PA, S/R, ZL, EXTREMES & MOMO

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ajaymein
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Postby ajaymein » Fri Mar 04, 2011 4:44 pm

OMG I think I am actually nutting in my pants with this 5m EU...will post up charts later!

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karol
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Postby karol » Sat Mar 05, 2011 8:36 am

jarnapal wrote:What do you look when you draw these s/r lines ? I keep drawing then at wrong places :)


Hi jarnapal,
what I do is starting with the most obvious ones - I draw lines at the extremes (this is no-brainer).

Later I look for areas where price may find support or resistance. Something like this:


Image


After finding those areas I would look for places within those areas which may serve as basis for lines. Possibilities are countless. You can use swing extremes, closing prices, wicks, ZL, etc.


Image


Lots of them, isn't it?

So let's get to the point.

In my opinion it doesn't really matter where the line is precisely. I use them only as the indication and a reminder that somewhere there is a supply / demand area.

Pay close attention to lines adjacent to each other. Does it really matter which you choose? No. Results would be more or less the same.



Nevertheless I have some personal favorites:

Image

- recent extremes (blue, red)
- fat cats (red)
- swing highs/lows (either wicks or closing prices) within the mighty zone of the following momo candles (orange, green)
- swing highs/lows (either wicks or closing prices) that after being broken served as the support/resistance for the retracing price (black, green)
- extremes that might potentially be a part of head and shoulders pattern (magenta)


That's the way I look at the charts. Hope that it helps somehow :)

karol
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Postby karol » Sat Mar 05, 2011 8:38 am

Had only two trades yesterday. First one was a little early:


Image

karol
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Postby karol » Sat Mar 05, 2011 8:42 am

Second had a better timing, but I underestimated the strength of this move.

Initially wanted just to scalp it to the MZ, but seeing how fast it moves, I changed TP to the most recent high:



Image



Image

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newscalper
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Postby newscalper » Mon Mar 07, 2011 11:43 am

GBPJPY entry today, hoo bloomin ray:

Image


Image

Now come back so only 1.6 pips up (was 11 or so) good job I didn't move the stop then... will it go back down after aeroing 15 momo or kill me. We wait and see

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FXfreak
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Postby FXfreak » Mon Mar 07, 2011 1:15 pm

long gu 92, sl 80

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es/pip
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Postby es/pip » Mon Mar 07, 2011 1:37 pm

FXfreak wrote:long gu 92, sl 80


i took a loss on that too---------- m5 demand area -8

then shorted off the m5 PA down to next demand for 23


now long off that demand 87 target
Bend over and assume the position for another 4 years of hope and change.

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es/pip
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Postby es/pip » Mon Mar 07, 2011 1:41 pm

missed it


out with a few

charts in a few
Bend over and assume the position for another 4 years of hope and change.

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Postby es/pip » Mon Mar 07, 2011 1:43 pm

looking to get lond again down here once it starts to hold

64-51 area
Bend over and assume the position for another 4 years of hope and change.

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Postby es/pip » Mon Mar 07, 2011 1:45 pm

based on this m15 momo bar we are coming into and the m15 demand area

also h1 momo we are coming back into
Bend over and assume the position for another 4 years of hope and change.

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