hehehe picking up kids, doing groceries and running errands are definitely considered having a life as far as a day trader is concerned!
yeah me too wanna do that. drive the kids and wife 
nice life
btw⌠question
now that GU has reached the lowest level in about 8 months⌠how do we set up the support and resistance? we go far to the level 8 months ago? how to do that?
IMO support is a tuff one I dont look that far back but you could I guess. I cant see the chart at work but I generally you are going to see pullbacks and there you will have support and resistance. Other than that another way to do it is close your eyes and touch the screen and that will now be support lol j/k
I would just squeeze up the Daily and the Weekly timeframes and see if anything leapt out at me. Having just had a quick look, I would say that there is an interesting level kicking in around 1.5340, not a great deal of significance before then. So I would look at PA on the lower timeframes if looking to short between current Price and that level. 1.5500 gave a little S&R in the past, but nothing too significant in the last year.
ST
IMO support is a tuff one I dont look that far back but you could I guess. I cant see the chart at work but I generally you are going to see pullbacks and there you will have support and resistance. Other than that another way to do it is close your eyes and touch the screen and that will now be support lol j/k
grins
then i will consult my crystal ball for second opinion and see the moon position over the alpha star the night before.
I would just squeeze up the Daily and the Weekly timeframes and see if anything leapt out at me. Having just had a quick look, I would say that there is an interesting level kicking in around 1.5340, not a great deal of significance before then. So I would look at PA on the lower timeframes if looking to short between current Price and that level. 1.5500 gave a little S&R in the past, but nothing too significant in the last year.
can we actually freeze the mt4 not to move to the end of the chart? that will be cool if possible
[QUOTE=villain;280842 can we actually freeze the mt4 not to move to the end of the chart? that will be cool if possible
[/QUOTE]
I use eSignal; very easy to zoom in and out of different timeframes, easy to pause etc., overall very flexible Canât speak for MT4, though, sorry - have never used it. Would be surprised if it were not possible to manipulate it as you wish, though.
There is an icon on the top of your MT4 tool bar⌠its beside the zoom in and out iconsâŚit shows a graph and a play button in the middle of it.
Unselect that and your MT4 wont rush to move back to the end of the chart everytime there is price movement.
hihihihihi
iâm truly a noob :">
thank you niki
so do we need to go back to before 8 months ago to determine the S/R?
Draw a line on a significant S&R level, zoom out of the chart and you can see the same levels coming into play again and again.
It does not matter how long before it happened. Those areas will always have a bounce. a range or a break out.
Indeed, and sorry to hijack, but there is a good recent example of this that I was discussing with a trader friend the other day. EUR/USD Daily chart - I have a line drawn on at 1.4548. The exact placing of lines is always subjective, but that level will give you the idea. You will see from the Daily chart that there were a few touches on that line recently - the first and last weeks of July, and the final week of August stand out. There have been others that are there or thereabouts, but those are the clearest (S&R levels should really be thought of as a zone rather than a line - there will be some bars that fall short, others that spike through, so a line on a chart should really be an indication rather than set in stone).
So the 1.4548 level has worked well as a line of Resistance this summer (indeed, I placed a short order on EUR/USD on 29th August prompted by that level, worked out well), but I think the next bit is the fun part (if youâre a Forex geek like me, anyway, lol!). Roll the chart back to 11th-14th January 2010. Price hits that same level and finds Resistance, before falling back down. You could have traded off the exact same level then, another Short, and it would have paid out - nearly 18 months before my recent trade, but the same setup. The same level caused a bit of a reaction in September and December 2009, although nothing I would have traded directly, but then go back to 18th December 2008 - one could argue that the high test on that day is an earlier test of that same level⌠which held as Resistance. There are other touches.
Anyway, I am rambling, and this is not my PA thread - for which apologies - but as you had asked that timescale questions, mentioning eight months, and I had recently been discussing this example of S&R, I thought it might prove interesting. Try sticking that level on your chart and counting the reactions over all those years. The eight months example you cite is irrelevant - Support and Resistance can function over any length of time, the more touches the better, and for me is the most powerful tool in trading, when used and understood correctly.
Hope you found this ramble helpful!
ST
ST, you are always welcome here.
Many pieces of the jigsaw in regards to my own trading are falling in place thanks to traders like yourself who have helped alot along the way.
I think it was either you or PPF who was telling me to pay attention to H4 charts as they can be of tremendous help in picking entries and looking at directions. I must admit its another solid nugget from you guys.
Had a line at 1.3639 and was telling FX280 im going to buy when it hits. Missed it by an hour. Didnt want to break my own rules and enter a trade with a 50 + pip SL.
Looking at it now it would have been my trade of the week.
Well tomorrow is another day and another opportunity.
What did Obama say??
Its falling non stop!
itâs coincidental that youâre all having a conversation just now about timeframes. I downloaded the Steve Nison candlestick workshop DVDâs the other night, ( not entirely sure about the legality of doing that, well I am, but letâs not go there for now ) and I appreciate it mat be some years old now, but during that the venerable Mr Nison states that if you are trading intra day, you could be watching the 5, 15, 30 and 1hr charts, whereas if you are a swing trader you could be watching anything up to the 1 Day chart. As long as you are scanning at least 60 - 90 data points.
The thing, he says, about intra day trading, is that on the smaller timeframe charts, you may find smaller levels of short term S&R that you wouldnât see on longer time frame charts. The proviso being that you DONâT base a LONG TERM trading decision on a SHORT TERM chart.
