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holy grail support & resistance?

  • #21
  • Sep 18, 2015 4:03am Sep 18, 2015 4:03am
Quoting OldHand
But as my good Indian friend said to me - a small profit is better than no profit, and the beauty about a small profit is, that even with small profits you can't go broke.
yeah offcourse.. but do you have a good risk ratio? your loses have to be smaller then your 'small' profits sometimes... and if your entry after the move has started.. where do you put your sl? because the risk/win ratio is now worst isn't it?

goodluck anyway,

id like to hear from you,

tk
quality comes before quantity
  • #22
  • Sep 18, 2015 7:38am Sep 18, 2015 7:38am
Quoting trading-kid
{quote} yeah off course.. but do you have a good risk ratio? your loses have to be smaller then your 'small' profits sometimes... and if your entry after the move has started.. where do you put your sl? because the risk/win ratio is now worst isn't it? goodluck anyway, id like to hear from you, tk
Hi Trading kid,

I'll comment some more in due course. I trade with a proprietary indicator which I call my DDM.. my Draw Down minimizer. It is an adaptation of a reasonably well used, albeit often incorrectly, indicator. I am not in the habit of straying too far from those who have done it and gone before - their mistakes have often times been my saviour this often times dictates the SL for my trade. I will not let the cat out of the bag at this time - as I said, I have recently returned to trading and am in the process of doing a little catch up work. Once my system is up and running we shall chat again. Talk is cheap ... money buys the whiskey!
When I am ready i shall publish my account - so give me some time please. I trade strictly within the money management rules.
  • #23
  • Sep 21, 2015 5:34am Sep 21, 2015 5:34am
Quoting trading-kid
{quote} yeah off course.. but do you have a good risk ratio? your loses have to be smaller then your 'small' profits sometimes... and if your entry after the move has started.. where do you put your sl? because the risk/win ratio is now worst isn't it? goodluck anyway, id like to hear from you, tk
I said I'd comment further - Appended is my current DEMO ACCOUNT statement.
You can see that my settings are starting to be more accurate.
At first the setting were somewhat too erratic - now they are somewhat more synchronized
and profitable... I'll post more once my system shows its true mettle.
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  • #24
  • Sep 22, 2015 3:10am Sep 22, 2015 3:10am
Quoting trading-kid
i am doing some confluence trading now so the levels are stronger for sure. it works fine for me. going on to the next chapter now.. emotions, step by step, every day better skills
Would you like to expand on your method of confluence trading?
I have been fairly profitable till mid August when the markets changed especially after 24th of August.
I am now battling with my current strategy which entails using Support and Resistance and also 3_LL_Semafor indicator (based on ZigZag).

So I am looking for new fresh ideas and trying to find what I need to do in todays markets conditions.
  • #25
  • Sep 25, 2015 5:41am Sep 25, 2015 5:41am
Quoting zeke_world
I love using Support and Resistance in my trading, granted I'm still relatively new in trading, but I do find this way, one of many out there, helps with my trading. Usually at the beginning of the week I take a look at higher time frames and just mark levels that are useful in the vicinity of current price. I use the Stochastic indicator to spot divergence and a few moving averages on the charts too.
Orienting at higher timeframes is very important even in short-term trading. I can't trade making decisions exclusively on short timeframes as it basically the same as random choosing of direction. Fundamental analysis is any important for any pair at least you should now overall market sentiments (bullish or bearish)
  • #26
  • Sep 28, 2015 4:29pm Sep 28, 2015 4:29pm
Best to draw support and resistance from day and weekly charts, not a big fan of support/resistance on very low time trame (1 to 30min)
  • #27
  • Sep 29, 2015 6:52am Sep 29, 2015 6:52am
IMHO and as already mentioned, support and resistance areas are very important and affecting all traders. The Swing-Highs/Lows of the Day and Week chart can form a really hard resistance for the price to break through. What i do, is to closly look at the volume and the price spread at this critical areas. If the price is running very fast with big candles and high volume directly to such an area, it probably will break. To break a support/resistance area you need the big participants of the market and therefore big volume is needed. There wont be a break of those areas with very little volume and small price spreads.

So i would suggest to have always an eye on the volume in critical support/resistance areas in the chart.

For me support/resistance areas are the Swing-Highs/Lows of the Week, Day and Hour Chart, then also the pivot points can form a strong support/resistance, and also the bollinger bands. In combination with some volume-analysis you will get a good impression whether the big players want to break those areas or not, and therefore you can plan your next trades.
  • #28
  • Oct 4, 2015 6:32am Oct 4, 2015 6:32am
Scroll back on a chart... Draw a random line on your charts.... Now move your chart forward... Watch how price reacts to it... Does it seem to be support/resistance? Probably... Draw another Random line... Keep repeating... till you get the point....
The only system that will work is one designed by and for yourself.
  • #29
  • Oct 4, 2015 2:45pm Oct 4, 2015 2:45pm
Quoting bloodpoodle
Scroll back on a chart... Draw a random line on your charts.... Now move your chart forward... Watch how price reacts to it... Does it seem to be support/resistance? Probably... Draw another Random line... Keep repeating... till you get the point....

