To tell you the truth i’m not sure exactly how many candles just watch your screen and they will appear. I know johnny, i’m such a amature! lol.
Hi Boyfx,
How do u know whether it’s a new S/R or old S/R? Is it based on 4Hr chart?
Thanks.
Trade got stopped out for loss of 26pips
boyfx,
Nice to see you’ve finally woke up to trading between support and resistance but you remind me of a person with a pocket full of money who just walked into his first casino with $ signs in his eyes. Is that blunt enough? LOL.
Now this indicator is just great but your use of it is the core of the problem. Waiting for a blue or red line to trade could take a lot of time and make you go blind watching the screen besides giving you a heart attack with the draw downs.
The inherent problem with this indicator is the unknown direction it is going to take you and it reminds me of my Father’s Sunday drives when I was a child. After taking his “short cuts” to save a few miles we became lost. Now map reading was for people who admitted to being lost which he would never admit to this and besides there wasn’t a map in the car anyway.
Just because we went south for 20 miles and find ourselves back tracking 15 miles to then going west for another 10 miles my Dad knew exactly where he was. R-i-g-h-t! The destination was 10 miles away and we were still miles away.
If you make a sell short and watch the Price Action waiting for a particular colored line to pop up you might just feel like I did on those Sunday Drives. It’s just a law of nature that a body must eat, drink and relieve one self somewhere along the way. The number of hours or days between lines can be many with profits made then lost many times before finally hitting the take profit point you�re directing traders to wait for hours to materialize. Is this really a lesson of patience or are we learning to trade?
The whole point of the Bollinger Bands is to give you an idea where the take profit points are located. A roadmap so you can see the destination in the horizon. The fact that following the Bols and taking profits along the way as I have already suggested will fatten your bank account a lot quicker then this method without the ulcer indicator going through the roof.
The fact that you can see the Bols band all the time you know when the price crosses the line you�re in take profit land. The only question in your mind at this time is do I take profit or do I wait for more. There are no definitive answers to this question but the fact that a profit has been made on the trade is the only thing we are sure of at this time. I will show you an easy way of making sure you haven�t left any profits on the table. Understand nothing is 100 percent right but I guarantee you will always have profit.
It looks to me you are still searching for a system and trying to find one that works. This is quite normal as every trader does this in the beginning and I find some old traders still haven’t found their way. Most are still hopelessly lost in the search or have settled for one that breaks even or makes a little. We can play this game of the latest and greatest weekly indicator forever but you still won�t make any money.
You really don’t need to look any farther as you hit on the winner trading from support to resistance and back again is the key to consistent profits. Now all that is needed is how to make an entry and an exit and learn where and how to take profit. This is a variation from the Barry�s Support and Resistance indicator which is used by many traders. I have used these types of indicators in the past but they put a lot of noise on your chart and you�re still missing a lot of information that you need to trade.
The M5 chart below shows why you don�t need this indicator. The addition of the bols-24, bols-36 and the bols-48 gives you all of the take profit lines as well as a very visual PA consolidation indicator with the bols-12 which alerts you to a no trading zone as well as a break-out waiting to happen indicator.
Please notice there are no blue or red lines on this chart but the bols are still showing profitable trades.
I suggest you trade with both on a demo if you are still a non-believer.
Trade well and prosper,
Johnny
Hey Fxster,
Well it is new support & resistance if it wasnt there when you last looked at your chart. When a new S&R appears( that means what wasnt there b4 is there now) is the new. You then want to buy if it is support and sell if it is resistance. The new support or resistance will become the old S&R once the next new S&R is found.
Example: Say i find a new support i will buy. Then i will wait for a new resistance to appear, exit and look to reverse my position short. The support that i just bought is now the old and i will look to find new support.
Boyfx;)
Hey Johnny,
After reading the first bit i thought ohh god here we go(doing these ones:rolleyes:) BUT…your right! i don’t think i would be having heart attacks over drawdown because i accept the risk and i have my stoploss in. I don’t care if i get stopped out. As long as whatever edge i use puts the odds in my favour i will profit in the end, and that sounds more like a casino not the person that goes into the casino to gamble. Yes i am looking for a strategy to give me that egde, if you can provide that egde then i would be more then happy to learn it.
Thx for the Bols idea i put them on my chart and had a look at it, but…what am i looking for with the diff bols, man if i had to look at that chart all day i would go blind LOL. It looks busy, but i would like you to show me how i can use the bols along with the S&R. I am a believer in that you know what you are doing but you just haven’t really explained how you do things, or i havnt been listening.
This is not some sort of challenge, but show us in detail what it is you do. Post it here or start a thread it would be really good;)
Boyfx;)
Hi boyfx,
You are one of those people in my life that I like to go a few rounds with now and then. If you take me too seriously please don’t because although I’m trying to wake you up to a different view of trading, I know you can take a bit of verbal joisting. It is one of my many failings that I just can’t seem to stop doing, sorry. I have noticed in some of your past post you seem to do the same.
You ask for my way of trading but you are in a hurry for the answer. Please have some patience as I’m giving it to you a little at a time. This is not a one post subject. Did you learn math in one day?
Yes the chart you are looking at now must look pretty busy indeed if you added all four of the bols lines to your chart. Is there any sauce and meatballs with this spaghetti? LOL.
