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HEAVY Support/Resistance System

  • #201
  • Apr 27, 2014 7:48am Apr 27, 2014 7:48am
Kudos to chaosbun for starting this thread Good system that you have there. It is very interesting to know that someone who would risk more than they actually get, but this is a good stuff to be true, as you tend to secure more of the profit to tank the losses. May i ask, which session do you usually trade though?
  • #202
  • Apr 27, 2014 12:19pm Apr 27, 2014 12:19pm
Quoting Jordancee91
Kudos to chaosbun for starting this thread Good system that you have there. It is very interesting to know that someone who would risk more than they actually get, but this is a good stuff to be true, as you tend to secure more of the profit to tank the losses. May i ask, which session do you usually trade though?
Hihi, thanks for respond to my thread and the compliment.

I trade mostly during London & New York Session, sometime I trade Asia Session if there is fundamental news on that period, e.g AUD, NZD or CNY news. I just wait for news to breakout and watch my trend line & support/resistance.

Actually yea I sometime risk like 40 pips and get only 20 pips back. Although my R:R is quite weird. i manage to make back twice my equity last week. I been winning for 3 months consistent since my 3rd year of trading.

I trying to refine my trading method by adding trend line 2 weeks ago, the result was quite good.

I think the main thing of trading is to not go against the trend and not add to loser. Money management & risk management is important but if keep go into wrong entry will also lead to lose case. Also limit your loss per trade, using stop loss or just use a limited amount of money in your account.

My case is that I have 8 Mt4 account in FxPro, and some money at my Fxpro Vault. When I see a good entry, yet I want seperate from my main account due to the lot size too big or so. I will fund my extra account with money and open the trade, close the mt4 and wait for it to earn enough, relogin the mt4 account and close position, transfer all the money back to my fxpro vault.

I also set stop loss for my trade at main accounts. Chart analyze is quite important also.. like the 1 2 3 pattern, the trendline breakout idealogy, the entry using heavy support & resistance. with this 3 thing, its sufficient to make a living, or even big & fast money.

A lot people prefer the safe approach of making 1-10% a month, I prefer to make 100% and above per month. But main thing is not to lose my capital.


Let's have earn big bucks this week Look forwards for more people contribute potential trend line entry or heavy support / resistance chart.
Learn to Trade is Important. Keep your bias & ego aside.
  • #203
  • Apr 27, 2014 12:40pm Apr 27, 2014 12:40pm
Quoting chaosbun
{quote} Hihi, thanks for respond to my thread and the compliment. I trade mostly during London & New York Session, sometime I trade Asia Session if there is fundamental news on that period, e.g AUD, NZD or CNY news. I just wait for news to breakout and watch my trend line & support/resistance. Actually yea I sometime risk like 40 pips and get only 20 pips back. Although my R:R is quite weird. i manage to make back twice my equity last week. I been winning for 3 months consistent since my 3rd year of trading. I trying to refine my trading method...
Well said. Count me in as well! Looking forward to contribute to this thread. Let this thread grows. Don't stop posting please
  • #204
  • Apr 27, 2014 8:51pm Apr 27, 2014 8:51pm
Quoting chaosbun
Some love for EUR/USD short after that bull run. {image} {image} EUR/AUD require bigger SL so I play at my singapore broker which only 50x leverage. --------- Fancy some short as Resistance is near for EUR/USD and EUR/AUD I also plant a bigger short with SL for EUR/USD quite high up at 100 pips away, can say is sure win. just wait for time to ripe, and get me another few scalp profit for today. I am not greedy, all I ask is just another 20-30 pips for each account I open with short. This is against the trend play. But I just keep it there because I am comfortable with what I am doing.
Trade Inspiration came from above. Down Trend line ( Near Upside )

First win of the day

EUR/AUD take profit.

