Support, Resistance etc | Page 11 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Merc's special Fibonacci trading,in combo w/QQE Gann etc.etc. 7 replies

indicators, etc... 12 replies

Auto trading, fills etc 0 replies

Automated trading / platforms etc 4 replies

144, 233, etc fib levels 2 replies

Attachments: Support, Resistance etc
Exit Attachments

Support, Resistance etc

  • #201
  • Feb 13, 2013 2:16pm Feb 13, 2013 2:16pm
I've been a loyal reader for awhile now, keep it up.

When are you going live?
  • #202
  • Feb 13, 2013 10:37pm Feb 13, 2013 10:37pm
Quoting sam0182
I've been a loyal reader for awhile now, keep it up.

When are you going live?
Glad to know someone else is reading my journal. I thought that no one else was interested in reading this. These trades are also executed in my live account.
  • #203
  • Feb 13, 2013 10:47pm Feb 13, 2013 10:47pm
NZDUSD

The price was confined within a box. It was jumping up and down within that box. I missed a good opportunity in the previous down swing because of the fear. This time it found again support in the lower boundaries of the box without being able to close below it. Profit +67 pips.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: nzdusd.gif Size: 29 KB
Click to Enlarge Name: nzdusd2.gif Size: 28 KB
  • #204
  • Feb 13, 2013 11:00pm Feb 13, 2013 11:00pm
AUDNZD

I was hoping to grab a few quick pips on this. The last bar was looking like a pinbar which brushed off the previous resistance. There were several things wrong with this trade. First of all there was not much space to the left. There was not much time for the longs to accumulate in the support and didn't have room at all to go higher. The trade was against the trend. What I forgot is that in this kind of trade price should first break the previous support line and then close above it to qualify as a valid trade. Anyway the mistake got payed. Loss -94 pips.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audnzd.gif Size: 25 KB
Click to Enlarge Name: audnzd2.gif Size: 20 KB
  • #205
  • Feb 13, 2013 11:26pm Feb 13, 2013 11:26pm
Quoting KMidas
Glad to know someone else is reading my journal. I thought that no one else was interested in reading this. These trades are also executed in my live account.
  • #206
  • Feb 14, 2013 10:38pm Feb 14, 2013 10:38pm
NZDCHF

The pair made a double bottom with the last consolidation forming a triangle with the flat side up. All the wicks were pointing downwards thus showing a rejection in that area. I bought the breach of the flat side of the triangle. Usually the triangles break on the flat side. Profit +89 pips.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: nzdchf.gif Size: 30 KB
Click to Enlarge Name: nzdchf2.gif Size: 24 KB
  • #207
  • Edited 3:25pm Feb 18, 2013 1:23pm | Edited 3:25pm
USDCHF

A choppy pair makes a pinbarish thingie in the resistance. From there price doesn't go neither up or down. It makes a pinbar in the opposite direction but that is not a pretty pinbar. It is not long enough and it doesn't sit somewhere nice. It will probably fail and given the way the pair moves it will fail and will give an opportunity to gain some pips.

Anyway I entered long on this and today I thought to be smart@s and to close it manually a bit before my TP. My thinking was that the market is choppy enough. Since it opened higher than where it closed last Friday, that was a sign that it will not reach my TP. It did and I left on the table about 30 pips. What a waste. Profit +103 pips.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdchf.gif Size: 28 KB
Click to Enlarge Name: usdchf2.gif Size: 25 KB
  • #208
  • Feb 18, 2013 3:29pm Feb 18, 2013 3:29pm
GBPCHF

Of all the GBP pairs that were trending downwards I had to pick the laziest. I see that it stalled right before previous support. It didn't even touch it. I don't like it. Closed manually for +84 pips profit.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf.gif Size: 21 KB
  • #209
  • Feb 20, 2013 1:25pm Feb 20, 2013 1:25pm
EURUSD

Bad entry, bad management or bad luck? I don't know. All I know is that I traded with the trend. OK, the signal bar was not the prettiest bit still was abullish bar in he uptrend. When I saw the pinbar I didn't considered it worthy o take any measures. I thought it will retrace a bit and that's it. It retraced a lot instead and took out the previous support. My wide stop saved me that time. I lowered my TP o break even thinking that price will visit that area and I will get out unharmed. The price indeed visited that area again but it missed my TP by few pips and it bounced back down to hug my stop loss. Loss -141 pips. It gets tiresome. Wining some then losing some just to end up break even. I don't see any progress.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 27 KB
Click to Enlarge Name: eurusd2.gif Size: 24 KB
  • #210
  • Feb 22, 2013 11:27am Feb 22, 2013 11:27am
USDCAD

