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  • #3,361
  • Apr 27, 2012 7:19am Apr 27, 2012 7:19am
Quoting fxdrive
Does this look like a good level to watch?

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heads up fxdrive, hope u r still watching this pair
cheers
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Simplicity is the key to success
  • #3,362
  • Apr 27, 2012 11:56am Apr 27, 2012 11:56am
Quoting squeezy
bomb.com, hmmm! like the way that sounds
my nickname is also bomb squad btw, lol
lets watch how it plays out together Sam
ch33rs
It's going to be a good weekend
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  • #3,363
  • Apr 27, 2012 12:28pm Apr 27, 2012 12:28pm
Quoting sam0182
It's going to be a good weekend
oh yes indeed Sam, yes indeed
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Simplicity is the key to success
  • #3,364
  • Apr 27, 2012 2:41pm Apr 27, 2012 2:41pm
Quoting hornet
Hi there, I am quite new to this method.
Could you (or someone else) answer this question for me.

Thanks,
Michael
Thanks for answering guys, guess you didn't konw what to say.......
The quality of your life is brought about by the quality of your thinking.
  • #3,365
  • Apr 27, 2012 4:01pm Apr 27, 2012 4:01pm
Quoting hornet
Thanks for answering guys, guess you didn't konw what to say.......
hey Hornet,
as for me I dnt think I wld have picked that level as a resistance.
bliv Vasmiza wld be best to explain as its his chart, hope that helps.
sorry if u felt ur post was ignored.
have a lovely wkend all
Simplicity is the key to success
  • #3,366
  • Apr 27, 2012 4:14pm Apr 27, 2012 4:14pm
Quoting hornet
Thanks for answering guys, guess you didn't konw what to say.......
I don't trade SFPs but looking at that chart, that entire area looks like resist to me.

Would agree with the above poster...the OP will provide the best clarification.
  • #3,367
  • Apr 27, 2012 5:25pm Apr 27, 2012 5:25pm
Quoting hornet
Hi there, I am quite new to this method.
Could you (or someone else) answer this question for me.

Thanks,Michael
Does this relate to an SFP trade? If so then I suspect the answer is that SFPs are measured against individual swing points, not resistance levels. In an area like this where there are a number of swing points there may be good reasons to use the most extreme of those swing points because that may be the one beyond which most of the stops/limit orders are hiding. However the teachings on theory underlying this thread says that you should not trade sfps at areas which price has returned to several times consecutively from the same side as it suggests that price wants to go through.

In.relation to s/r levels generally, you will see that in one of the first few pages of this thread the wizard explains that where there is an s/r zone like the one you have shown here, he likes to mark his level at or around the mean of the zone.
  • #3,368
  • Apr 28, 2012 5:07am Apr 28, 2012 5:07am
Quoting squeezy
heads up fxdrive, hope u r still watching this pair
cheers
Yes, I am. Looking good for a bounce
  • #3,369
  • Apr 28, 2012 5:18am Apr 28, 2012 5:18am
Quoting fxdrive
Yes, I am. Looking good for a bounce
Fibs show it could go a bit lower

What do you think?

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  • #3,370
  • Apr 28, 2012 7:56am Apr 28, 2012 7:56am
Quoting squeezy
oh yes indeed Sam, yes indeed
Nice trade, you got a good bounce off that level.
  • #3,371
  • Apr 28, 2012 9:39am Apr 28, 2012 9:39am
Quoting fxdrive
Fibs show it could go a bit lower

What do you think?

Attachment
It's funny how we evolve...I used to use fibs all the time but certainly not any more, instead focusing on a solid bar setup. If a 61% fib lines up, I completely welcome it but won't change my entry because of it.

This is how I trade but it can be done a million different ways.
  • #3,372
  • Apr 28, 2012 3:33pm Apr 28, 2012 3:33pm
Quoting fxdrive
Fibs show it could go a bit lower

What do you think?

