Price Action, Fibos, Pivots and S&R Trading setups - Continue from here

robertrfx · October 21, 2013, 7:40am

Cable formed nice double top formation and that is what I am looking at the moment. Expecting this pair to drop at least 200 pips to 1.59 before continuing the bull run again.

robertrfx · October 21, 2013, 7:43am

Also Gold looks very good with the current Daily chart pattern. Worth a short trade

perryfx · October 21, 2013, 9:43am

Hello Rob,

I am with you on this trade. Let’s see

Good Luck Bro
Perry

robertrfx · October 24, 2013, 8:33am

Looks like Gold changed the sides. Need to be cautious at this stage.

robertrfx · October 24, 2013, 8:36am

Hey Perry,

Mixed results with Cable so far. Better to wait for a possible signal.

perryfx · October 28, 2013, 7:19am

Hope you had a wonderful weekend.

True Roberto. Going here and there without a proper direction.

robertrfx · October 29, 2013, 8:08am

Woh Perry you are a Master Contributor now. Congrats !

Finally took the much awaited Cable short.

robertrfx · October 29, 2013, 8:10am

Still same levels and 50/50 to both sides.

robertrfx · October 29, 2013, 8:13am

No idea on EUR at the moment . But 1.40 really possible with recent bullish trend.

robertrfx · October 29, 2013, 8:32am

I would like to explain how I do level trading …

Of course we can do level trading in small time frames. But there may be several levels and it is not easy to identify the winning levels. Also you cannot go for higher pip target.

However if you choose higher time frames everything is crystal clear. I am not saying this is 100% profitable. But at least you can go for a good R/R ratio.

I Draw all the major, minor support & resistance levels with higher highs lower lows. Then wait for price to reach those levels and see how PA reacting. Then I pull the trigger if I found any suitable PA setup. Check below graph on current EU 04hr chart

ApexPredator · October 30, 2013, 7:03am

Good post Robert, pretty informative… One more question, how would you draw levels when the market is making new all time highs/lows? How would you get your levels in that case?

Thanks.

robertrfx · October 31, 2013, 6:46am

See now we are near the Minor S Level. Still we don’t have a short or long call. But this is a very good area to look for a better entry.

robertrfx · October 31, 2013, 6:51am

Thanks mate. You need to switch to Daily and Weekly time frames to draw all time high/low levels.

This is the easiest way to draw levels.

Draw all time high and low levels ( Major S & R ) by switching to weekly and daily charts. Then switch to 04 Hr Tf and draw S & R Levels ( Minor ). You can do the same for 01 Hour chart. That’s it. Not a big deal. If you need any help just shoot.

robertrfx · October 31, 2013, 6:54am

Cable looks awesome. Closed 1/2 and rest is running .

perryfx · October 31, 2013, 8:40am

Good trading as always. Keep it up

robertrfx · November 4, 2013, 6:30am

Thanks Perry. How are ye ? Still holding this one

robertrfx · November 4, 2013, 6:32am

Hello Perry,

This is for your information. See the power of level trading. There is a high possibility for a reversal. yet I am going to hold this trade.

robertrfx · November 4, 2013, 6:35am

Apex any updates ? Haven’t seen you around

alanamc · November 5, 2013, 2:05am

Wonderful trade and wonderful analysis. Kudos

ApexPredator · November 6, 2013, 1:44am

Hey Robert,

I totally get what you’re saying, but what if there aren’t any levels? Like if the market is going somewhere its never been before, do you just use fib levels?

Great analysis, the fundamentals seem to be moving the market this week.

Happy trading,
Apex.