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  • #1,201
  • Apr 25, 2013 7:59am Apr 25, 2013 7:59am
Could I get an opinion regarding the placing of orders on a Friday just before the close.

You can usually tell in the last say 15 minutes that you will have a valid setup to place a pending order, not a borderline situation but really good PA, lets say last week you had a close above /below your SR and now a perfect candle that has tested that SR.

Is it just not worth the risk of what may happen over the weekend, and with a gap not even get the entry you wanted?

Thanks
  • #1,202
  • Apr 25, 2013 9:35am Apr 25, 2013 9:35am
I have another question.

Do I understand that we draw our horizontal lines first on the monthly chart, only those above and below current price, these lines are at places where price changed direction and preferably were S and R at times in the past.

Then we switch to the weekly chart and see what happened at those lines on this chart, maybe tweak the placement slightly, maybe add a couple of lines that look important. That's it, for now we look for PA at those lines then trade off further PA on the daily chart.

I know there is a lot more to it, but does that cover the basics of the S R lines?

Thank you
  • #1,203
  • Apr 26, 2013 5:13am Apr 26, 2013 5:13am
Quoting foxmaster
I have another question. Do I understand that we draw our horizontal lines first on the monthly chart, only those above and below current price, these lines are at places where price changed direction and preferably were S and R at times in the past. Then we switch to the weekly chart and see what happened at those lines on this chart, maybe tweak the placement slightly, maybe add a couple of lines that look important. That's it, for now we look for PA at those lines then trade off further PA on the daily chart. I know there is a lot more to it,...
Yes you are right...this is the basic way to start identify the best S/ R levels....don't forget that we don't want to trade every single PA candle at these levels, but only those that are telling a " story " according with our PTT&TTP !
Nothing personal,just business
  • #1,204
  • Apr 26, 2013 5:24am Apr 26, 2013 5:24am
Quoting fxgroup
{quote} Yes you are right...this is the basic way to start identify the best S/ R levels....don't forget that we don't want to trade every single PA candle at these levels, but only those that are telling a " story " according with our PTT&TTP !
USDJPY
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Nothing personal,just business
  • #1,205
  • Apr 26, 2013 7:16am Apr 26, 2013 7:16am
Next month the AUDUSD can be interesting. 5 times tried to break out upward, but declined. I hope this month will formed a nice candle, and break out downward.
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  • #1,206
  • Apr 26, 2013 8:58am Apr 26, 2013 8:58am
Quoting fxgroup
{quote} Yes you are right...this is the basic way to start identify the best S/ R levels....don't forget that we don't want to trade every single PA candle at these levels, but only those that are telling a " story " according with our PTT&TTP !
Thank you.

So nice to see that you are still here and answering questions, much appreciated.

I will be posting some charts next week for consideration of my understanding of the methods. I have been a long time follower of PA at SR and absolutely hate indicators of any kind, they take our eyes off the price ball so easily.

We are at the mercy of the market makers, they create these SR areas, then try to trap us into false breakout and the rest, spend their days looking for our stops and triggering our entries at these areas, so the aspect of waiting for a RT and PA then is what I have not been doing all these years.

FoxM
  • #1,207
  • Apr 26, 2013 4:17pm Apr 26, 2013 4:17pm
AudCad- Trade I took this week . Trading plan is on charts. Hope you all have a nice weekend.

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Always Learning
  • #1,208
  • Apr 27, 2013 12:57pm Apr 27, 2013 12:57pm
Hi, I though it would be safer to trade after W P close below 1.0550? Shown in the attached chart.



Quoting JayTrader
AudCad- Trade I took this week . Trading plan is on charts. Hope you all have a nice weekend. {image} {image}
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  • #1,209
  • Apr 27, 2013 1:57pm Apr 27, 2013 1:57pm
Hi FxGroup, I am looking at GBPUSD. Previous M formed long tail PB, sellers losing power. In W, it formed BUOB, and close back into previous W RM 1.5342. Wait for W RT at 1.5342 to enter long. Any feedback is appreciated. Thanks.
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  • #1,210
  • Apr 27, 2013 4:06pm Apr 27, 2013 4:06pm
Quoting sodiska
Hi, I though it would be safer to trade after W P close below 1.0550? Shown in the attached chart. {quote} {image}
Hi Sodiska,
You are correct that would be the conservation /safer entry. I tend to be a little more aggressive (look for an Early entry) with certain trades, plus i felt (for me) that the weekly chart had given me enough info to feel comfortable with this trade.


Take Care
Always Learning
  • #1,211
  • Apr 28, 2013 7:21am Apr 28, 2013 7:21am
GBPCHF

Price has closed outside a 12 week area of consolidation, so I would be looking for a retrace and PA to go long off that R now S at 1.45.