Open at 1.4930 at friday near market close, close at 1.48850


Holding EUR/USD for another 10-20 pips more profit before close.
Learn to Trade is Important. Keep your bias & ego aside.
  • #205
  • Apr 27, 2014 9:04pm Apr 27, 2014 9:04pm
Possible entry for USD/JPY long at 101.95 zone


Zoom in H1

Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy-h1-forex-capital-markets.png Size: 37 KB


Zoom out H1-

Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy-h1-forex-capital-markets-3.png Size: 46 KB




Watch out for a break out of the uptrend or a bounce at that level.
If it is a breakout, price could touch 101.853, 101.792 or as far as 101.492 and then bounce back into trend.


Sorry the chart is a bit ugly and not in wide scale as I am on my laptop, will post better chart at London Session.
Learn to Trade is Important. Keep your bias & ego aside.
  • #206
  • Apr 27, 2014 9:15pm Apr 27, 2014 9:15pm
In this risk aversion asia session, the currency that got hit the most is EURO, as from my phone app I can see euro drop the most in this risk
aversion due to japan yen retail sales issue.

Perhaps the risk aversion will give further weight on EURO pairs. Don't really look forwards to long any euro pair until EURO inflation data past with
result as expected.


Some support at near range thou for EUR/USD, which 1.3782 is the strongest for breakout.

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-h1-forex-capital-markets-2.png Size: 50 KB



I will go with the approach of adding euro position at the high/upside of the down trend line or low of support (probably at 1.3780 - 1.3800 zone) depend on situation.
Learn to Trade is Important. Keep your bias & ego aside.
  • #207
  • Apr 28, 2014 2:02am Apr 28, 2014 2:02am
Just open GBP/USD short because of heavy resistance ahead. But trade is pretty risky as cable is quite bull now.

Re-add some euro short too.


Cable rallies on Pfizer confirmation

Been up to 1.6822 in the wake of Pfizer officially confirming their interest in AstraZeneca.
Learn to Trade is Important. Keep your bias & ego aside.
  • #208
  • Edited 2:40am Apr 28, 2014 2:29am | Edited 2:40am
Adding position USD/CHF long for trendline test.

Euro/USD on daily trendline test.

Attached Image (click to enlarge)
Click to Enlarge Name: euuu.png Size: 46 KB



FxBeat : Rumour: Russian banks have been aggressively buying EUR/USD this morning

That would help explain the sharp rally we've been seeing.
High so far 1.3875.
Learn to Trade is Important. Keep your bias & ego aside.
  • #209
  • Apr 28, 2014 7:24am Apr 28, 2014 7:24am
Fear strike us when we are in losing pips. But i find eur usd and usd chf as a golden opportunity for week earning. Invest well and you good to go.

However always trade with a limited loss.

Some say this upmove is gap filling. To me its a test of the daily downtrend line. Could it be the step 2 of 1 2 3 pattern on the earlier upmove.
When time dues we will see if euro will touch 1.3790 first or break 1.39
This move could also for the big player to close their short at the high. Its quite common on eventful week.
Learn to Trade is Important. Keep your bias & ego aside.
  • #210
  • Apr 28, 2014 9:39am Apr 28, 2014 9:39am
Added AUD/USD long at current level. Price at heavy support.
Learn to Trade is Important. Keep your bias & ego aside.
  • #211
  • Apr 28, 2014 10:04am Apr 28, 2014 10:04am
Quoting chaosbun
Adding position USD/CHF long for trendline test. Euro/USD on daily trendline test. {image} FxBeat : Rumour: Russian banks have been aggressively buying EUR/USD this morning That would help explain the sharp rally we've been seeing. High so far 1.3875.
Did anyone do this ?
Learn to Trade is Important. Keep your bias & ego aside.
  • #212
  • Apr 28, 2014 10:11am Apr 28, 2014 10:11am
Added new short - USD/JPY Downtrend line

