Originally Posted by Malcik

Hi el cid,

Thanks for this encouraging chart... However I know how I would have traded any chart like a pro when I see it complete... the problem is how to do it with the same results when you don't see to the right of your screen

So how do you determine such entry points in real time?

Originally Posted by bubble

I am having some real problems with logging in to the forum lately dont know if any one else is.

Malcik

When you have identified an area of support look at how many minor swings there has been to this support ,enter on the second or third swing back to support , so the price would have to bounce of your area of support at least once and move higher then return to support place the stop loss under the low of the lowest swing.

For the exit assuming the trade goes ok find the last peak, when the price hits this peak move your stop to B/E +1 and close half your position ,let the other half ride because if your trade is with the trend the price will normally go to the next peak, if your taking a counter trend trade exit at the first peak.

Dont forget to note any points of resistance on the HTF when looking for the exit.

I hope this clears up some of the points you raised.

bubble

Originally Posted by bubble

Guyver,

Looking at the chart the support area is a bit lower if you look at my chart you can see it should be on the first peak lower down ,the price went up made a new high and then retraced back to the previous area of resistance which now becomes support , we enter the trade on the second retrace to support, if the price did not come back to retest then there would be other trades.

You can see on the 60 min chart how the roles of s/r are reversed as that trough on the left now becomes resistance and that is the exact same line from the 15 min chart.

On the 4 hourly we can see how the same line was tested 4 times before the price went lower, that same line again reverses and become resistance.

This trade may be a reversal , which ever timeframe i trade on thats where my target comes from so in this case i would of targeted around the 6793 mark as that is the next peak.

The eurgbp is not very volatile so its important to remember not to expect 100 pips from a trade on the 15 chart for this pair i would look for 4hrs upwards timeframes.

bubble

Originally Posted by bubble

Malcik

1) no rules for exits as of yet - whether taking a loss or a profit

Dont worry about the exits yet , concentrate on finding the signals and s/r lines, i dont want to throw it all out at the same time ,then people will get more confused, one step at a time ,it took me a long time to learn this stuff dont pressure yourself.

When trading this style we are first looking for a turning point around a peak or trough then we draw in our s/r lines if you try it the other way round then it become more difficult , so to make it easy just look at a chart of past price action start from a low or a high and see how the troughs or peaks interact then place your lines in one at a time then look at the higher timeframe one at a time , the confusion here comes with the s/r role reversal on the higher timeframes , think in reverse ,read the whole section again do a google etc.
Place a moving average on the chart if it helps you to see the turns better ,dont ask me which one.

2) no idea as to how many trades are performed over a certain time period on average (maybe I'm overtrading one pair and should take fewer trades per pair but on multiple pairs)


There is not a preset amount of trades to take we take what looks right according to our analysis when they become availble, trade 60 min and upwards ,trade only with the trend on the HTF, why all the effort trading 5,15when a few good trades on the 60m will give you more than enough pips and less stress.
This style if applied correctly is very high reward with low risk because we buy at support and sell at resistance therefore we know where to place our stop if we are wrong then we will know very quickly and wait for another opportunity.


3) problems with detecting trends on higher TFs

Can you elaborate on this one a bit more.




bubble