Anybody think different? Of course if the PA is a return to the bottom of the area at 1.4 i would be happy to trade that as well. There is a similar scenario with GBPUSD also.

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  • #1,212
  • Apr 28, 2013 7:30am Apr 28, 2013 7:30am
EURGBP

Price closed just below the consolidation area on weekly chart, it is also in a very nice channel down visible on the weekly chart which has already started, and PA last week took out the previous 5 weekly candle bodies. So I am looking for a test of my area of S now R before shorting this for a move to .817 and perhaps beyond. There has already been 2 opportunities given by PA at .876 and .861 to be in this trade.

Comments welcome

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  • #1,213
  • Apr 28, 2013 7:45am Apr 28, 2013 7:45am
GBPUSD

I am looking at the same trade, waiting for a pullback to 1.534. There will definitely be a 1st target at 1.57 which has bee strong R in the past. Hope we get our PA.
  • #1,214
  • Apr 28, 2013 9:27am Apr 28, 2013 9:27am
USDCHF

I am tempted to go short here at .941 with a stop at .951. May be a bit late off the PB on 4/24, or is the top of the WMR too far away to consider this PA? Perhaps price will now make another attempt at the .955 R.

What do the experienced heads here say, is the trade not Triple A enough? I have a need to be patient.

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  • #1,215
  • Apr 28, 2013 12:24pm Apr 28, 2013 12:24pm
Hi, attached is the W chart. I see there are few R lines 1.4727 and 1.4560, me being conservative, I would wait for close above and RT at 1.4727 to enter long. That's my view. What do you think FxGroup or others?



Quoting foxmaster
GBPCHF Price has closed outside a 12 week area of consolidation, so I would be looking for a retrace and PA to go long off that R now S at 1.45. Anybody think different? Of course if the PA is a return to the bottom of the area at 1.4 i would be happy to trade that as well. There is a similar scenario with GBPUSD also. {image}
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  • #1,216
  • Apr 28, 2013 1:07pm Apr 28, 2013 1:07pm
Hi FxGroup, I modified your chart by adding 2 red circles and a red line, my question: the 2 red circles, it should be qualified as M S line, right?



Quoting fxgroup
{quote} USDJPY {image}
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  • #1,217
  • Apr 29, 2013 11:23am Apr 29, 2013 11:23am
Quoting sodiska
Hi FxGroup, I am looking at GBPUSD. Previous M formed long tail PB, sellers losing power. In W, it formed BUOB, and close back into previous W RM 1.5342. Wait for W RT at 1.5342 to enter long. Any feedback is appreciated. Thanks. {image} {image}
Hi...M chart tells all you need to know !
USDJPY ....I choose that level becouse 100 BRN was a VERY important level for the pair...but yes your levels will make the P to react when it get at it !
Nothing personal,just business
  • #1,218
  • Apr 29, 2013 11:32am Apr 29, 2013 11:32am
Quoting foxmaster
EURGBP Price closed just below the consolidation area on weekly chart, it is also in a very nice channel down visible on the weekly chart which has already started, and PA last week took out the previous 5 weekly candle bodies. So I am looking for a test of my area of S now R before shorting this for a move to .817 and perhaps beyond. There has already been 2 opportunities given by PA at .876 and .861 to be in this trade. Comments welcome {image}
The patience is crucial in trading and that's why you have to wait for confirmation....don't be rush....read the higher TF, establish your TGs and levels for MM and be patient...very often the hurry makes the difference between a gainer and a loser !....patience will reward you if you show it some friendship !
All you have to do is waiting for a close bellow and still don't try to jump in...wait for a RET+ confirmation and you will see with your own eyes how many bad trades you will keep out of you !
Nothing personal,just business
  • #1,219
  • Apr 29, 2013 3:45pm Apr 29, 2013 3:45pm
GBPCHF

This is looking very promising, very nice RT to RN 1.45, price now has 2 options, back into WRM or up to 1.50 next station. Let the big boys speak and hopefully we will understand what they say!

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  • #1,220
  • Apr 30, 2013 12:19am Apr 30, 2013 12:19am
Hello foxmaster,

thank you for the clear charts and trade ideas. I have this on my radar as well, there was a widespread bullish bar without much retrace, this can produce a bit of sideways action between buyers and sellers, I won`t jump in immediately.

WPD : I see the bullish candle going into fresh highs, but note the bearish weekly control candle and its open and high, the bullish candle did NOT manage to exceed its high completely, therefore I expect sellers still present, on Daily we could therefore expect some action before either direction is confirmed.

Best wishes for success to all.

Mike
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