I would use the upper zone as there is nothing in terms of support in the middle part of the zone on this timeframe, have a look at the 2 significant highs at the upper section, plus look at my charts below off the monthly and the H4, I have longed the Cable because it has reached some great support on multiple timeframes plus we have had an impulsive move also to add strength to the trade… Let see how we go with this one…Ratio is 1:3+ risk 60pips to reward 200 pips
Hi TopFroxx
Yes this has been an average week in terms of generating this many pips…glad to help
SR, may i ask what pairs you trade? if you trade e.g. all major jpy based currencies (especially eur/jpy, gbp/jpy, aud/jpy, chfjpy, cadjpy), how do you manage trading them? i mean, they are all so highly correlated and entry signals will show up pretty much at the same time. do you just trade one pair then, or all? do you split your lots? i just faced this “problem”, would be nice to know how you handle it.
cheers
Hi TopFroxx
I trade all those above you mentioned, plus the USD/CHF, AUD/NZD, XAU/USD, EUR/AUD, EUR/USD and GBP/USD.
Eventhough many of these pair correlate well together my decision is based on the pairs that have indicated the 2 part process of the strategy, 1) A clear dynamic/impulsive move and 2) A good SR level off a higher timeframe…I will not take a trade on a pair if these 2 conditions are NOT met regardless if it a correlating pair.
I never split my lots, if the trade set up meets my criteria I will go in with full lots, if that means taking 3 trades at once once they have met the requirements then all 3 are valid for full lot execution.
was the aud/jpy trade based on an impulsive move?am trying to locate well i relaise i need to be flapping timeframes i see like u got the impulsive move in 30min or was ur entry purely based on the fact that it retraced to a significant high in daily?
Hi jankes you have your levels soo spot on are you hand drawing them or its an indator that you use?do u strictly take the levels in any particular timeframe.i see ur a grasping SR stratety quite well
am having problems with picking significant highs and lows any help?
As 2os say no setting for this indicator just use the default.
Yes previous H4 big peak, still in play
Thanks SR for awesome method, easy but powerful.
You welcome Peterpiak!
Hi njokie, actually the only level I’ve drawn on this chart is the solid blue rectangle which seems to best second best potential resistance-turned-support area in this case. Those hollow ones were drawn by the trading.it indicator. It’s very helpful in the beginning and usually shows most significant D1 levels. The most important thing when picking them is to forget about time frames lower that D1. That’s what the indicator is presumably doing. Move to D1 (or even W1) time frame, mark levels where the price turned around and only then zoom in to H4, H1 and so on. Don’t pick your levels off any time frame lower that D1 as many of them are intraday and not powerful enough so we don’t need them.
another question about your money management SR: do you set your SL to breakeven or adjust it somehow after your expected bounce came und you are in profit? i mean, you never take the second retest of a S/R level, so you think it’s not as likely to hold as the first time. so i think it would make sense to adjust SL to breakeven, once you are in some positive territory. what are your thoughts about that?
cheers
Depending on how many pips I have achieved, if I am up 200 then I’ll do that, but I rarely touch or move the SL and TP…
ok, thanks. that was the answer i was hoping for. so much less stress if you don’t have to adjust. i like 
lol you’re funny!
what do you say to a eurgbp long? attached is the weekly chart, too lazy to make a second chart with the daily bars. but looks to me like the consolidation from 2008 could be a nice area to enter long now, the daily bars in the consolidation area are looking good to me too. the top of the consolidation range at aroun 0.8050 has already been a support area at the end of june 2010, but not the 0.8 imo. also it’s at the major psychological handle at 0.8000 now. what do you think?
edit: please ignore all the other lines
Do you mind elaborating on your definition of a clear dynamic/Impulsive move? Thanks
Hi billko1977
If you visit page 25 post #247 of this thread, there is a clear definition explaining how I define dynamic/impulsive moves.
Thanks
Hope this helps