SR, I have two questions. Earlier you mentioned you risk 5% and additionally that you take any opportunity available which, I believe, causes you to have a few open positions at the same time. Is that 5% per transaction or 5% per all open positions ?
And also I’d like to repeat the question asked by mooniekool in this post: #592 by mooniekool
The price seems to have already been tested on May 3rd or even April 25th (indicator retrace on lower timeframe) which makes the mentioned opportunity invalid, right ? This is the only thing that confuses me, what to treat as a firsts retest…
Perfect 20s well done!
Manual is always the best way
Hi billko1977
I am glad you are enjoying this method as a newbie, hopefully by utilizing this thread it can eliminate alot of trial and error on your part which you can save time and capital.
Letting winners run is hard at times, but you must show consistent results so that turns into belief in this system, this is the barrier for you right now, it will get easier in time with more experience.
Hi Jankes
Its per transaction/trade…
You find at times that a 2nd retest comes after the waves indicator retraces to zero, If I feel that the SR level is a string one, ie, off a weekly for example then its ok… It will most likely have less success rate, however you can attempt it by using the 1:3 ratio as a safety net…Its a little subjective/discretional however every trade is different, therefore every SR level is different…I do prefer having a combination of the wave indicator retracing back to zero first then using the SR level on first retest…
Hope this helps
Hello SR Player…Thank you very much for this thread.
More than the system the great thing is your helpful attitude…so polite and patient…you make it a point to reply to
almost every query…wonder how could you do that with 40% profit every month…you should be at some house on the beach, most won’t care to post and help others with that kind of money…
subscribing to this thread!
guys where do u get the wave indicator?
The one that SR has works for meta trader and you get it by signing up at tradeingit.com. I use tradestation II and I just use the awesome indicator which appears to be almost exactly the same.
Guys spotted AUDUSD on the 4h, good for shorting? wat do u think?
Looks good…lets see what SRP or some other seniors have to say about this…
Already tested on june 1 on the 4 hr chart. So this would be the second test of that resistance. I was actually in on the first test and got stopped out.
Didnt this already happen on May 28th?
what do you do when each 4 hour candle is making a new low. Which Candle is valid and which is not?
Screenshot?
I don’t know how to do that. I guess I am asking in General. If each new candle is making a new Low/High then where do we take the trade on the retracement?
I guess what I am asking is: can there be more than one signal alive at a time? More than one previous High/Low that we are retracing back to? Sometimes a previous High/Low is broken with every pip.
Be carefull! Seems like you are trying for the SR zone that can be drawn around the 0.9700 line (red line on first image below).
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I agree with billko1977’s post #632: this is going to be a second test. Note that the trade I took off of the previous level can also be classified as a second test but I took it because I had other reasons to believe it had the potential to be successful. I can’t say the same about this level as explained below.
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See my second image below showing the weekly chart. The 0.9700 is a hard rock to go through but I had faith that it will be broken as is evident by trade you can see on my images, taken off of the previous level. But then, note the 0.9400 level below it, coinciding with previous highs. By the time price reach this level it might be out of power to go through it. If you take the trade you suggested and forced to place your TP below the 0.9400 level your chances of hitting TP are diminished in my opinion.
you need to learn to post so that others can give proper response based on your screenshot.
- save the picture from your platform to your desktop
- upload that picture here using image icon (third from the right)
This is how i would do it. In my opinion this would be a valid entry because i would wait until the price retraces to the dotted line which is the mid point between the tip of the wick (low on the left) and the body of the candle (hi on the right). The first retracement did not reach this point although it still would have been a good trade if taken. This is all very subjective to each individual traders preferred point of entry.