How do you buy support? | Forex Factory

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How do you buy support?

  • #1
  • First Post: Apr 16, 2014 11:02am Apr 16, 2014 11:02am
Hello,

How do you buy support? Currently I am wait for price to come to support, then I wait for the next candle to open and close above support and that's my signal for look for good entry long. using 3 min timeframe.

thanks. just looking for logical approach and your comments.
  • #2
  • Apr 16, 2014 11:14am Apr 16, 2014 11:14am
The idea when price reach an important level is to let it react on it ... then and only then, decide which direction you want to trade.
MT4/MT5 EAs/Indicators/Alerts coder
  • #3
  • Apr 16, 2014 12:28pm Apr 16, 2014 12:28pm
Quoting FerruFx
The idea when price reach an important level is to let it react on it ... then and only then, decide which direction you want to trade.
Thanks FerruFx. you are right. When a price is reached that I am interested in make a risk vs reward decision. That is as simple as it goes. Then keep a record on how many times that work for me. If it works majority of the time. I will keep on doing it.

Sometimes, I have to think as simple as possible to understand.
  • #4
  • Apr 16, 2014 8:17pm Apr 16, 2014 8:17pm
I think what FerruFx is also saying is that you should not have any bias (long or short) as far as possible as price approaches any level (support or resistance).

Just let the price react.
I'm not trying to convince anyone. I'm not in the "convincing" business.
  • #5
  • Apr 16, 2014 9:25pm Apr 16, 2014 9:25pm
Quoting skenobi
I think what FerruFx is also saying is that you should not have any bias (long or short) as far as possible as price approaches any level (support or resistance). Just let the price react.
You got it.
MT4/MT5 EAs/Indicators/Alerts coder
  • #6
  • Apr 17, 2014 12:39am Apr 17, 2014 12:39am
And after the reaction, consider waiting for the first retracement before buying.
  • #7
  • Apr 17, 2014 1:36am Apr 17, 2014 1:36am
Quoting Danny Maina
And after the reaction, consider waiting for the first retracement before buying.
Yep, look for retest - they happen often and provide good opportunity. Just gotta be patient...
  • #8
  • Apr 17, 2014 2:28am Apr 17, 2014 2:28am
There are often a lot of ways how to draw trend lines and horizontal lines as S/R. The question is what is the most accurate one? Easy to read history, hard to predict future...
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  • #9
  • Apr 17, 2014 4:42am Apr 17, 2014 4:42am
Some support does not need retesting, others (corrupt intial moves) should be retested. In other words, I can act on the first candle and sometimes wait for other confirmation.
The road to pipland is arduous and fraught with challenge.
  • #10
  • Apr 17, 2014 8:41am Apr 17, 2014 8:41am
Quoting skenobi
I think what FerruFx is also saying is that you should not have any bias (long or short) as far as possible as price approaches any level (support or resistance). Just let the price react.
I agree. Thanks for response
  • #11
  • Edited 10:20am Apr 17, 2014 10:09am | Edited 10:20am
Quoting traider
Some support does not need retesting, others (corrupt intial moves) should be retested. In other words, I can act on the first candle and sometimes wait for other confirmation.
Big Thanks to everyone,

I trade the ES. But the concept is the same

What I have been doing is waiting for test (price to touch support) and then wait for the next candle to open and close above that support. Then I focus on entry. After entry high focus on trade management. The trade management part is the most important for me.

As far as buying support the first chart is what has happen the last few days. Trend is go up. The first chart shows what happen the last few days.

Now I wake up and I am look at dis morning price action and I want to pick some support to consider long. I wait for support 1833.25

You can see what happens from the second screen this morning as I try to go long.

Price came right to pivot point area, and I hesitated and did not take the trade as the next candle open and close above the pivot point (support).

So i wait for price to get back above 1833.25 and it did. Entered at 1834, but was stopped out. Maybe entry was not good enough cause 3 min later price reversed back up towards the 1837 target I was looking for. I normally use 2 pts stop loss.

Any comments would be nice. I think my mindset is correct, but need to be more picky on my entries and avoid some hesitation. I don't regret not entering at the pivot point, but don't like getting stopped out and then price turn on me.

Thanks
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  • #12
  • Last Post: Apr 18, 2014 4:27pm Apr 18, 2014 4:27pm
Quoting goodoboy
{quote} Big Thanks to everyone, I trade the ES. But the concept is the same What I have been doing is waiting for test (price to touch support) and then wait for the next candle to open and close above that support. Then I focus on entry. After entry high focus on trade management. The trade management part is the most important for me. As far as buying support the first chart is what has happen the last few days. Trend is go up. The first chart shows what happen the last few days. Now I wake up and I am look at dis morning price action and I want...
Any comments on this.
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