Some of my forecasts
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That was someone I knew that is 85% successful on his trades but continues to bankrupt his account.
The "S&R's" come from my proprietary formula. If you plot them on your chart, you will see how accurate they are and the peculiar action around them.
I use my S&R's along with the ichimoku, stochastics, TL's and standard deviation channel as the total package of my methodology.
The "S&R's" come from my proprietary formula. If you plot them on your chart, you will see how accurate they are and the peculiar action around them.
I use my S&R's along with the ichimoku, stochastics, TL's and standard deviation channel as the total package of my methodology.
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This is an example of what I was talking about earlier. A very good buy signal came in at the crossing of the tenken. The reason for this is that it ranged so far under the cloud. If the candles were just a short ways from the cloud, then just the cross of the tenken would probably not be a viable buy signal. Once it crossed the kijun, it is a good time to double up on the position.
A good time to close the position is at current level. This is because the candle is camped under the cloud. The cloud is fresh. What I mean by that is it has been since the weekly of Aug 15,2010 the candle touched the cloud. After the candle ranged so far under the cloud, it made the cloud strong to able to resist price once price action got to that point.
The best thing I can suggest there is to take the point plot them on your chart, and then do a visual inspection, and see which works best for you. I could also add Murray Math lines and DeMark's.
My S&R's came to be through visual inspection and fine tuning them so I could get to the point they were going to be predictable within any given cycle.
Anything that is static can be backtested, so as an example you could take the levels from July of this year, and then see how August would react to those levels. The ones you listed, along with the ones I added are all derived from basic HLOC, therefore, you could take a calculator and figure them out. There are sites that have a calculator for the levels where you can punch them in and the calculator will bring them up.
Bottom line is they will come with personal observation how to derive an S or R. I did so much personal observation on my own, I literally started seeing this stuff in my sleep.
My S&R's came to be through visual inspection and fine tuning them so I could get to the point they were going to be predictable within any given cycle.
Anything that is static can be backtested, so as an example you could take the levels from July of this year, and then see how August would react to those levels. The ones you listed, along with the ones I added are all derived from basic HLOC, therefore, you could take a calculator and figure them out. There are sites that have a calculator for the levels where you can punch them in and the calculator will bring them up.
Bottom line is they will come with personal observation how to derive an S or R. I did so much personal observation on my own, I literally started seeing this stuff in my sleep.
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This is an example of what I was talking about earlier. A very good buy signal came in at the crossing of the tenken. The reason for this is that it ranged so far under the cloud. If the candles were just a short ways from the cloud, then just the cross of the tenken would probably not be a viable buy signal. Once it crossed the kijun, it is a good time to double up on the position.
A good time to close the position is at current level. This is because the candle is camped under the cloud. The cloud is fresh. What I mean by that is it has been since the weekly of Aug 15,2010 the candle touched the cloud. After the candle ranged so far under the cloud, it made the cloud strong to able to resist price once price action got to that point.
Regards
Raj
I am at 125% profit at the time when I wiped off entire account. That was indeed sad but I have learnt a lesson, I have become very conservative and have started to give high importance to Money Management and Position Sizing.
I try to understand how experienced people follow Money Management. I have set a limit to use only 10% of Margin and limit no of open positions to 5.
So you use a combination to arrive the S&R of your methodology. How do u trade them given you have 3 S and 3 R. Which side would you trade. Would you wait for a direction to hit atleast 1 S or R or just use of direction of the trend. I have lot of questions coming up in my mind
Regards
Raj
I try to understand how experienced people follow Money Management. I have set a limit to use only 10% of Margin and limit no of open positions to 5.
So you use a combination to arrive the S&R of your methodology. How do u trade them given you have 3 S and 3 R. Which side would you trade. Would you wait for a direction to hit atleast 1 S or R or just use of direction of the trend. I have lot of questions coming up in my mind
Regards
Raj
Re: EUR/USD and the NFP
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These are my weeklies. I have a set of charts specifically with only my weeklies on it because I am working with someone in the usage of static S&R's.
For now I make a long story short. I should have drawn the Fibs on here, but here's the sequence for automated scalping:
1. Draw the Fibs between each reference point (WR2>WR1, WR1> WP, WP>WS1, etc.).
2. The entry for the reversal is the reference point.
3. A conservative TP is the 38% point of the reference points.
4. Once the 3 is hit, either their is a strong reversal, like what you see in the picture. If that does not happen, then its a freight train. Watch for a strong.