Attached Image (click to enlarge)
Click to Enlarge Name: uj.png Size: 47 KB
Learn to Trade is Important. Keep your bias & ego aside.
  • #213
  • Apr 28, 2014 12:29pm Apr 28, 2014 12:29pm
Quoting chaosbun
Added new short - USD/JPY Downtrend line {image}
Trade close in 15 pips profit.
Learn to Trade is Important. Keep your bias & ego aside.
  • #214
  • Apr 29, 2014 12:07am Apr 29, 2014 12:07am
EUR/NZD Daily Down Trend Line

Attached Image (click to enlarge)
Click to Enlarge Name: eurnzd.png Size: 52 KB



EUR/GBP Heavy Resistance

Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp.png Size: 41 KB



EUR/USD Daily Down Trend Line(Posted few days ago)

Attached Image (click to enlarge)
Click to Enlarge Name: euuu.png Size: 46 KB
Learn to Trade is Important. Keep your bias & ego aside.
  • #215
  • Apr 29, 2014 1:34am Apr 29, 2014 1:34am
Greetings, chaosbun. I would like to ask you something. How many times will a trend line or horizontal support/resistance be tested? Thank you
  • #216
  • Apr 29, 2014 3:12am Apr 29, 2014 3:12am
Sold eur/nzd, taken profit +30 pips ! thanks chaosbun.
  • #217
  • Edited 8:15am Apr 29, 2014 8:00am | Edited 8:15am
Quoting Jordancee91
Greetings, chaosbun. I would like to ask you something. How many times will a trend line or horizontal support/resistance be tested? Thank you
This question answer is actually no answer. Sometime the trend line can hold 3 times, sometime 4 times, sometime 5 times, its random. Just that normally its a good entry if you got a good heavy support/resistance at the price too. Expect some "break through" or some range again.

Never use anything below H1 for trend line drawing.

Daily Trend is stronger than H4 Trend
H4 trend is stronger than H1 Trend.


Quoting chaosbun
EUR/NZD Daily Down Trend Line {image} EUR/GBP Heavy Resistance {image} EUR/USD Daily Down Trend Line(Posted few days ago) {image}
Took profit on EUR/USD short, EUR/NZD short, USD/CHF long, EUR/GBP short

My weekly return of investment is more than 50% (ratio to my Equity).

Withdrawing profits now More battle to go on for this week.

We have upcoming EURO Inflation Data & FOMC Statement.

I got no EURO position now, I going sit out and watch the price first.
Learn to Trade is Important. Keep your bias & ego aside.
  • #218
  • Apr 29, 2014 8:00am Apr 29, 2014 8:00am
Quoting Jordancee91
Sold eur/nzd, taken profit +30 pips ! thanks chaosbun.
Congrat on winning.
Learn to Trade is Important. Keep your bias & ego aside.
  • #219
  • Edited 8:16am Apr 29, 2014 8:05am | Edited 8:16am
Added position on NZD/USD LONG

2 Heavy support at 0.8490 - 0.8520 zone.

Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd-h4-forex-capital-markets.png Size: 104 KB


If I draw the down trend line, NZD/USD got a gap to fill of 30 to 40 pips upward then consider if its going break out or get back to range.
I also like the yield / swap / interest of NZD against USD
Learn to Trade is Important. Keep your bias & ego aside.
  • #220
  • Apr 29, 2014 9:15am Apr 29, 2014 9:15am
3 Charts for 2 Entries

EUR/USD touching low of uptrend line.

Attached Image (click to enlarge)
Click to Enlarge Name: part1.png Size: 49 KB


GBP/USD touching upside of downtrend line

Attached Image (click to enlarge)
Click to Enlarge Name: part2.png Size: 39 KB


EUR/GBP touching Heavy Support

Attached Image (click to enlarge)
Click to Enlarge Name: part3.png Size: 42 KB



The only difference is a better entry could be made on GBP/USD short if the price is 5 pips higher, e.g 35 or EUR/GBP at 5 pips lower.

But I will give away that 5 pips and just open my trade position now.

Conclude:

Added position

GBP/USD Short
EUR/GBP long
Learn to Trade is Important. Keep your bias & ego aside.
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