Subscribing. Very nice thread
Hi Muneeb
It’s an indicator I downloaded here Trading it | Learn to Trade on the Foreign Exchange | Free Forex Training Courses | Free Forex Signals | Forex Trading Tutorial | Learning Forex | Learn to Trade on Forex | What is Forex Trading
Hi Shiyin
I do consider trendlines as sr levels also, however the real support and resistance is generated from significant previous highs&lows.
I also incorporate a simplified level of elliot wave, find a dynamic move, then wait for the retracement and then trade in the direction of the original dynamic move (hint use a previous high to go long at the retracement and a previous low for a short).
Hi KingKaiver
It depends whether or not I am in front of the charts at the time. I do spend at least 10 hrs per day trading so in most cases I execute a market entry at the levels, otherwise if it’s a trade that might confirm when I am sleeping I will place a pending order with my stop and target parameters in place.
Hope this helps
Hi Greg
Make sure when you trade this system that your zones are highlighting significant highs and lows, once the lows are broken then wait for the retracement and go short leveraging off a previous low, for longs wait till new highs have been generated then wait for the market to retrace back to a significant high to long…look at my chart in my last post , I am currently short on the gbp/yen
This is a perfect example of the system at hand.
I am currently short on GBP/JPY, waited for the break of the previous congested lows, then waited for the retracement back into the red zone and went short as indicated.
1:4 risk reward
awesome am glad i have found your thread before it went far
looks like thats a 15min timeframe on ur g/j chart am sooooo interested in ur strategy
how did u scale down your entry in this timeframe i understand the breaking of congestion low and retracement to the red zone could u take me back to the higher timeframes and down to the actual timeframe u took the trade
could this have been a valid sell and timeframe?av just picked a timeframe randomly to see if i can grasp the concept ur comments pls
tp shd be the last low see than pin
Hi njokie
You can take these levels off smaller tf’s such as a 15m, however I suggest you look at higher intervals such as h4, Daily and Weekly to highlight the zones. I only took this snap on the 15min because the image was a litte blurry on the h4. The consolidated area in red was a low off the H4 chart if that makes sense.
I like the blue zone to be averaged out between the wicks and the bodies, I would of waited for an entry there right on the low, there is no real wick there to create the blue zone…I have attached an example of what I mean.
Hope this helps
wow clear ok thenx i get the idea i will scan for more charts and post thenx for ur prompt reply
30-40% RETURNS per month??
:54:
Yes Ang101
After the successful short today on the GBP/JPY my exit was based on a previous high which resulted in a major support.
I have taken a LONG off DAILY support…If this area was good enough to exit the profitable short on this pair then it is good enough to warrant a long position.
ok am still insisting on knowing how u picked the levels in g/j so is this how you did it?i mean would this be right in 4h
Nice trade…
Hi SR, which timeframe is better to find reliable sr? is it the longer the timeframe the better?
njokie, that is pretty close to how I trade yes, create the zone as you have off the lows, then wait for a sufficient break of those lows, then wait for the first retracement back into the zone for the short in this case.
