Did you mean PVSH? I don’t see a PVSL at 1.3769.
I took a long and got out at 1.3382 yesterday. Couldn’t handle the volatility.
hey BAnk…I’m wondering if something is wrong with my fractals. I see the first low, but not the second. HEre’s the h4 chart. Can you please take a look and let me know what I’m missing?
Sorry amb that was a typo, I meant PVSH. That trade went quite well, I closed out for +93 pips.
Hi amb, after that 12:00pm candle went lower, the fractal disappeared off the 4:00am candle.
Thanks Bank.
USD/CAD closed out. Bought @ 1.0160 and sold @ 1.0227. +67 pips
EUR/USD BE
EUR/AUD Bought @ 1.34897, TP at 1.34060 +83 pips
EUR/JPY Bought @ 105.76, TP at 105.1 +75 pips
GBP/USD, Bought @ 1.5789, TP at 1.5841 + 52 pips.
Overall I @ 300 pips for the week.
One thing I’m noticing that’s greatly helped me this week is that as soon as I hit previous S/R levels, I get out of the trade. I know that goes against the teachings, but I think it’s far easier to move stops and risk being stopped out than have the trade bounce the other direction.
Also, that little explanation of buying into previous PVSLs when the lows are climbing and selling previous PVSHs when highs are sinking sums up the system incredibly well. That helped me this week more than anything else.
Great system.
Way to go amb! Great hearing about your success this week!
I cannot thank Bank enough for sharing this method with us and for providing support/guidance. Thanks Bank!
Have a great weekend all, see you next week.
Hey guys,
Great trading last week! I’m really happy to see how you guys are personalizing the method to have it work for you. Keep it going and keep sharing.
Bank
Hi Bank,
Is your method more suitable for a longer time frames e.g. H4 or it can also be used for shorter time frames such as 30min?
Looking forward to your comments.
Hi pipsaday,
At the moment, I only trade setups on the H4 chart, primarily due to the time I have available. However I have also traded the method on the 30M and H1 charts with great results. So I believe the time frame depends on what suits your trading style, but it works on all time frames.
Anyone else see a short setup on the EUR/USD at 1.3900 level? I just made a fifty pip gain going long on the EUR/USD from the last PVSL and feel a little weird shorting it so quickly.
Hi amb,
We are in the very same boat. I am not trusting EUR/USD for shorting just yet. In fact the H4 PVSL support at 1.3890 is looking like an area of interest for buyers, and the daily is still saying buy. So treading cautiously.
Hey Bank,
Good to see I can watch recognize these now. All of the trades this week with setups are at or near the 00 level which makes me a bit weary. This is usually an incredibly strong resistance/support level but it’s tough to decide if the level will hold when prices approach. So far I’m up about 114 pips for the week and I’m really contemplating whether or not to take setups similar to EUR/USD. Please keep me posted on what you decide.
Hi amb, I think the EUR/USD has its eye on 1.4000 level or a bit higher. I plan to buy that 1.3890 level if tested again at the close of the current H4 candle. Keep those +114. Will be staying out or buying until stronger SELL confirmation.
So I recently discovered this thread and tinkering with this a bit. Currently watching the H4 AUD/NZD and considering an entry.
Rarely if ever have I ever traded H4 and so I’m a bit leery. Everyone else seeing a short there?
Hi Jim, yes there is an 11% fib short at 1.3095. Best to await another close below due to the strong uptrend.
Long EUR/USD off 1.3890 H4 PVSH support.
I have not seen that one at all. Do you think you could post a chart?
Hi Bank,
I was looking at the H4 chart of EUR/USD the whole day and I missed the signal. It was very volatile with prices swinging back and forth as can be seen by the long wicks of the candles. Can you post your chart so that I can learn what I missed? Thanks.
Hi JIM, that should have been a PVSL support sorry. The PVSL I’m referring to is the 8:00am candle of October 24, 2011.
Hi pipsaday, I will post the chart later today as I have to run out now.