lining up, maybe there is more confluences also?
I haven't been looking at GBPJPY so much,
but I think that could be a good trade, check the weeklys and monthlys for obstacles to.
I don't think that would be to late to enter,
I would set my first target at the first obstacle stripe
just be careful if that should bounce back up and take out the old high,
then it is a doubble bottom pattern, then you need to get out quickly,
I prefer to wait until price has taken out the low it bounced from,
(the second low from the previous major high)
that would give a sign it's coming down
anyway i'ts not a doubble bottom until it takes out the highs,
and the second low is not at the same level as the first,
but the pattern have the same thing going as a doubble bottom,
the firsts leg down seem to come down hard,
it's like a car going fast and when you brake
you still go a bit further, so first leg down
might have breached over the support creating a lower low
than the second low,, then thats still the same as a doubble bottom
that would mean the second leg is at the support and the first below it.

sorry for the edit, finnish now
Bulls are stupid Animals!especially when Im short!
  • #283
  • Feb 23, 2012 8:11am Feb 23, 2012 8:11am
possible short trade on AUDUSD 1H
also formed a doubble top,
entry would be after the low is taken out
Attached Image (click to enlarge)
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Bulls are stupid Animals!especially when Im short!
  • #284
  • Edited 9:08am Feb 23, 2012 8:19am | Edited 9:08am
hi, i find audusd m15, m30 both reach a quite thick stripe resistance, so i short with sl 10 pips from the hammer high and tp slightly above the m5 stripe support below.

update: go shower, close half at 15 pips.
update: tp after shower it's bouncing back at the stripe support as expected
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: au120223_t1_m15.gif Size: 28 KB
Click to Enlarge Name: au120223_t1_m5.gif Size: 27 KB
make some money, have some fun, leave some footprints
  • #285
  • Feb 23, 2012 8:43am Feb 23, 2012 8:43am
seems good agressive entrys can pay off,
Bulls are stupid Animals!especially when Im short!
  • #286
  • Feb 23, 2012 9:17am Feb 23, 2012 9:17am
yes rt i agree it's aggressive that's why i closed half lot before showering...
but then, it's a perfect setup 'coz of stripe resistance and double top, and then a reasonable tp with stripe support below so can't resist not to enter the trade and thank God luck is with me on this trade
see how nicely it just touched the stripe support and bouncing back, that's not coincidance, again it proves ur system works out rt! i hope more traders can post their trades with the use of the csmas so we wont miss any good trade!
Attached Image (click to enlarge)
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make some money, have some fun, leave some footprints
  • #287
  • Feb 23, 2012 9:29am Feb 23, 2012 9:29am
Yes lets hope so, but since this thread was moved from trading systems where I first posted it,
into trading discussions, I think many who are searching for good systems might miss it,
Good luck on that trade
Bulls are stupid Animals!especially when Im short!
  • #288
  • Feb 23, 2012 10:01am Feb 23, 2012 10:01am
Quoting roughtrader
Yes lets hope so, but since this thread was moved from trading systems where I first posted it,
into trading discussions, I think many who are searching for good systems might miss it,
Good luck on that trade

I am a dustbin trader but find your trading system interesting.

keep up the good work
  • #289
  • Feb 23, 2012 10:03am Feb 23, 2012 10:03am
Quoting AllyB
I am a dustbin trader but find your trading system interesting.

keep up the good work
I never heard of a dustbin trader but welcome and thanks
Bulls are stupid Animals!especially when Im short!
  • #290
  • Feb 23, 2012 10:08am Feb 23, 2012 10:08am
Quoting roughtrader
I never heard of a dustbin trader but welcome and thanks
doesn't surprise me.
  • #291
  • Feb 23, 2012 10:11am Feb 23, 2012 10:11am
Quoting AllyB
doesn't surprise me.
I see, so if you wasn't a dustbin trader you wouldn't find my system interesting? never heard the expression but I get the message
Bulls are stupid Animals!especially when Im short!
  • #292
  • Feb 23, 2012 10:14am Feb 23, 2012 10:14am
Quoting roughtrader
I see, so if you wasn't a dustbin trader you wouldn't find my system interesting? never heard the expression but I get the message
to be honest ... if i wasn't a dustbin trader i wouldn't be trading. just found my system and sticking to it like superglue.

