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.

Hi Folks

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

Attached Files

OILFXPRO SUPPORT AND RESISTANCE.mq4 (3.7 KB, 234 views)

__________________
developer of professional quality expert advisors for fully automated trading

Thanks el cid...I will take a look at this later!

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?

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oilpro.gif (28.1 KB, 694 views)

I use it on 1 m charts as follows.

IT IS FOR TRADING INTRADAY

Good news is I have a new support and resistance EA to be released shortly


Regards

El cid

Attached Images

support and resistance indicator rick.jpg (246.1 KB, 871 views)

__________________
developer of professional quality expert advisors for fully automated trading

Np Sundowner,

here's a trade I spotted today. Why not join us in fxits paltalk room. Hope to see you there.

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eu-usd.gif (7.2 KB, 769 views)

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?

Thanks a lot.

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.