How to use Support and Resistance Effectively - page 29

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Bubbling

Hi Bubble,

quick answer here as im in some trades at the moment,

No problem when you have time.

do you understand how to label the charts with the LH,LL etc because from the chart it does not look like it ,sorry to be harsh ,

I thought I did know!

No need to be sorry. I don't think it is harsh of you to say that. In fact it is one of your qualities, direct and clear.

I had the feeling at the time I had overlooked somethng.

if you want some help on this i will summarise it in a post later ,let me know, but as far as i can see that is the major error you made here.

Yes, anything that you think would help.

I will do another chart and post that.

again thanks for your help.

mairangi

 

Bubbling

Hi Bubble,

here is my new attempt at HH, HL, LH, LL on the gbpusd.

does this look better?

mairangi

Files:
gbpusd_1.gif  14 kb
 

The last trade on EUR/JPY. Don't have stomach to wait more profits, this trade make my week positive.

Files:
jpy.bmp  1801 kb
 

Bubbling

bubble:
This is how your chart should look bubble

Hi Bubble,

you have made it easy for me but I post the corrected chart for the record.

My RBS was at the wrong level at 2.0376 and should have been at 2.0347, correct?

The HH, HL,LH,LL look the same as yours, correct?

thanks for your help

mairangi

Files:
gbpusd_2.gif  9 kb
 

Bubbling

bubble:
Look at my chart again,yours is still wrong . bubble

Hi Bubble,

mairangi

Files:
gbpusd_3.gif  9 kb
 

Hi Bubble,

Here's what confuses me. I am noticing too many instances of what I think are S/R.

Please have a look at the chart when you get a chance.

I'm seeing potential S/R at the places indicated by the dotted lines. The S/R you used is the solid line. I can see that as S/R. If you wouldn't mind, I'd appreciate a brief explanation of why the lower dotted line is not S/R.

Many thanks

Files:
eurjpy_9.gif  17 kb
 

Bubble

At the bgeinning of the thread you posted about your 3 classes of trend. How does identifying which trend you are in effect your trading ? (What difference does it make to our interaction with the market).

FX2007

There 3 types of rising trend ,these are

NORMAL TREND

CREEPING TREND

BLOW OFF TREND

A NORMAL TREND is when the price is making a series of rising peaks and troughs and the price does not move substantially into the range of the previous peak quite often in a normal trend the price will come within a few pips of the previous peak before turning back up again these are great opportunities to trade with the trend.

A CREEPING TREND is when the price is making a series of rising peaks and troughs and the price moves back into the range of the previous peak but not as far as the previous trough and then turns back up ,its quite normal to find this type of trend at the beginning of a very good trend.

A BLOW OFF TREND is when the market is making a series of rising peaks and troughs and the price does not come close to the previous peak creating a gap, these normally occur near the end of a normal trend and usually are a very fast move .Its important to check the higher timeframe with this type of trend because sometimes what looks like a BLOW OFF TREND can be a retest of a peak on the highertimeframe so its important to distinguish between the two in order to know where to set the profit target.

REVERSE EVERYTHING FOR DOWNTREND

 

Bubble, what a great thread i've just come accross, i've been trying to use support and resistance for quite a while now and have had some success last few years.

Your time and efforts are most appreciated.

 

Trading higher timeframes

bubble:
Dave ,

you are absolutely right in your post above,however s/r can be traded from any timeframe using the same principles ,however the smaller the timeframe the more difficult it gets .

The trades i have posted are from the 15min with confirmation from the 60.

Although 15/60 is not my preferred combination due to the higher stress levels involved from more frequent monitoring, there where some great trades which carried a high risk reward ratio and visually were worth posting for you to learn from as the principles of s/r are the same no matter which combo is used.

bubble

Hi Bubble,

I noticed that you prefer to trade higher time frames than the 15/60 min. May I ask are the principles the same or are there additional factors to take into consideration. Like trading across news articles etc.

I took what looks like a near perfect setup on the EUR/CAD in H4 yesterday. I'd appreciate your comments, good or bad.

Brilliant thread, thanks as always.

Files:
eurcad-240.gif  9 kb
 

Hi Bubbles,

thanks for the quick reply. My bad, I guess I need to concentrate more on what you are telling us here. I will re-read everything again.

Thanks for clarifying trading S and R in the higher time frames.

I am truly amazed by your patience and the fact that you are prepared to help us all this way....you are an inspiration. Thanks again.

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