Hi Tro,TheRumpledOne wrote:
You can use the 3 Level ZZ on M1 to DRAIN THE BANKS. Trade the reversals off previous support/resistance lines.
I have only come across your indicators in recent time and have been furioulsy reading your forums articles to get up to spead. I like the support and resistance trading method.
I have a friend whom was a pit trader (local) in the UK and owned a hedge fund, whom is particulary talented and wealthy from trading this method. He made substantial money this year and last year trading indexes by going long when the rest of the market was panick selling.
Although this is countertrend trading and definetly goes against the bias of HI, D1 and even W1 candles with knowledge and experience you can trade and win big. My friend does not use any fancy indicators when he trades just support and resistance levels, similar to the DTB method although looks at previous swings points on the daily charts.
Can you please tell me what indicators or download I require to have the setup you have above. I have downloaded the REV8 copy of DTB but it does not appear to have all the indicators above.
In particular I am interested in the following:
(1)The hashed lines (spaced) showing the previous semafor supp/res levels and price.
(2) The Fib levels and lines as well as the dot points on the side.
I take it the Fibs are dynamic and move from one semafor to the next.
I applied DTB indicator on the EUR/JPY the other night/day US time when the pair dropped some 300 pips. I made 4 entries using the 15 min candles all against the 1 hour bias. I was stopped out twice for 8 pips, made 10 pips and then 60 pips on the final low as it bounced.
I appreciate you sharing these tools and knowledge.