For scalping and short term trades, use the S&R's in conjunction with the lower TF's--4-hour on down to the 5m, with the ichimoku.
For others watching my S&R's are doable in conjunction with your indicator of choice.
The only thing that cautions would be a strong trend on the upper TF's. If that is the case, then there are many continuations, such as a move from the WP--WR2 with no pullback.
Also be aware that the levels are effective for the entire time (weekly levels during the week), but they are not as effective once the cycle has been completed after they have been hit. A live example of that is the EUR/USD. After the predicted reversal, it is struggling at the WP--1.3385.
Also the measure between the levels is of the cycle for that TF. The cycle on the EUR/USD has completed from WR1 to WP, and so it is now struggling to keep moving before it heads lower. We may not make it back to the WS1 at 1.3295 is unlikely. New cycle limits are measured for the new week, and thus, they start all over again.
As a general rule the range for any TF is between the 1 and the opposite 2. It's the mark of a very strong trend for that TF or a breakaway if the 3 is hit.
rajesh read the above on how to trade S and R! I call it the free milk giving cow !
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These are my weeklies. I have a set of charts specifically with only my weeklies on it because I am working with someone in the usage of static S&R's.
For now I make a long story short. I should have drawn the Fibs on here, but here's the sequence for automated scalping:
1. Draw the Fibs between each reference point (WR2>WR1, WR1> WP, WP>WS1, etc.).
2. The entry for the reversal is the reference point.
3. A conservative TP is the 38% point of the reference points.
4. Once the 3 is hit, either their is a strong reversal, like what you see in the picture. If that does not happen, then its a freight train. Watch for a strong.
For scalping and short term trades, use the S&R's in conjunction with the lower TF's--4-hour on down to the 5m, with the ichimoku.
For others watching my S&R's are doable in conjunction with your indicator of choice.
The only thing that cautions would be a strong trend on the upper TF's. If that is the case, then there are many continuations, such as a move from the WP--WR2 with no pullback.
Also be aware that the levels are effective for the entire time (weekly levels during the week), but they are not as effective once the cycle has been completed after they have been hit. A live example of that is the EUR/USD. After the predicted reversal, it is struggling at the WP--1.3385.
Also the measure between the levels is of the cycle for that TF. The cycle on the EUR/USD has completed from WR1 to WP, and so it is now struggling to keep moving before it heads lower. We may not make it back to the WS1 at 1.3295 is unlikely. New cycle limits are measured for the new week, and thus, they start all over again.
As a general rule the range for any TF is between the 1 and the opposite 2. It's the mark of a very strong trend for that TF or a breakaway if the 3 is hit.
rajesh read the above on how to trade S and R! I call it the free milk giving cow !
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I am at 125% profit at the time when I wiped off entire account. That was indeed sad but I have learnt a lesson, I have become very conservative and have started to give high importance to Money Management and Position Sizing.
I try to understand how experienced people follow Money Management. I have set a limit to use only 10% of Margin and limit no of open positions to 5.
So you use a combination to arrive the S&R of your methodology. How do u trade them given you have 3 S and 3 R. Which side would you trade. Would you wait for a direction to hit atleast 1 S or R or just use of direction of the trend. I have lot of questions coming up in my mind
Regards
Raj
I try to understand how experienced people follow Money Management. I have set a limit to use only 10% of Margin and limit no of open positions to 5.
So you use a combination to arrive the S&R of your methodology. How do u trade them given you have 3 S and 3 R. Which side would you trade. Would you wait for a direction to hit atleast 1 S or R or just use of direction of the trend. I have lot of questions coming up in my mind
Regards
Raj
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Raj, that is only one microscopic point how to add to positions. Nothing about trading is canned when it comes to adding to positions.
There are many ways to discern an entry. The entry we pointed out on the daily would have been at .7635. The trader could have toned the microscope down in knowing the reversal was imminent, and looked at the hourly. The TK cross was at .7233. Then the 4-hour could have been nailed at circa .7400, and then the daily at .7635.
This is why it pays to use all the TF's.
Another thing to keep in mind is that price does not get buried that far under the cloud that often.
There are many ways to discern an entry. The entry we pointed out on the daily would have been at .7635. The trader could have toned the microscope down in knowing the reversal was imminent, and looked at the hourly. The TK cross was at .7233. Then the 4-hour could have been nailed at circa .7400, and then the daily at .7635.
This is why it pays to use all the TF's.
Another thing to keep in mind is that price does not get buried that far under the cloud that often.
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