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Simple, proven and profitable S/R system

  • #161
  • Apr 21, 2016 9:42am Apr 21, 2016 9:42am
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...
Yep, this can be correct. But I think that this depends on current market situation - we can have a ranging market and we will bounce from strong S/R zone for a couple of times. Or there will be a strong market momentum - candles without wicks - or even strong fundamental news approaching the market and we can break through the zones. So it is wise to check expected fundamental news and current Price Action. Thanks to this you will have the right opinion what to expect from the market most of the time.
  • #162
  • Apr 21, 2016 9:42am Apr 21, 2016 9:42am
Quoting pipsit
Thank you for this new thread HC ! I made some easy pips already Keep going on !
Thanks, nice to hear that!
  • #163
  • Apr 21, 2016 9:51am Apr 21, 2016 9:51am
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.
It is said that the markets are ranging 70% of time. However, of course, if there is a strong movement in the market it is not wise to go against it. As I answered above: it is wise to check expected fundamental news and current Price Action. Thanks to this you will have the right opinion what to expect from the market most of the time.
  • #164
  • Apr 21, 2016 9:51am Apr 21, 2016 9:51am
Quoting fxtrader29ca
USDJPY short trade *Update - Out +20 on that one* {image}
Very nice one!!
  • #165
  • Apr 21, 2016 9:57am Apr 21, 2016 9:57am
Here is my fast scalp GBP/USD trade. I was waiting for the touch of the S/R zone, but I took the trade as there is a strong downtrend today on GBP/USD, so why not to catch a few more pips.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_ecnM1.png Size: 53 KB
  • #166
  • Apr 21, 2016 10:08am Apr 21, 2016 10:08am
Quoting 666Doom
{quote} 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: {image}

dear 666Doom

thank you for your advice

however, all trades were being closed on a profit and non with a loss after making the avergaing

please refer to the foto and trades closed of today

thank you
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 42 KB
GUYS BE AWARE FROM HUNTING YOUR STOP LOSSES BY YOUR BROKER & BY "GHOSTS"
  • #167
  • Apr 21, 2016 11:50am Apr 21, 2016 11:50am
Is it ok sell entry? :

Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD sell.png Size: 62 KB


EDIT: SL HIT
  • #168
  • Apr 21, 2016 11:54am Apr 21, 2016 11:54am
HCooper,

I've given this a crack on my live account. Pulled off a couple of small UJ trades on the M1 chart (refer my trade explorer if anyone wants to see entry and exits).

This would definitely supplement my own scalping strategy as this would be perfect for ranging periods when my scalping strategy is not applicable. Will update as I get more trades going but have to go to bed now! Goodnight all and green pips to all.
  • #169
  • Apr 21, 2016 12:30pm Apr 21, 2016 12:30pm
Quoting Samer1970
{quote} dear 666Doom thank you for your advice however, all trades were being closed on a profit and non with a loss after making the avergaing please refer to the foto and trades closed of today thank you {image}
How much you can afford to be averaged? This is a demo and a real account? By the way, I have tried this kind of indicators, but had no success in the past, maybe I did something wrong =)
  • #170
  • Apr 21, 2016 12:35pm Apr 21, 2016 12:35pm
Cooper, how long you are using this strategy? You have back test? From my own experience testing strategy I choose from 1,000 transactions for intraday trading.
  • #171
  • Apr 21, 2016 1:11pm Apr 21, 2016 1:11pm
Ive made an EA that utilises this EA, the video also shows you how it re-paints:

https://www.youtube.com/watch?v=de45m0EknRA
So many in the Commercial section want to make me rich! :o
  • #172
  • Apr 21, 2016 1:15pm Apr 21, 2016 1:15pm
Looks Promising Cooper.

I am still testing it. I use the channels to confirm entry......., avoid repainting issues of the SR.
Somebody had introduced this indicator before, but many people were disappointed because of the repainting issue.

However, your approach to wait for at least two bounces off the SR is a good and different aspect worth looking at.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPNZD_Support_Res_M1.png Size: 89 KB
  • #173
  • Apr 21, 2016 4:43pm Apr 21, 2016 4:43pm
Quoting HCooper
{quote} Thanks and welcome here! Wow, this trade really rocked! it's worth doing when you see these trades in your account history Great job!
Very true. It's worth doing for another important reason, i.e. better money management. For example, my SL on the M30 is usually in the range of 30-40 pips, while a good M1 entry, where the SL doesn't exceed 6 pips, means that I can trade five times my usual lotsize without actually increasing the risk. So, in my case, the goal is to combine a setup on the M30 with a precise entry on the M1. Worked well for the GU short yesterday, and not so well for today's EU long, only because I moved the SL too soon as I knew Draghi was coming. BTW, the SL was only 3 pips... guess that's me being frugal, lol!

So, here's the winner for today's failed trade of the week.

Attached Image (click to enlarge)
Click to Enlarge Name: eu2104.png Size: 29 KB


Thankfully, I was able to grab some decent pips on UCAD long and CADJPY short during NY, following the drop in oil. So, a happy end after all.

Attached Image (click to enlarge)
Click to Enlarge Name: ucadcj.png Size: 7 KB
mind over matter
  • #174
  • Apr 21, 2016 4:44pm Apr 21, 2016 4:44pm
Quoting Kubiasty
Kosmos which indi u use?
The one posted by Marco (L.m), default settings.
mind over matter
  • #175
  • Apr 21, 2016 9:43pm Apr 21, 2016 9:43pm
Hi everyone

The version07.1 i have to add some code to your phone so that it can push the end, when the price into the zone. This new feature is enabled by default.
enjoy!
Attached Image (click to enlarge)
Click to Enlarge Name: 20160422104216.png Size: 99 KB
Attached File(s)
File Type: mq4 SS_SupportResistance_v07.1.mq4   44 KB | 617 downloads
  • #176
  • Apr 21, 2016 11:59pm Apr 21, 2016 11:59pm
Quoting MrWiL
{quote} Did you mean the Support/Resistance Zone get repainted?
Yes, that's right! 7:^]
So many in the Commercial section want to make me rich! :o
  • #177
  • Apr 22, 2016 3:26am Apr 22, 2016 3:26am
Good morning all, I trust you all had a good rest and are trading for the trading session. I am just reviewing the charts looking for setups. Anyone have a good setup yet
Know your edge and trade within it
  • #178
  • Apr 22, 2016 4:12am Apr 22, 2016 4:12am
Cable is ranging.
Cut short your losses. Let your profits run on. David Ricardo (1772-1823)
  • #179
  • Apr 22, 2016 5:11am Apr 22, 2016 5:11am
Quoting MrWiL
{quote} I did not use SL, but look at higher frame like H1, H4 and Daily. Use lower frame to confirm. If the price bounces, I add the trade again to average it. End up, all were closed in profit too.
So you check for a bounce on higher timeframes and then look for a bounce/entry on lower timeframes? How about checking 200MA also?

It would be nice to add some extra indicators to increase the probability. I would simulate this in the EA but this indicator kills my processor and would take days to simulate a couple weeks of data (it keeps crashing MetaTrader if I attempt over a week worth of data).
So many in the Commercial section want to make me rich! :o
  • #180
  • Apr 22, 2016 6:34am Apr 22, 2016 6:34am
Quoting Kubiasty
Is it ok sell entry? : {image} EDIT: SL HIT
Yes, this would be a correct entry. Unfortunately here the trade ended on SL, but it doesn't matter as long as we trade S/R and Price Action correctly, probability is on our side in the long term.
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