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Simple, proven and profitable S/R system

  • #141
  • Apr 21, 2016 4:35am Apr 21, 2016 4:35am
actually, this method can fix the wrong trades opened by other strategies.
i will try to close some of the wrong trades by compounding them with repsect to the signal of this strategy
the problem that i do not use indi in my trades so there will be some wrong trades , however, i found that by this method SR as described by HC , i can in away to overcome for most of the wrong trades by averaging up or avergaing down them and to close them
i am testing this method since today morning, and it is pressure reliefing system
once more, thank you HC
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GUYS BE AWARE FROM HUNTING YOUR STOP LOSSES BY YOUR BROKER & BY "GHOSTS"
  • #142
  • Apr 21, 2016 4:38am Apr 21, 2016 4:38am
Quoting fxtrader29ca
{quote} Cheers mate . I love your attitude by the way! Let's do this!
Thanks Not many opportunities so far for me, but it is okay - sometimes it is better to just sit, watch and wait for your home-run trades.
  • #143
  • Apr 21, 2016 4:39am Apr 21, 2016 4:39am
Quoting fxtrader29ca
USDJPY long trade *Update : out for 11 ** {image}
Why my chart is not same as u?
  • #144
  • Apr 21, 2016 4:41am Apr 21, 2016 4:41am
Quoting Samer1970
hi HC, what is the best time frame for trading
Hello and welcome here I mostly trade intraday with this system - I like M1 and M5 the most.
  • #145
  • Apr 21, 2016 4:42am Apr 21, 2016 4:42am
Quoting Samer1970
my first test for this nice simple strategy thank you HC {image}
Nice, the market is ranging between S/R zones pretty accurately.
  • #146
  • Apr 21, 2016 4:43am Apr 21, 2016 4:43am
here is another example of averaging up the wrong trades by using this method.

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GUYS BE AWARE FROM HUNTING YOUR STOP LOSSES BY YOUR BROKER & BY "GHOSTS"
  • #147
  • Apr 21, 2016 4:45am Apr 21, 2016 4:45am
Quoting Samer1970
actually, this method can fix the wrong trades opened by other strategies. i will try to close some of the wrong trades by compounding them with repsect to the signal of this strategy the problem that i do not use indi in my trades so there will be some wrong trades , however, i found that by this method SR as described by HC , i can in away to overcome for most of the wrong trades by averaging up or avergaing down them and to close them i am testing this method since today morning, and it is pressure reliefing system once more, thank you HC {image}...
Good approach mate - it is nice to hear that the system and indicator is helpful to you
  • #148
  • Apr 21, 2016 4:46am Apr 21, 2016 4:46am


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GUYS BE AWARE FROM HUNTING YOUR STOP LOSSES BY YOUR BROKER & BY "GHOSTS"
  • #149
  • Apr 21, 2016 5:41am Apr 21, 2016 5:41am
Hi Coop. Love your simple approach to trading. I use the choros method and it's been quite profitable for me. But I've always been an admirer of S/R based systems, and yours just brings the simplicity of this approach to another level. Concerning your trades, do u move them to breakeven after they go certain pips in profit, or you leave the entire trade to either hit your SL/TP?

Thanks, Peter.
  • #150
  • Apr 21, 2016 5:47am Apr 21, 2016 5:47am
Quoting Samer1970
here is another example of averaging up the wrong trades by using this method. {image}

Averaging is wrong,now that you found this method you just got a reason to convince yourself that looser will come around.
So long there is another support below a broken support your mind will always say price will make a u turn,and make you whole again.
S/R always break and break trades are far more superior,then touch trade the S/R.
I Still see lower highs in NZD/USD.
It will drop after making lower high on small timeframe.
Only a matter of time.
Trade Safe.
Warm Regards.