On another chart with just the candlestick PA add the Bols-12 and the Bols-24 or just upload the template below with indicators for entry and exits.
This is the snake indicator with two settings 18 and 24. There are actually four different exit and entry indicators as well as the two bols. On the main chart there is the 2 EMA 3 SMA cross and then the first panel is the 7-3-3 Stochastics Cross. The second and third are the snake indicator with two settings 18 and 24. As most indicators they will repaint so when you see a red dot show below a long green wait for another red to show for confirmation. Only look at the indicators when the PA crosses a bols line including the centerline on a countertrend move.
Have fun,
Johnny
johnnybsmart-7.zip (2.76 KB)
All Traders,
Where are the questions??
Johnny
hi guys
JBS:
heh, some of us have to sleep, you know 
there will be time for questions
it seems we’re jumping from idea to idea pretty fast, i’m getting a bit lost in all ideas i’m taking into count. from this thread, and from others as well.
anyway, about your template. you said that you’re waiting for second red dot for confirmation. you’re waiting for bar to complete, or just to start appearing. also, which entry do you believe? upper or lower, or both (in some order)
thanks
All Traders,
Everybody wants the plan so here’s an outline of the first part of the plan.
FUNDAMENTALS
First things first they say and don�t bother looking for a trade unless you�ve done this first. It�s you�re road map to where your going or at least where your currency pair is heading. Hopefully you�ll head down the road in the same direction and find a pot of golden pips in Pipsville.
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Find an analyst on the internet that you find right most of the time. Sites like FX360.com, Bloomberg.com and many others have analysts commenting about the market. Be careful as a lot of the time they are talking long term and not short term.
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Learn to do you own analysis on sites like Learning Markets.com. If you learn this you will be surprised at how accurate your analysis can be.
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Look at the world markets and find out what�s happening to the Asian, Europe, London, and New York stock markets. If they are not open look at the futures.
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Look at the commodities such as Oil and Gold.
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Create a form so you can jot down the results of your analysis on each pair.
Trade well and prosper,
Johnny
Werry intresting Jonny but remember i and i think more are. You begin well by telling us about sites where we can find the info but at point 3 and 4 you dont tell us where to find it or where to learn it ??
best regards
jgadefelth,
You’re kidding right???
Man did you just get off the banana boat?:rolleyes: I’ve seen you around for a quite a while now so you shouldn’t be new to this.:eek: Try CNBC.com, Bloomberg.com or just google it Dude.
Johnny
Originally posted by jgadefelth,
Werry intresting Jonny but remember i and i think more are. You begin well by telling us about sites where we can find the info but at point 3 and 4 you dont tell us where to find it or where to learn it ??
marcoc,
Thank you for the question and yes I require little sleep. Please reread my previous posts. I haven’t changed my method or system and just adding things for the viewers to see a little at a time. I am looking for you to watch this on a demo first so some questions and ideas will hit you between the eyes.
You haven’t seen the final adjustment to these indicators yet. You need to watch the first template a little longer. Remember there is no sense whatsoever in knowing how the indicators work if you don’t understand the chart first. I will put something together for a future post but we are not even half way there yet.
I have already given you enough (to be dangerous LOL) to make better buys and sells but I will give you some quick hints. One of the following is the initial indicator that alerts you that a buy or sell situation is pending and you better go to the M1. One is a continuation of trend and keep you in the trade indicator. One is the buy and sell now and the last one is if you haven’t sold by now what the hell are you waiting for idiot? You could do everything with just about any of these but you need to see it for yourself on your demo.
Anybody can be told how to drive a car but until you actually do it you will never be able to say to anybody “I’m a vewy good dwyver” LOL.
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Bollinger Band 12
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Bollinger Band 24
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Bollinger Band 36 (optional)
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Bollinger Band 48 (optional)
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Snake set at 15
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Snake set at 24
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Stochastics Oscillator
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2 EMA-3 SMA Cross
[B][U]TRADE THE H1, M30 and M15[/U][/B]
[B][U]MAKE ALL BUYS AND SELLS ON THE ONE MINUTE[/U][/B]
Trade well and prosper,
Johnny
cant find anyone posted the snake indicator so did a serch on another forum and get the snakefx is it the same indicator +
best regards
All Traders,
Ok so you like the snake but remember it can bite you in the butt. If you’re going to watch the snake instead of the chart it could get expensive.
Here is a better version (see new template below) which gives you a yellow warning signal as well. Remember the Bollinger Bands are the stop signs.
jgadefelth quite running the stop signs. LOL.
The best is still to come.
Trade well and prosper,
Johnny
johnnybsmart-7a.zip (1.56 KB)
boyfx,
Where are you hiding man? Are you making any money yet?
Johnny
dont see any difference between you 2 templates one must have all indicators to be able to have the template proper functional i dont have the snake no stopp just the bolls and the stoc
best regards
jgadefelth,
I just tried downloading and found no problem but here it is with the indicators.
Johnny
johnnybsmart-7a.zip (23.5 KB)
ok johnny tell us more
best regards
All Viewers,
Please posts your observations of the template. I need to see through your eyes to advise you any further. This is very important as everybody will learn from your posts. Do you understand the chart and what it is telling you? Have you figured out the indicators and which one to use for a specific purpose? Have you noticed any difference in the chart S & R’s or the indicators as you look at different time frames?
Johnny