I think the point of it all is to use timeframes and S&R levels that are relevant to the amount of time you intend, ( or should I say prefer ) to be in a trade.
Dunno if that helps or muddies the waters any but I thought Iâd share it anyway.
HoG
The Home Of Golf, very good post buddy 
wonder if anyone without stop loss has been hit hard⌠just few days ago i heard someone lost a managed account of one point something million dollar because no stop loss was in place
btw, good point, golf. i only up to the first cd then⌠lazy ass me
but my question was⌠if price has only been going down and down without recent S/R level then how do we determine them. like GBPUSD now or the USDCHF for many months now. if i trade daily with 1H chart, i donât see any support level made few days ago⌠even weeks ago. does that mean price will just go down?
I would imagine if you were trading daily, and were looking at AT LEAST 60 - 90 data points, ( i.e. at least 60 - 90 previous days ) it would be strange if there wasnât some level of support in there.
I wouldnât think price would consistantly head south for 90 days in a row. From what I can gather, if price has reached the same, or very close to the same, level and then reversed, on at least 2 or 3 different occassions. then that level can be classed as support or resistance.
Sure the GU has dropped for a while now, but if you look back through the charts youâll probably find that there WERE levels of support that price broke through. But just because price did break through them doesnât mean they werenât there.
However, being a newbie myself I accept that I could be wrong, but I would imagine there is ALWAYS levels of S&R, however weak or strong, somewhere in the past. Itâs just up to us as individuals to decide on what WE believe they are, and to trade them accordingly.
Learning to trust them however, is a thing I think we acquire through practice and experience. Right at the start of my own thread I remarked that I believe demo accounts to be a waste of time as you donât deal with the same emmotions as with live accounts.
I am now the first to admitt that at that time, I had totally misunderstood the point of demo accounts. If you are unsure of a decision in your live account, demo it ! That way, the next time the situation occurs, you might be better placed to make a more educated guess. 
HoG
Nice post HOG and villian you do have to go back in the charts if there was s/r back then its still valid today another option in fib extensions. I dont like them a whole lot but they do give you a general idea of where they will lie. Another option is if your already in the trade (good for you) trail a stop. if your looking to get in previously stated is your best bet. Me however I would just look at another pair to be honest. Once price moves into no mans land (what I call what you are refering to) it can be fun it is a true test of your price action skills. Apparently I am not highly skilled thats why I look at a different Pair. If your looking to look at another pair may I suggest the aussie dollar it almost at pairty thats a pretty big area of support right there and has a long way to go in either direction before breaking into no mans land
Shucks, thank you for that. Donât know whether it was PPF or me, but certainly I think we have similar components to our trading, and I for one do keep an eye on the 240 chart. It can give a lovely trend when everything else looks a little choppy, so can help with picking bias.
Well done on sticking to your rules - can be tempting not to, but breaking rules is a bad idea in Forex.
And I guess today is the tomorrow that you were looking forward to, but the Americans have kind of made it mixed, unfortunately, arguing about their Federal funding⌠slightly choppy times, hoping for a return to normal at some point! Itâs definitely harder than normal at the moment⌠sighâŚ
I think that that is a very good point - for instance, I have a Daily Pivot on my 5 minute chart, and a Monthly Pivot on my Daily chart. They each work great as areas of S&R on those charts, but are not that much use when swapped over. S&R is reinforced by multiple touches, so on a lower TF chart there is scope for many touches that might not present on the 240, Daily, Weekly etc. It depends on the profit target (in pips), but I completely agree with you. Looking at a number of timeframes, and understanding how they relate to one another, can seriously improve oneâs trading, principally for the reason you outline, imho.
(You have created a multi-quoting monster, by the way lol!)
I think, and am conscious that this might sound harsh, that anyone trading without a Stop, particularly in the current climate, is just asking to get hit hardâŚ
My answer to your question would be that that the sort of fall you describe can be good news - if there is a lot of space before the next clear level of Support then that can point to a lucrative trade, the sort one often finds when Price is making all-time highs/lows.
In my experience, Price rarely just drops like a stone for too long without finding some form of Support or retracement, even if that does not hold for long. So there are often - but not always - Entries to be had. But it brings us back to one of the basic principles of trading: if the chart is not clear, or not giving a setup, move along and trade something else, or sit out until the picture becomes clear. A handful of trades a month can make a nice living, as long as they are the right trades. So if Price is plummeting, finding no obvious Support and not giving an Entry, I never leap in to catch some pips. I let it fall and come back when something there fits my strategy.
Excellent advice - no manâs land is definitely a concept I agree with!
I think that if a pair is not clear, then moving on to another, or sitting out until the picture clears, is great advice. I also use Fib to highlight S&R levels, but really often find that PA and a visual scan of S&R zones give me enough.
Anyway, apologies all for this (even worse than usual!) ramble, just seemed to be a lot of food for thought on this thread this morning. And not many trading opportunities I fancy, given the US chaosâŚ
ST
PPF - 4hr chart, donât make me laugh, not that Iâm knocking it, but when you think about it have you ever seen me mention the 4hr chart - I donât think so.
But, nothing wrong with the above advice, nothing at all, itâs just not my trading style, I trade off one chart.
What you have to remember is there are strategies that will suit your trading style, some that wonât and total rubbish that just wonât work for anyone, and the stuff here is definitely not in the lastmost.
At the risk of stateân the bleedân obvious⌠Down bias?