Welcome to Forex-TSD!, one of the largest Forex forums worldwide, where you will be able to find the most complete and reliable Forex information imaginable.
From the list below, select the forum that you want to visit and register to post, as many times you want. It’s absolutely free. Click here for registering on Forex-TSD.
Exclusive Forum
The Exclusive Forum is the only paid section. Once you subscribe, you will get free access to real cutting-edge Trading Systems (automated and not), Indicators, Signals, Articles, etc., that will help and guide you, in ways that you could only imagine, with your Forex trading.
Elite Section
Get access to private discussions, specialized support, indicators and trading systems reported every week.
Advanced Elite Section
For professional traders, trading system developers and any other member who may need to use and/or convert, the most cutting-edge exclusive indicators and trading systems for MT4 and MT5.
You know, I put BuyStop above a resistance and SellStop below resistance. It works!
I go with the trend, not the other way.
Besides noone said that if the price bounced off a level it will bounce off the second time.
Oh and "bounces off twice from a level" basically means not 2 bounces in 2 1-hour bars but a double top/bottom! Read some on chart patterns and you'll understand me.
And start learning! Forex Education, Forex Training, Beginner's Guide to Forex Trading - BabyPips.com - free resource, great resource, lots of information for everyone.
I use S R too but mix with higher time frame then down to lower one ...before you decide to take a position ..first determine a global trend then local trend ...take only position with same direction with a global trend ...
I use S R too but mix with higher time frame then down to lower one ...before you decide to take a position ..first determine a global trend then local trend ...take only position with same direction with a global trend ...
As a matter of fact - I've tried using S/R lines as entries but I traded against trend if the line was not taken. Its good if the market is slow and ranging. But it eventually killed my demo so I stopped. That was few years ago. S/R lines work but should not be the only trading tool in your arsenal. During trend moves S/R lines are ignored so you can follow the trend when S/R line has been broken and price closed above/below resist/support.
In addition to the many suggestions given here, you may want to spend some time, read, study, and understand bubble's thread on support and resistance.
And that is why I wrote it all. You have raised one of the major issues on the Forex market, and not only on Forex. This is about how to precisely find levels of resistance and support.
I’ve read a lot of literature at certain time and saw that each author has its own criteria for determining levels of support and resistance.
Some use formula calculations; some take those levels of Fibonacci, some use maximums and minimums.
And there is no agreement between them.
I, too, in due course, for a very long time drew levels of resistance and support as you did them.
Until came to the real trader’s site Masterforex-V : Three books about FOREX. Trade secrets from the professional trader. .
After reading his book I realized a lot and not just support and resistance levels, but also how to trade profitably.
I began asking him by mail and he told me little bit more than is in his book and told me he is still in process of writing other chapters.
Now I am very grateful for what he has helped me greatly at the time when I had lost my hope of earning with Forex, he returned me my self-confidence.
Thanks very much for the links. They contain a lot of useful stuff!
Can you clarify the meaning of this phrase as you are communicating with this person?
“Different levels of resistance / support CLEARLY correspond to different types of trends (when you consider 4 types of trend – then 4 networks of levels of resistance / support correspond to them ... if you use 5 types of trends for analysis – then 5 types of networks accordingly).” Masterforex-V : Three books about FOREX. Trade secrets from the professional trader.
What are kinds of trends?
What are the 4 grids of resistance and support levels?
Hi Archie 2000, One of the reasons why you may be having problems is that you are using the rules that someone other than yourself created. I would suggest that you consider doing four simple things to help yourself to create better entries and exits.
1. Try using a one hour chart or a 4 hour chart, the higher you go in time frames the stronger the support and resistance levels are.
2. Spend several hours per day and scroll back a minimum of one year and then slowly scroll forward and create your own rules based on the observations of archie 2000.
3. Forward test your new rules/system in a demo account. Use the exact same leverage that you would be using if trading on a live account.
4. Use an honest broker if you think you are having problems with the one that you have. Set up another demo platform with a different company and put on the exact same trades and if your take profits are getting closed out properly in one account but not another then you need to find a better broker if it happens all of the time. But certainly clarify first that it is the brokers fault and not your trading first.
That means I use other people's rules for determining the resistance and correction,
Is it so that in the market, they are not all the same?
1. Is it so that there is no correlation between H1 and H4 timeframes?
Or there are different resistance and support levels there, which is dominant?
2. This is how I understand the history testing, that is, I try to see these levels in history?
3. Is it so that it is better in demo, my broker told me that it would be inappropriate to trade on demo. Strangely, he could do so specifically so that I lose? ! !
4. in continuation of the post 3 three can be that actually broker was not honest.
Thank you for your good advices.
Hi Archie 2000, The best way to answer your questions would be to take the advice of fxcruiser and look at and study "bubbles" thread for trading S/R levels.
Quote:
Originally Posted by Archie 2000
That means I use other people's rules for determining the resistance and correction,
Is it so that in the market, they are not all the same?
1. Is it so that there is no correlation between H1 and H4 timeframes?
Or there are different resistance and support levels there, which is dominant?
2. This is how I understand the history testing, that is, I try to see these levels in history?
3. Is it so that it is better in demo, my broker told me that it would be inappropriate to trade on demo. Strangely, he could do so specifically so that I lose? ! !
4. in continuation of the post 3 three can be that actually broker was not honest.
Thank you for your good advices.
Hi Archie,
There is no fixed rules in forex.By your experience you will learn lot of things,which you will never find in any books.Develop your confidence, you will surely win in this field.
Well, as I understand it, books bring basic knowledge and not only interesting thoughts and ideas also.
About the victory - thanks to the good words.
use fibonacci level its more accurate than piovt.sub/res take alook
Your tactics is very similar to my method of analyzing.Really fibbonacchi gridl gives strong resistanse and support levels especially if they are crossing in one area.
there is 50/50 chance the price will break or bounce back from support or resistance. We never know where the market will go. That is why you need stop loss to protect your capital.
It"s interesting,how do you trade so?If You dont know in what direction the price will move later?
Linear Mode
