PA, S/R, ZL, EXTREMES & MOMO

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newscalper
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Postby newscalper » Wed Mar 30, 2011 8:28 am

Maybe this will help some (no one currently on the thread as you're all great traders but new visitors) and goes right back to some of TRO's teachings about 'with candle colour'. Of course you don't have to do it but it's a great 'safety valve' - it can prevent some spikeouts, the downside is you don't get in at such a good price.

This chart is a good example. Extreme levels have been noted on the 4 hour chart.
Image

The line we are currently at, from previously, we might expect price to go short. Note on the 1 hour chart that previously if we wait for BOTH 1hr and 4 hr to be red we wouldn't get spiked out. Look at the 4 hour chart again and imagine entering around the 4hr opens in the correct direction, travelling away from the lines...WOW :shock:

Image

So now, we are at a line, expecting to go short (maybe, it's already been tested a few times though and might break through) How do we know which way to go. OK, our bias is short but currently we don't trade short because 4hr candle is still up (if we want more risk for a better price we might go with hourly colour only, or if more advanced disregard colour altogether).

1hr is showing some action that price may be turning again. If it makes a top on the hourly, a new 4 hr starts we get 15 minute momo with both 4hr and 1 hr red, we can look for an entry short.

If however price has fallen back to our line we get 15 minute momo and both 1hr and 4hr are up, we think about going long (s/r flip).

All illusory of course but it can help. 'Training wheels'
Last edited by newscalper on Wed Mar 30, 2011 8:32 am, edited 1 time in total.

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pika
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Postby pika » Wed Mar 30, 2011 8:28 am

TygerKrane wrote:Does anyone pay attention to the day open price, as a line to observe for PA?

O H L C of current and previous Day, Week and Month. These are pretty reliable S/R zones. I mark them on my chart.

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ajaymein
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Postby ajaymein » Wed Mar 30, 2011 9:00 am

Took profit +9 on this drop...way early but got into GU short

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Postby ajaymein » Wed Mar 30, 2011 9:03 am

Currently stop moved to right above that high...gonna move to BE after this M5 close

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Postby ajaymein » Wed Mar 30, 2011 9:08 am

Closed +8

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Postby ajaymein » Wed Mar 30, 2011 9:15 am

Currently in a D1 momo area dating way back

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Postby ajaymein » Wed Mar 30, 2011 9:21 am

Got out of that -6...not a smart idea to short EUJ this all bear candles are getting taken out pretty quick

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Postby ajaymein » Wed Mar 30, 2011 9:26 am

short GU

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Postby ajaymein » Wed Mar 30, 2011 9:29 am

not gonna post the whole screen anymore bc don't think it does anything for anyone and I gotta go to damn paint and erase my balance info everytime

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Postby ajaymein » Wed Mar 30, 2011 9:32 am

EUJ looks like it spiked and that M15 momo may actually run good...

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