Okey, i get your point. how do you look at charts? supply and demand?
quality comes before quantity
  • #30
  • Oct 5, 2015 8:15am Oct 5, 2015 8:15am
I always check candle patterns to determine support/resistance levels on higher timeframes. - Weekly, daily, 4h chart.

I am usually taking the trade on lower timeframe chart either 15 min or 1h chart.

There are also certain patterns what hold more often thant others.
  • #31
  • Oct 6, 2015 1:37am Oct 6, 2015 1:37am
Quoting POC-Trader
I have been fairly profitable till mid August when the markets changed especially after 24th of August.
Are you talking about China economy fall dragging down commodity markets and equities? I was hit by the turmoil too, two of my positions on Hotforex were closed with around 800 bucks loss, managed to gain around 450 bucks back but still struggling to catch up, entering long on EU stocks.
  • #32
  • Oct 6, 2015 3:21am Oct 6, 2015 3:21am
Quoting leebsurag
{quote} Are you talking about China economy fall dragging down commodity markets and equities? I was hit by the turmoil too, two of my positions on Hotforex were closed with around 800 bucks loss, managed to gain around 450 bucks back but still struggling to catch up, entering long on EU stocks.
end of the summer volatility in combination with big volatility of china got me also some losing trades. levels don't hold...
quality comes before quantity
  • #33
  • Nov 8, 2015 11:27pm Nov 8, 2015 11:27pm
Quoting OldHand
{quote} I said I'd comment further - Appended is my current DEMO ACCOUNT statement. You can see that my settings are starting to be more accurate. At first the setting were somewhat too erratic - now they are somewhat more synchronized and profitable... I'll post more once my system shows its true mettle. {image}
Hi Old Hand,
Can you please explain what is Drawdown Minimiser and how does it operate. If possible please share the indicator so that we can add improvements to it.

Fx is a sea and opening up on your Drawdown Minimiser will not result in you drinking the whole sea. Please share the indicator with us.

On the contrary you will gain if good improvements are made.

Or is it you are using the forum to dangle an indicator to attract subscribers? If that is so, good sense demands you be transparent and subscribers.

thank you
Practice makes a person perfect
  • #34
  • Jun 7, 2016 10:55am Jun 7, 2016 10:55am
Quoting POC-Trader
{quote} Would you like to expand on your method of confluence trading? I have been fairly profitable till mid August when the markets changed especially after 24th of August. I am now battling with my current strategy which entails using Support and Resistance and also 3_LL_Semafor indicator (based on ZigZag). So I am looking for new fresh ideas and trying to find what I need to do in todays markets conditions.
Dear POC Trader,

How has your progress been? I remember facing the same situation last year.

To me now, support & resistance is an area not a single line & the reaction to the area is more important than the actual rebound off the value in the area.
  • #35
  • Jan 8, 2018 10:04am Jan 8, 2018 10:04am
Quoting trading-kid
Hi all, I was wondering how you guys are looking for support and resistance at your charts. because not every level is strong enough to hold on. do you trade without any indicator or do you use only supply demand on higher frames? for myself, i am trading with a volume spike indicator to find levels but i am curios that is working... so i am searching for other options. looking forward to the reply's ,Trading Kid
You are right; market doesn’t respect all of levels! But, I see daily levels are very important and that’s way I mostly follow the daily support and resistant’s levels! I like to count all of smooth levels; not any middle range of pattern.
  • #36
  • Jan 9, 2018 9:00am Jan 9, 2018 9:00am
I have to agree. Support and resistance levels are my holy grail. Ever since this year. I've been pretty blown away but how price reacts to those levels and what to expect and anticipate and intercept.

Recency and frequency. The more frequent it is touched. The less effective it becomes. The recent the better.
You're going to pay a price for every bloody thing you do and don't do
  • #37
  • Last Post: Jan 9, 2018 9:03am Jan 9, 2018 9:03am
Quoting GeorgeBaile
{quote} You are right; market doesn’t respect all of levels! But, I see daily levels are very important and that’s way I mostly follow the daily support and resistant’s levels! I like to count all of smooth levels; not any middle range of pattern.
If you want an effective respect levels. Try double top or double bottom. They are your best guide to having support and resistance levels respected.
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You're going to pay a price for every bloody thing you do and don't do
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