so i find your system interesting in spite of being a dustbin trader
  • #293
  • Feb 23, 2012 10:21am Feb 23, 2012 10:21am
Quoting AllyB
to be honest ... if i wasn't a dustbin trader i wouldn't be trading. just found my system and sticking to it like superglue.

so i find your system interesting in spite of being a dustbin trader
so what is you system you stick to as super glue? the csma indicator is a thing you can incorporate into allmost any trading system, it is not a stand alone trading system with fix rules as most other systems is, so in that sence it is not even a system, but you can make it a system with your own rules and you can adopt the csma into your own current system, whatever that is and make it better

edit, there are some basic rules how to read it, you will find it in the thread.
Bulls are stupid Animals!especially when Im short!
  • #294
  • Feb 23, 2012 10:33am Feb 23, 2012 10:33am
Quoting roughtrader
so what is you system you stick to as super glue? the csma indicator is a thing you can incorporate into allmost any trading system, it is not a stand alone trading system with fix rules as most other systems is, so in that sence it is not even a system, but you can make it a system with your own rules and you can adopt the csma into your own current system, whatever that is and make it better

edit, there are some basic rules how to read it, you will find it in the thread.
with your permission i can post a dustbin chart and that would probably explain what they are. i did download your template and was looking at it and it gives me good s/r info that confirmes what i am seeing on dustbins.

dustbins basically are 20 pip levels where you target the meat of the move which is always +12 pips. you take your trades off M5 chart and compounding plays a big part so you got to be consistant.
  • #295
  • Feb 23, 2012 10:34am Feb 23, 2012 10:34am
Quoting AllyB
with your permission i can post a dustbin chart and that would probably explain what they are. i did download your template and was looking at it and it gives me good s/r info that confirmes what i am seeing on dustbins.

dustbins basically are 20 pip levels where you target the meat of the move which is always +12 pips. you take your trades off M5 chart and compounding plays a big part so you got to be consistant.
Yes please do, sounds interesting
Bulls are stupid Animals!especially when Im short!
  • #296
  • Feb 23, 2012 10:44am Feb 23, 2012 10:44am
Quoting roughtrader
Yes please do, sounds interesting
here are the levels or the chart i trade off of
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  • #297
  • Feb 23, 2012 10:48am Feb 23, 2012 10:48am
Quoting AllyB
here are the levels or the chart i trade off of
Thanks , looks like a grid system,
do you martingale on that?
with the csma on top, you would get higher probability trades
Bulls are stupid Animals!especially when Im short!
  • #298
  • Feb 23, 2012 10:54am Feb 23, 2012 10:54am
Quoting roughtrader
Thanks , looks like a grid system,
do you martingale on that?
with the csma on top, you would get higher probability trades
here is my trades from yesterday. sort of sassy and not how you use dustbin on a trending market but with only a 55 pip range it was the best i could do

i did compare my levels with csma and that is what i found to be interesting and what i would use your system for

no martingale ... not for me
Attached Image (click to enlarge)
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  • #299
  • Feb 23, 2012 11:11am Feb 23, 2012 11:11am
Quoting AllyB
here is my trades from yesterday. sort of sassy and not how you use dustbin on a trending market but with only a 55 pip range it was the best i could do

i did compare my levels with csma and that is what i found to be interesting and what i would use your system for

no martingale ... not for me
Yes please try it out and if you can post your result it would be most interesting
I suggest only taking the trades with a stripe directly above your signal for shorts and a stripe directly below your signal for longs.
this would indicate you have good support and resistance backing your trades, and don't take the other trades without stripes,
also I would not go long into a stripe or short into a stripe,
be aware of the angle of the zones and stripes, important!
also be aware how the higher timeframes
look so there are no obstacles in the way,
anyways this is how I would use it together with dustbin,
but Im sure you have your own ideas.
Good luck
Bulls are stupid Animals!especially when Im short!
  • #300
  • Feb 23, 2012 11:24am Feb 23, 2012 11:24am
Quoting roughtrader
Yes please try it out and if you can post your result it would be most interesting
I suggest only taking the trades with a stripe directly above your signal for shorts and a stripe directly below your signal for longs.
this would indicate you have good support and resistance backing your trades, and don't take the other trades without stripes,
also I would not go long into a stripe or short into a stripe,
be aware of the angle of the zones and stripes, important!
also be aware how the higher timeframes
look so there are no obstacles in...
good information and thanks for taking the time to give me these guidelines.


I will let me know and post my results

Cheers,
Ally
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