Breakout trade. The price has broken the resistance with a big bullish bar continued the next day. The trend was up. Profit +90 pips
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 26 KB
  • #211
  • Mar 1, 2013 11:23pm Mar 1, 2013 11:23pm
Congratulations on your returns for the year - these are the types of returns that are meaningful and I believe realistic for smaller accounts. Have you discovered anything through this journal with regards to support and resistance and why it forms?
  • #212
  • Mar 2, 2013 5:17am Mar 2, 2013 5:17am
Quoting Kanzler
Congratulations on your returns for the year - these are the types of returns that are meaningful and I believe realistic for smaller accounts. Have you discovered anything through this journal with regards to support and resistance and why it forms?
Thanks for the kind words. I don't think these results are good enough. After all at some point I did reach my account last year above 100% return on open equity and then my bad habits took over and trowed away perfectly good money. Even now I catch my self doing mistakes like over managing my trades or taking trades with unrealistic targets.

I did discover a simple pattern that makes sense regarding support and resistance but still I don't have any clear rules on my mind as to when it is good enough to take it and how far will it travel. As to why support and resistance works I think it has to do with people waiting there. Every time price reaches at those spots there are people stacked waiting to take advantage of the bounce. The magnitude of the orders lying there vs the magnitude of the orders that support the move determines the distance of the move. I wish if I only could know this ratio.
  • #213
  • Mar 2, 2013 12:51pm Mar 2, 2013 12:51pm
Quoting KMidas
Thanks for the kind words. I don't think these results are good enough. After all at some point I did reach my account last year above 100% return on open equity and then my bad habits took over and trowed away perfectly good money. Even now I catch my self doing mistakes like over managing my trades or taking trades with unrealistic targets.

I did discover a simple pattern that makes sense regarding support and resistance but still I don't have any clear rules on my mind as to when it is good enough to take it and how far will it travel. As to...
I think you should take a look at supply and demand. Kenneth Lee has a thread on this forum that is quite helpful, and I think it would make a lot of sense to you and improve your trading. Fits right in with what you're already doing.
  • #214
  • Mar 6, 2013 11:19pm Mar 6, 2013 11:19pm
AUDCHF

I delayed entering this trade in my journal on purpose. I wanted to display a pattern in my behavior that keeps me from achieving my gains. I noticed that many times I do get the direction right but I over manage my positions and I get out just before the pair turns around and moves in my intended target. Here I moved my stop below the last swing point. I saw that the price would proceed to hit my stop so I got out to minimize the loss. I did minimize the loss, the price did hit my ne stop loss zone and I would get out with the loss. However, had I not moved my stop and I would be enjoying important gains right now. And I have seen this happening many times. Loss -11 pips.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audchf.gif Size: 30 KB
Click to Enlarge Name: audchf2.gif Size: 26 KB
  • #215
  • Mar 12, 2013 12:13am Mar 12, 2013 12:13am
USDJPY

One of the biggest mistakes a trade can make is trading for the sake of trading. This is the case here. The trend was clearly up. The price didn't go straight to meet the previous high and I thought that it was a sign of weakness so I sold there. Not that I saw an interesting pattern or something. I just sold. Big mistake, I know. Loss -86 pips.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdjpy.gif Size: 24 KB
Click to Enlarge Name: usdjpydaily.png Size: 27 KB
  • #216
  • Mar 12, 2013 12:18am Mar 12, 2013 12:18am
USDCAD

Pretty much the same as the USDJPY trade above. Loss -57 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcaddaily.png Size: 36 KB
  • #217
  • Mar 12, 2013 4:04pm Mar 12, 2013 4:04pm
GBPCHF

Trend is down. Previous resistance now support broken but without close. If it breaks previous days low then there is a good chance for a run down. Profit +132 pips.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpchf.gif Size: 27 KB
Click to Enlarge Name: gbpchf2.png Size: 28 KB
  • #218
  • Mar 13, 2013 11:53pm Mar 13, 2013 11:53pm
Trades I considered taking yesterday but I didn't and now I am regretting it. EURAUD was a good candidate for breakdown but I thought the risk was too high for my account. More or less the same for AUDNZD. Damn.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euraud.png Size: 37 KB
Click to Enlarge Name: audnzd.png Size: 36 KB
  • #219
  • Mar 15, 2013 12:12am Mar 15, 2013 12:12am
GBPNZD

Apparently in this one the trend was not a friend. It missed my TP by 1 pip and moved north to take out my stop loss. Loss -196 pips.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpnzd.gif Size: 28 KB
Click to Enlarge Name: gbpnz.png Size: 26 KB
  • #220
  • Mar 15, 2013 12:18am Mar 15, 2013 12:18am
NZDCAD

It so happens some timehttp://assets.forexfactory.net/image...or/menupop.gifs that the trade is activated on the spread and just proceeds to take out the stop loss. Loss -99 pips.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: nzdcaddail2y.png Size: 30 KB
Click to Enlarge Name: nzdcaddaily2.png Size: 33 KB
0 traders viewing now