That's fine, Raj. I don't mind your questions at all.
The S&R's that I created also have many variables. You mentioned the 2 S's and 3 R's, but then I also have dailies, monthlies, yearlies, and even the decades.
First a bit of a background. My S&R's are not just standard S&R's where a certain reversal point is detected like you would think of most S&R's. They also measure the cycle within a trend. As an example, let's say you measure the WP to the WR1. Let's say you measure the distance of those 2. Now, let's say price continues up and goes past the WR1 after stalling there. It hits the 38.2% level of WR1--WR2. Most likely, the correction will be back to at least the 38.2% mark of WP--WR1. The distance between the reference points is actually the cycle within the range of the trend.
This is also why I encourage to plot a few of the points on and watch the action. This way all viewers know I am not talking through my hat.
Another way to trade my S&R's is purely for the bounce. After it hits the first reference point for that TF have the entry order set to reverse direction and take profit at 38.2%.
The other way I use them is as a confluence with my other indicators. It was so obvious for me to short the EUR/USD at the end of last week, because it hit my WR1 at the bottom of the cloud with the stochastics OB and the SD channel at an extreme. It could only mean the sharp reversal that we had gotten.
Another way is a continuation. Let's say the WR1 is hit, then get a bounce. Now price heads back up, and consolidates on top of the WR1. Enter long and plan on riding it to the WR2.
The S&R's that I created also have many variables. You mentioned the 2 S's and 3 R's, but then I also have dailies, monthlies, yearlies, and even the decades.
First a bit of a background. My S&R's are not just standard S&R's where a certain reversal point is detected like you would think of most S&R's. They also measure the cycle within a trend. As an example, let's say you measure the WP to the WR1. Let's say you measure the distance of those 2. Now, let's say price continues up and goes past the WR1 after stalling there. It hits the 38.2% level of WR1--WR2. Most likely, the correction will be back to at least the 38.2% mark of WP--WR1. The distance between the reference points is actually the cycle within the range of the trend.
This is also why I encourage to plot a few of the points on and watch the action. This way all viewers know I am not talking through my hat.
Another way to trade my S&R's is purely for the bounce. After it hits the first reference point for that TF have the entry order set to reverse direction and take profit at 38.2%.
The other way I use them is as a confluence with my other indicators. It was so obvious for me to short the EUR/USD at the end of last week, because it hit my WR1 at the bottom of the cloud with the stochastics OB and the SD channel at an extreme. It could only mean the sharp reversal that we had gotten.
Another way is a continuation. Let's say the WR1 is hit, then get a bounce. Now price heads back up, and consolidates on top of the WR1. Enter long and plan on riding it to the WR2.
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
