Might be… I stopped using it coz got stopped out unnecessarily a number of times…
PS: also, note that your MT4 has to be always on & connected for its trailing stop to work…
Cheers
Hi Dudest,
Greetings to you and thanks for taking the time to reply and for sharing the relevant links.
I am doing exactly as what you have suggested with regards to plotting S&R on close only/line charts and then observing the same on candle charts - I too consider S&R as zones rather than lines.
Another observation - It is pure co-incidence i guess - I am reading page no 101 of this thread and post number 1005 which happens to be your post on this thread too.
Will do as advised.
Regards
Floyd
There is one major problem with using line charts to mark S/R and that is you are missing out on a lot of information. We can learn a lot by seeing how price has closed. Has it managed to close above or below an area? or did it pop through and make a false break being rejected? This can be critical to whether a level held or or is holding or not and you will miss this with the line chart.
Johnathon
Dear Johnathon,
Sincerely appreciate your concerns & inputs.
The way I proceed is as mentioned above for preliminary plotting the S&R lines and as mentioned by Dudest adjust the S&R lines as per the candlecharts. Also, I consider it as a zone rather than a line.
As suggested by you what I have definitely observed is that the FSA and FRA can be properly identified if one takes into consideration the candles.
So would be definitely combining both the methods to get a better picture.
Personally when I start with the candles I end up plotting many S&R lines and my charts look like a cobweb.
Thanks for your concerns.
[B]PS: Would appreciate if you could share a snapshot of the chart settings that you use on pepperstone mt4 software - to enable me to adopt the same so as to be able to post clean charts on this forum.[/B]
Regards
Floyd
Hi Dudest,
Just one off topic question in the links that you have provided above - There is a mention about ICT’s thread/videos/webinars for learning how to plot S&R lines - would appreciate if you could share the relevant link for the same.
[B]PS: The objective is just to try various methods for plotting S & R lines/zones as each trader is different without complicating trading.[/B]
Thanks in advance
Regards
Floyd
Hey floyd) I am not a senior member but may be i can help you.
1.Candle stick charts are more visually appealing and easier to interpret( for plotting S&R levels) as compared to the line charts.Secondly price action traders need some strong price reversal signal to enter the trade which you can,t see in a line chart.That,s why most traders these days do trading on candle stick charts.I personally believe line charts and bar charts are outdated these days.
2.Forex Market Hours .Just put your local GMT time zone.
3.UK and US sessions include the market for the high volatile forex major pairs but you can also trade a lot of other good volatile pairs in the asian session.And you dont need to wait for any session whenever you have a A+ good probability set up just hit it.But you will see major movements during those trading sessions specially when two sessions overlap each other.
Hope this helps.
Thanks.
Tahir
Yea trailing stop is a great function but get connected on your MT4 is the ugliest part of it( .And dudest how you manage your overnight positions then or in those cases where you can,t look at the screen all the time? How you can move your stop losses while sleeping?
waiting too see what the EU does, the h4 formed a small pin looking to see if i get PA signal off previous resistance.
Weekly triple top. And on the daily chart BEEB. Did not take it right away due to uptrend. But since it broke the trendline, I would consider it as downtrend. How do you see this?
Hi Tahir,
Greetings to you
Thanks a million for your inputs.
Regards
Floyd
Rather optimistic trendline. Why didn’t you draw them on the lower points? I see much clearer with S/L lines and have completely removed all lines of any kind except the KHL.
Dear Johnathon and Seniors,
While defining a pin bar one of the conditions mentioned is that the open and close of the pin bar should form within the previous bar - just inquisitive to know what is the logic behind this.
Why are candles which meet all the other requirements of a pin bar are not considered when the open and close is not within the previous bar.
Would love to learn from you all the specific nuance for mentioning so.
Also, i guess this nuance is relevant to forex markets only (as we do not expect gaps unless it is due to overnight news releases).
Thanks in advance
Regards
Floyd
I guess to each his own.
Maybe, but if you were trying to predict a trend reversal with that trend line it failed miserably…several times.
Russ
Tucson
nah, it just closes out the lots you specify, at least on fxcm trading station 2. so buy 3 lots, sell 2 lots, means you’ll have 1 lot still running.
I have to try merchant prince idea, didn’t realize we could close it out the other way.
Hallo Floyd,
In that link, I was just acknowledging what others had said before (that there are different ways), then proceeded to explain how I do it. I have not watched/read how ICT does it ( don’t need to ), so I can’t help you there.
Just remember to keep it simple. Two lines are enough. One above current price and another below.
Post up your S/R zones as you draw them, and we all can compare & learn from each other.
Cheers!
Very nice setups dudest thanks for sharing) EURUSD and EURJPY are correlated pairs i think because more often they move together and we are going to have long entries on both of them.In case of a strong PA i will split my position size for these two pairs.
