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for gbpsud .. mostly i have gotten this move from 1.9786 and still inside with half position
last eurgbp i had to close my positions when it broke 0.6761 ( now i understand what you said about eurgbp movement ) so in short it is going good the gbpusd support i took from 11th april. Bubble do you mind me posting charts here? ..
I really couldnt tell you because i trade an array of instruments this way ,currencies,cfd,index,futures , gold ,silver ,stocks , each week depends on the time and effort i put in , the more hours i work then more trades i take so it really varies from week to week, trading s/r is not about being in out in out all the time hoping to snatch a few pips here and there ,we will leave that to the amateurs.
bubble
Thank you bubble, now it's clear. Looking forward for more classes
bubble, you don't have to put blank indicators. You can change the vertical scale easily in the chart propierties.. or just pressing in the price area numbers (right) and drag vertically.
Malcik, when looking at potential sup/res, is it better if there are a collection of bars(for example 4hr bars) or is it better if it is one or two bars and the price moved quickly away from the levels of these bars?
Malcik, when looking at potential sup/res, is it better if there are a collection of bars(for example 4hr bars) or is it better if it is one or two bars and the price moved quickly away from the levels of these bars?
Hi Rick,
You might have misunderstood... This is bubble's thread and bubble is the teacher here. I'm his student as much as you are
But IMHO, it doesn't matter with how many bars it bounces off. The more, the better... but if the resistance is strong enough, it can bounce off only with one bar and that's it. I think the key is the number of times the S/R is tested and that it's tested from both sides to confirm the role reversal phenomenon. IMHO
a gap is formed in a downtrend when the price fails to test resistance and turns down
If there are a lot of spikes around s/r you could put your lines at the highest ,lowest close.
Thanks bubble for explaining this to us, if you can provide more examples of blow-off trend which has gap, may be we can learn better.
I understand about spike, if only one spike, it didn't count, only if there are two or more spikes, we need to draw line for them.
And about mini-size chart, do you enter on that chart, or you zoom in first to have a bigger-size chart ?
Anyway you propose different view in observing charts, thanks again.
PS. EURUSD H1 is in 2nd test, while H4 seems hanging around in resistance line, this method gives a relax time, knowing that big traders are taking a break too.
Do you use trend lines from higher time frames to get a feel for a reversal on lower time frames. I have been plotting trend lines for several pairs on D1 and s/r on H1 seems to line up pretty well with the trend lines and when the pair continued on their trend.
Thanks!
Just wanted to thank Bubble for all the time he's putting into teaching this classic and simple approach.
Looking forward for future posts.
Much Appreciated!!!
Linear Mode
