How to use Support and Resistance Effectively - page 18

[atomz]

Cable target hit (+67 pips)

[atomz]

bubble,

sorry - won't post my charts. Looking forward to your charts/trades.

[Sundowner]

Hi Bubble,

If you wouldn't mind having a look at these charts, I'd appreciate it.

On the 60 minute chart between the gold vertical lines I see a definite area of resistance...consolidation? So when I look at the 240 I see the trend is definitely down but the same area on the 240 is resistance as well. On the hourly chart, the price (as I see it) has been rejected twice.

I figure the price is at the bottom of a trough and seems to have tested that area of resistance twice and should rise..the ma and macd seem to be confirming a turning point.

Price rose slightly and plummeted. Am I wrong about this area of resistance or because the larger trend was down don't trade?

Another thing I have been noticing at points I think are support/resistance , is a channel where the price is rejected from both sides and so I'm unsure about price direction.For example, if you were to draw a horizontal line at about 2305 here.

Thanks for any clarification.

Cheers

[Sundowner]

Thank you for the reply Bubble.

It would seem I have to take a longer term view of the charts.

Cheers

[RickW00716]

bubble:take a look at this 1hr chart on cable.

See how previous res. became sup. at the 1400 gmt pinbar and then previous sup became res at the 1600,1700 and 1800 gmt bars.

If the 2.0278 sup. is taken out do you forsee a possible fall to 2.0187? (previous res. now possible sup. on 4hr chart)

The 1hr sup/res lines are minor compared to the 4hr lines.

What is your opinion?

[Sundowner]

Thanks for posting the article, Bubble...good confirmation of what you're saying here. Like you mentioned from the get go, it's difficult to find good, detailed information on this topic.

I find your chart analysis most valuable.

Cheers

[homestudy]

bubble:
I would definately recommend to go to his website where you will find some video tutorials that will better explain ,peaks and troughs ,support resistance among other things.

Pring Research - Technical Analysis, Educational CDs, Financial Newsletters and Charting Tools

Very well worth a look.

bubble

Thanks for the link Bubble I just started poking around there and I can already see several must read articles!

[downunderdave40]

Blow Off Trend

Hi Bubble,

Have just read your thread and I must say it's a breath of fresh air. I was getting very tired of trying all of those indicators that just lag behind price action. I'm just trying to identify some of the trend types and wanted to know if I've correctly identified a Blow Off Trend. I've included 2 pictures. Are they both correctly indentified?

Also, once you've placed you 3 blank indicators onto your chart do you adjust the screen with the bars in it to make it larger or do you just leave it as is to get the same view as you have on your screen?

[steveshutts]

Bubble,

What is that tight range from 43 - 52, what does that represent? I can see that price does fall back into this very tight range, whatever that is, and turns but could you please explain more. I really haven't got a clue what that represents.

Cheers,

Steve

[FXMan77]

ZigZag Breakout

Hi All,

Somebody have a look.

I'm using this indicator for manual trading.

(Was converted from MT3.)

Need improvement...

Thanks

B.