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Simple, proven and profitable S/R system

  • #61
  • Apr 19, 2016 7:46am Apr 19, 2016 7:46am
As per the S/R zones drawing. Yes, the zones that are broken are removed as they are not actual anymore. We want to trade only strong / verified S/R zones and if one of the S/R zones becomes unimportant for future trading, itīs good to remove it. Classical indicator repainting is bad, but here we need to get only the most actual S/R zones.
  • #62
  • Apr 19, 2016 7:48am Apr 19, 2016 7:48am
Quoting mario777
{quote} HC, it says weak support. why is it a very good entry?
Dont look for that mario. They are repainting so it can bounce lot of time and it will say 'weak support'.
  • #63
  • Apr 19, 2016 7:49am Apr 19, 2016 7:49am
Quoting mario777
{quote} HC, it says weak support. why is it a very good entry?
Correct, take a look at this post (http://www.forexfactory.com/showthread.php?p=8879289#post8879289). The market bounced there previously once, but open / close of candles were outside the S/R zone, thats why the indicator didnīt recognize it as a valid S/R zone. But it still can be a valid entry for me.
  • #64
  • Apr 19, 2016 7:51am Apr 19, 2016 7:51am
Quoting Kubiasty
{quote} Dont look for that mario. They are repainting so it can bounce lot of time and it will say 'weak support'.
This is not correct. Take a look at my previous replies.
  • #65
  • Apr 19, 2016 8:03am Apr 19, 2016 8:03am
Today scalps on M1 using this S/R zones:

Attached Image (click to enlarge)
Click to Enlarge Name: today scalps on M1.png Size: 75 KB


Thanks HCooper!
  • #66
  • Apr 19, 2016 8:10am Apr 19, 2016 8:10am
Quoting Kubiasty
Today scalps on M1 using this S/R zones: {image} Thanks HCooper!
You are doing a very good job mate
  • #67
  • Apr 19, 2016 8:23am Apr 19, 2016 8:23am
Hi Hcooper
Thanks for sharing your system.
Could you please tell about sl and tp and how many pips you set your order under or upper s/r?
How much time do you trade with this and do you trade with high time frame or just scalp?
Thanks
  • #68
  • Apr 19, 2016 8:34am Apr 19, 2016 8:34am
I see in the Indicator that there are 5 possible lines for each of S/R. I think I can guess at their meaning, but could you define them in more detail please.

Weak, Untested, Verified, Proven, Turncoat.

In particular I am trying to understand the difference between Verified and Proven and between Untested and Weak. I see from previous posts that Turncoat could be either a Support or Resistance point.

I like the Test Count field on the Verified!

Thankyou for sharing this indi, I like its simplicity and think its something I can work with.
  • #69
  • Apr 19, 2016 8:52am Apr 19, 2016 8:52am
Quoting mpcrabtree
I see in the Indicator that there are 5 possible lines for each of S/R. I think I can guess at their meaning, but could you define them in more detail please. Weak, Untested, Verified, Proven, Turncoat. In particular I am trying to understand the difference between Verified and Proven and between Untested and Weak. I see from previous posts that Turncoat could be either a Support or Resistance point. I like the Test Count field on the Verified! Thankyou for sharing this indi, I like its simplicity and think its something I can work with.
As per my understanding:

Turncoat - Support which becomes Resistance or vice versa
Verified - A zone which is verified at least once.
Untested - Exact opposite of verified, in this case the zone is not yest tested.
Proven - A zone which is holding after it has been hit multiple times. Although I am not sure of the number of hits
Weak - This I am not sure and need inputs from Cooper

Cheers...
  • #70
  • Apr 19, 2016 11:38am Apr 19, 2016 11:38am
Quoting mortezakh
Hi Hcooper Thanks for sharing your system. Could you please tell about sl and tp and how many pips you set your order under or upper s/r? How much time do you trade with this and do you trade with high time frame or just scalp? Thanks
Hello and welcome here! In the simplest original version of the system I set the TP somewhere around 1 pips under the nearest resistance and above nearest support. It depends on your spreads here as I do this to ensure that TP will be executed even if the market will hit S/R zone with accuracy of 0,1 pips or almost hit the S/R zone. Then in the beginning I would recommend to firstly set SL the same amount of pips as TP and go simply for 1 : 1 RRR. As you will gain experience in entries and trading in this style, you can set SL a couple of pips below support or above resistance to improve the RRR.

With this system I usually trade London / New York depending on my time abilities for given day. And I usually scalp with this system. On higher TFs I usually use Correlations - this is my second trading system that I posted here. But as I wrote, I am sure that you can use the system on any pair and any TF that you would like and the system will be doing very good. It's all about gaining experience.
  • #71
  • Apr 19, 2016 11:47am Apr 19, 2016 11:47am
Quoting mpcrabtree
I see in the Indicator that there are 5 possible lines for each of S/R. I think I can guess at their meaning, but could you define them in more detail please. Weak, Untested, Verified, Proven, Turncoat. In particular I am trying to understand the difference between Verified and Proven and between Untested and Weak. I see from previous posts that Turncoat could be either a Support or Resistance point. I like the Test Count field on the Verified! Thankyou for sharing this indi, I like its simplicity and think its something I can work with.
Welcome here

Take a look at the post below yours - he describes it pretty well.