Attachment
im not the biggest fib fan, if u do see it on my chart...probably out of boredom, just start throwing things on chart just to see how some might be thinking ..... im more into trendlines.
anyways, why not draw the fibs like i have on my chart, the red boxes represent pts u cld use to draw fibs. kind of looking for one that matches ur s/r level.
Tom doesnt even use fibs btw, i bliv
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Simplicity is the key to success
  • #3,373
  • Apr 28, 2012 3:40pm Apr 28, 2012 3:40pm
Quoting fxdrive
Nice trade, you got a good bounce off that level.
Simplicity is the key to success
  • #3,374
  • Apr 28, 2012 3:57pm Apr 28, 2012 3:57pm
Just throw my two pennies in for what it's worth. We as chart traders look to buy/sell at locations that we think most other traders (the big bucks?) are waiting to buy/sell. We ride their shirt tails. That's all we can do. So it makes sense to look for the locations where most traders are likely to be buying/selling, and these are at locations of confluence. There are all sorts of different types of traders out there including those who buy/sell at fib locations, MA cross over traders, pivot point traders, S/R traders, etc., etc. So the more confluence we have, i.e. the more reasons we can find on the chart where other traders might be buying/selling, that's where we need to be too. So although one can subscribe to less is more on the charts, I personally think that the more confluence we can find, i.e. the more reasons that there might be for a potential trade to take place at a certain location, the better. If we can see fib locations lining right up with good S/R pivot lines, along with calculated pivots, along with a bounce off a major MA, then isn't that a very good potential location for a trade? I know a trader who crams his charts full of 'stuff', and he gets it right over 95% of the time! No - it ain't me lol.
  • #3,375
  • Apr 29, 2012 12:46am Apr 29, 2012 12:46am
Quoting squeezy
Tom doesnt even use fibs btw, i bliv
I am in the trading room and seen tom bring up fibs from time to time. Tom teaches them in his course.
  • #3,376
  • Apr 29, 2012 3:42am Apr 29, 2012 3:42am
Quoting squeezy
im not the biggest fib fan, if u do see it on my chart...probably out of boredom, just start throwing things on chart just to see how some might be thinking ..... im more into trendlines.
anyways, why not draw the fibs like i have on my chart, the red boxes represent pts u cld use to draw fibs. kind of looking for one that matches ur s/r level.
Tom doesnt even use fibs btw, i bliv
I didn't see that one. Yes, great confluence on that fib level and the SR level we have drawn.
  • #3,377
  • Apr 29, 2012 3:46am Apr 29, 2012 3:46am
Quoting globaljobber
Just throw my two pennies in for what it's worth. We as chart traders look to buy/sell at locations that we think most other traders (the big bucks?) are waiting to buy/sell. We ride their shirt tails. That's all we can do. So it makes sense to look for the locations where most traders are likely to be buying/selling, and these are at locations of confluence. There are all sorts of different types of traders out there including those who buy/sell at fib locations, MA cross over traders, pivot point traders, S/R traders, etc., etc. So the more confluence...
I'm with you on this one. The more reasons someone can see a reason to trade then they will all stack up for an even bigger move. The bigger fish choose the direction although they do make big slashes in both directions to try and flush us out.
  • #3,378
  • Apr 29, 2012 7:01am Apr 29, 2012 7:01am
Quoting fxdrive
Fibs show it could go a bit lower

What do you think?
Be careful how you think about these indicators, the fib isn't showing anything.

Might sound pedantic but we can easily start fitting these things round price to make them show what we want.

I believe Tom pulls fibs from the D1 only when looking for confluence.

He also looks for bias off the D1 in the form of bullish/bearish price action and over ATR.
  • #3,379
  • Apr 29, 2012 7:13pm Apr 29, 2012 7:13pm
I got my stop ghost hunted on cable just now at 1.62824! >< shows price a full 3 pips away on my chart. How high did the price go on your guy's feeds? Does this mean its at its top???
Support the Resistance
  • #3,380
  • Apr 29, 2012 8:18pm Apr 29, 2012 8:18pm
A few items on my watch list going into the week.
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