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First, I determine the trend on the higher time frame. So to label the 15 min chart, I look at the 60 min chart. So I bring up the 60 min time frame, and mark the swing highs and lows. Then change the setting for the chart you have just marked to the 15 min time frame. If you try to mark the highs and lows on the 15 min time frame directly, you will experience the problem that you are having. Which is that you will have highs and lows marked that are not visible to a 60 min time frame player.
Then, there is a difference between "swing points" and a "swing high" or a "swing low". A swing point is a bar that has a lower high immediately before it and after it, or a higher low immediately before it and after it. However, a swing high is the first swing point once the previous swing high has been passed. What complicates the issue is that a swing low (in this example in an uptrend) is only confirmed, once the next swing high has been passed upwards. Which means you can spend quite a long time thinking "was that a swing low made just then?". You've no way of being sure until the high has been breached.
To confirm an uptrend, Bubble would wait for a Low, a HH, then a HL (which is only confirmed once price has passed the HH upwards) on the higher time frame, before looking for the SBR line. At least, that's what I think.... if I followed him correctly.
I've put on a couple of 60 min EURJPY charts with some of these points on them.
PS I am not sure if that is how anybody else does this, but that's how I do it. In addition, I have to say the charts only started to make sense to me once I had seen some kind of market structure forming.
PPS. This is video very good as well if you haven't seen it. From the LBR site. Linda Raschke MarketVu presentation part 3.
PPS Basic questions are GOOD ...... the more basic the better, I find
Hi Starfish,
Nice and informative post. Great video. If you have anymore links to such informative videos, kindly post them.
Thanks and regards
R. S. I.
I would like to know if the "bubble fx room"on paltalk.com is free?
and open to all?
Yes jimprice, its free. A small group meets there each day helping each other to find trades and to better understand this system. Anyone who's interested in Bubble's method is welcome. The room is most active between about 7.00gmt and 15.00gmt.
I am giving my support and resistance indicator for free use to this community.It requires regular resettin when lines go sig zag but it is usable.It draws hourly support lines for the next 3 hours with a grid gapping
I am giving my support and resistance indicator for free use to this community.It requires regular resettin when lines go sig zag but it is usable.It draws hourly support lines for the next 3 hours with a grid gapping
I am giving my support and resistance indicator for free use to this community.It requires regular resettin when lines go sig zag but it is usable.It draws hourly support lines for the next 3 hours with a grid gapping
This is what I get when i load it onto chart...plus it nearly locks up my computer...Do you have any recommendations/settings to prevent this?
Thank you for continuing to post here. Thick as brick me and finding it difficult to learn even with all the help. So I appreciate you keeping the thread alive.
Cheers
Np Sundowner,
here's a trade I spotted today. Why not join us in fxits paltalk room. Hope to see you there.
Support/resistance levels and their use in trading
Hello, friends.
Could anyone help me, please, with support and resistance levels?
First, I’ll shortly tell my story.
A year ago, in September, 2006, I’ve met my friend which I haven’t seen for 5 years after finishing school. We’ve met in a cafe. He arrived on a luxury Porsche Cayenne and told me his story of reaching material well-being. I knew that he is a trader on financial markets, including Forex. Of course I was interested what does it mean “a trader” and he offered me to see his trading at home.
Next day I was in his trading room in a beautiful residence watching at his workplace and dreaming of myself sitting at the chair and earning money as he does. Four 21”-monitors, a fast internet connection and an uninterruptible power supply system – an impressive set of tools he has. He turned on the computer, launched his trading terminal and told me not to ask anything during the trading, just to watch, and that he will try to explain what he is doing. And easily earned 4000 dollars in less than 2 hours… After this demonstration he explained that trades on Forex for 7 years and gathers stable profit last 3 years. He gave me two books and said that he started his way on Forex from them. It were A. Elder’s “Trading for a Living” and J. Murphy’s “Technical Analysis of the Financial Markets”. After listening to his recommendations I went home and started to trade at the demo account and read his books. I like the books; they are interesting and easy to understand. In a month, my demo account has grown twice and I consider myself to be ready for real account.
I’ve opened an account with 10000 dollars and started to trade very carefully. I was receiving some profit and at the end of the month of such careful trading I had 5000 dollars more. After withdrawing of half of that profit, I decided to use more aggressive tactics to increase profit. But the result was disappointing – in the next month I’ve lost 60% of my deposit. Now I had only 7500 dollars. It provoked me to fear of trading. I had to restore my deposit and tried to do it but… 2 weeks later my depo was gone.
I started to read the books again trying to find out what have I done wrong. Now I see that there is some inconsistency between two authors, sometimes they recommend to do absolutely different things in the same situation.
And now I ask a question to you, dear traders.
How to identify the support and resistance levels? Or it is impossible?
Someone says that it’s better to count waves; others trade from one support/resistance level to another – what is the best?
Hello, friends.
Could anyone help me, please, with support and resistance levels?
.....
It’s a very important theme, I think. Breakout of or bounce from a significant support/resistance level can determine the price movement direction for months.
Linear Mode