Turncoat means if resistance is broken, the market goes down, bounce from the zone and go up again (resistance become support) and vice versa.

As I am not the author of the indicator I don't exactly know what's the difference between the untested and the weak - in my trading I take them as the same - the zones that were not tested yet.
  • #72
  • Apr 19, 2016 11:49am Apr 19, 2016 11:49am
Quoting rajib4
{quote} As per my understanding: Turncoat - Support which becomes Resistance or vice versa Verified - A zone which is verified at least once. Untested - Exact opposite of verified, in this case the zone is not yest tested. Proven - A zone which is holding after it has been hit multiple times. Although I am not sure of the number of hits Weak - This I am not sure and need inputs from Cooper Cheers...
Good job! I've tried to answer above.
  • #73
  • Edited 8:08pm Apr 19, 2016 12:25pm | Edited 8:08pm
@HCooper:

I'm not 100% sure, but (judging by the names of the parameter settings) I think the S/R indicator you attached to post #1 might be a stripped down version of the one that I've attached here. Somebody following this thread might like to confirm this. If this is the case, then the indicator I've attached has a 'Testing' mode (fourth last parameter), which if set to true, allows you to scroll forward/backward thru the chart (use right/left arrow, or F12/Shift-F12 for one candle at a time) and see what the boxes looked like at any point in the past, i.e. showing the exact nature of any repainting. If I'm wrong and the indicators are completely different, I apologize; please ignore this.

Note also that the indicator allows you to select the time frame. Hence (for example) you could have hourly S/R boxes on a M15 chart.

The indicator that I've attached forms an important part of my own analysis road map. I also look for climax volume candles on M15 in or around these levels, and (in terms of deciding which pairs/direction to trade) I pair strong currencies against weak -- both price-wise (http://www.forexfactory.com/showthread.php?t=513671) and fundamentally -- on longer TFs in an attempt to catch the longest, strongest daily trends. This can improve the probability of catching big moves, and high RR trades (if you use the S/R on a short TF to get a 'low risk' entry). You can also look for S/R overlaps/confluences across multiple TFs of the same pair, and also across correlated pairs (e.g. if you're trading EJ, then look for simultaneous confluence of S/R in the corresponding majors EU and UJ -- can improve probability of success due to the nature of triangular equilibrium). Also, in terms of trading these types of S/R (aka 'supply/demand') zones, there's some worthwhile info here (http://www.forexfactory.com/showthread.php?t=428204) (it's a commercial thread, but the info in post #1 is free) and in Sam Seiden's free articles and webinars on FXStreet (http://www.fxstreet.com/search/contributors/authors/author.aspx?id=5766b88a-1a31-4102-8221-e9bf77216d2f). Just some ideas that your readers might like to investigate further for themselves. Anyway, I don't want to hijack your thread or confuse anybody, so I'll disappear now; if I get time (unlikely!), I'll start a thread of my own.

Thanks for sharing, and good luck,
David
Attached File(s)
File Type: ex4 SS_SupportResistance_v07 (1).ex4   79 KB | 1,627 downloads
File Type: mq4 SS_SupportResistance_v07 (1).mq4   43 KB | 2,042 downloads
  • #74
  • Apr 19, 2016 12:55pm Apr 19, 2016 12:55pm
Quoting HCooper
{quote} Good job! I've tried to answer above.
So, HCooper in your first page you state that Buy is based on "Price reaches the strong support (must be tested at least once)" By strong are you referring to "Verified Support" with Test Count > 1 or "Proven"? I am assuming that Proven means stronger than just Verified.

Mike
  • #75
  • Apr 19, 2016 12:56pm Apr 19, 2016 12:56pm
Quoting rajib4
{quote} As per my understanding: Turncoat - Support which becomes Resistance or vice versa Verified - A zone which is verified at least once. Untested - Exact opposite of verified, in this case the zone is not yest tested. Proven - A zone which is holding after it has been hit multiple times. Although I am not sure of the number of hits Weak - This I am not sure and need inputs from Cooper Cheers...


Thanks for the clarifications, though I may need to start digging into the code.

Cheers. Mike
  • #76
  • Apr 19, 2016 1:18pm Apr 19, 2016 1:18pm
Thank you Hanover for the update and expansion of this thread.

Testing feature of your indicator rocks!
Cut short your losses. Let your profits run on. David Ricardo (1772-1823)
  • #77
  • Apr 19, 2016 9:08pm Apr 19, 2016 9:08pm
Really great indicator HCooper, I personally would like an alert on the indi when it hits the zones, saves sitting in front of the screen for hours on end- can someone here code one in?
  • #78
  • Apr 19, 2016 9:19pm Apr 19, 2016 9:19pm
hello HCooper
thx for share your trading concepts. unfortunatelly the indicator cannot be shown in my meta..could you give it in .mq4
  • #79
  • Apr 19, 2016 10:03pm Apr 19, 2016 10:03pm
Hi HCooper,

I have the some problem with @sjam.
it could not open in my MT4. I tried download twice and upload again on my MT4 but still wont open when I attached to the chart.
My other EA works fine.

Any idea?
  • #80
  • Apr 19, 2016 10:30pm Apr 19, 2016 10:30pm
Nice thread. Similar one here (http://www.stevehopwoodforex.com/phpBB3/viewtopic.php?f=27&t=514)
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