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- #1,365
- Apr 3, 2014 11:14pm Apr 3, 2014 11:14pm
{quote} n {image}
and I hope the previous uptrend continues.N
- #1,366
- Apr 4, 2014 10:46am Apr 4, 2014 10:46am
{quote} Price was consolidating, so I killed the fakeout trade. Soon price broke out of consolidation. I entered when price crossed 82. Checked it today. Its going boom, boom
Hello ghouls and everyone,
First and foremost, very appreciative of the contribution from you (and to all others who have contributed) to the FF community; we are all very grateful to have this kind of generosity.
I'm trying to understand how you precisely define HHR and LLS. Does HHR or LLS mean the highest point of resistance/support in the whole of history? Or is it referring to a recent event of high/low?
Here is an illustration of my question.
On the latest daily NZD/USD, there seems to be a formation of a fake out; would this be your text book trade?
But when I look back in history, I realize there is actually an even higher point of resistance.
Based on your teaching, where would you pin your definition of HHR on these charts?
Thanks in advance,
Aaron
First and foremost, very appreciative of the contribution from you (and to all others who have contributed) to the FF community; we are all very grateful to have this kind of generosity.
I'm trying to understand how you precisely define HHR and LLS. Does HHR or LLS mean the highest point of resistance/support in the whole of history? Or is it referring to a recent event of high/low?
Here is an illustration of my question.
On the latest daily NZD/USD, there seems to be a formation of a fake out; would this be your text book trade?
But when I look back in history, I realize there is actually an even higher point of resistance.
Based on your teaching, where would you pin your definition of HHR on these charts?
Thanks in advance,
Aaron
- #1,379
- Edited 8:48am Apr 7, 2014 7:30am | Edited 8:48am
{quote} Hi, I would suggest that you work with daily and weekly charts and then later on when u become more used to analyzing the charts, you can start analyzing hourly charts. Analysis of eurusd daily chart - I perceive that there is a swing low. So I mark a line across the lowest low of that swing and label it as my LLS. I also look out for other major ppzs that are closeby. In this case, we have brn 1.37 which is almost overlapping the lls. Now that we have the lls clearly defined, we can clearly see the fakeouts. In this case, there are two...
Thanks for the advice and checking it out.. I will def go through the larger time frames as well and post those later I understand the larger the set up the more reliable it can be. However I am a daytrader so naturally these 1H set ups are of more present interest to me.
Thinkin this is a good potential set up in the mean time following the eurusd set up
this got taken out due to the power of the bigger set up