Chart:
Attached Image (click to enlarge)
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  • #151
  • Apr 21, 2016 5:52am Apr 21, 2016 5:52am
Quick question, do we have a limit on how many times a support or resistance level can be tested before we dismiss a trade. I maybe wrong as a newbie to the trading world, but I always thought the more times price touched a particular level, the more orders at that level were filled meaning at some point price would have to break through when not enough orders were around to push price back the other way.

That said, I've been looking at various strategies to trade and I very much like the simplicity of this idea. I will definitely be following this method closely as it does have lots of potential in my opinion.
  • #152
  • Apr 21, 2016 5:57am Apr 21, 2016 5:57am
Thank you for this new thread HC !
I made some easy pips already
Keep going on !
  • #153
  • Apr 21, 2016 6:51am Apr 21, 2016 6:51am
Quoting Bianconeri
Quick question, do we have a limit on how many times a support or resistance level can be tested before we dismiss a trade. I maybe wrong as a newbie to the trading world, but I always thought the more times price touched a particular level, the more orders at that level were filled meaning at some point price would have to break through when not enough orders were around to push price back the other way. That said, I've been looking at various strategies to trade and I very much like the simplicity of this idea. I will definitely be following this...
I agree with you on the order filling part, particularly if it is on the lower timeframe. I consider anything less than H4 is lower timeframe. If at all I am trading on a lower timeframe then I don't consider a zone safe if it has been retested twice. For H4/D1 a third retest can be considered but again not more than that. That's the rule I follow. Hope this helps.

Also, want to thank HCooper for this wonderful thread... badly needed a simple system
  • #154
  • Apr 21, 2016 6:56am Apr 21, 2016 6:56am
It seems it will work in ranging markets and not in trends. What are your experiences? Higher lows and higher highs will not allow you to come back to past support.
Cut short your losses. Let your profits run on. David Ricardo (1772-1823)
  • #155
  • Apr 21, 2016 6:57am Apr 21, 2016 6:57am
Nothing else to report here at the moment. What is everyone else watching ?
Know your edge and trade within it
  • #156
  • Apr 21, 2016 7:00am Apr 21, 2016 7:00am
Quoting Ramadas
It seems it will work in ranging markets and not in trends. What are your experiences? Higher lows and higher highs will not allow you to come back to past support.
How often do markets trade in a range? Most of the time. Trends are very easy to trade. Its ranges that cause a lot of the problems.
Know your edge and trade within it
  • #157
  • Edited 7:32am Apr 21, 2016 7:04am | Edited 7:32am
USDJPY short trade

*Update - Out +20 on that one*
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Know your edge and trade within it
  • #158
  • Apr 21, 2016 9:25am Apr 21, 2016 9:25am
Quoting Samer1970
{image}
That's the main point of this thread...
  • #159
  • Apr 21, 2016 9:33am Apr 21, 2016 9:33am
Quoting Wahnone
Hi Coop. Love your simple approach to trading. I use the choros method and it's been quite profitable for me. But I've always been an admirer of S/R based systems, and yours just brings the simplicity of this approach to another level. Concerning your trades, do u move them to breakeven after they go certain pips in profit, or you leave the entire trade to either hit your SL/TP? Thanks, Peter.
Hello, thanks, S/R zones are just a great tool as this is simply the way how markets work. As I trade the system on M1 / M5 time frames I usually don't move SL to breakeven - if I don't like market moves / momentum, I close the trade, or leave it until it ends on SL or TP. Moving SL to B/E could be a good idea in swing trades and longer-term trades. However, I believe that it is the best together with moving SL to B/E also close half of the volume in profit.
  • #160
  • Apr 21, 2016 9:34am Apr 21, 2016 9:34am
Quoting fxtrader29ca
{quote} How often do markets trade in a range? Most of the time. Trends are very easy to trade. Its ranges that cause a lot of the problems.
Do you have data, how often there are ranges and how often trends? Some people say ranging markets are 80%.

Today's AUD USD M5
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Cut short your losses. Let your profits run on. David Ricardo (1772-1823)
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