TRO SR_RR--- Can someone with experience please help?

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PINKPANTHER5
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TRO SR_RR--- Can someone with experience please help?

Postby PINKPANTHER5 » Mon Apr 19, 2010 3:21 am

I was always fascinated by this indicator, but the problem is I notice it keeps changing even when its not supposed to. It has not made a new support or resistance, but still the whole thing keeps changing.. I will post a before and after chart as an example. Since M1 is the fastest, I will use it.



BEFORE..

[img][img]http://i44.tinypic.com/b6yslw.gif[/img][/img]






2 MINUTES AFTER(notice the go long just changed)



[img][img]http://i40.tinypic.com/34euhq0.gif[/img][/img]




In this case the change is not big, but there are times when everything changes and the ranges become like 3 pips away from eachother.


Why is this and is there a setting to stop this?

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Postby TheRumpledOne » Tue Apr 20, 2010 1:59 am

It could change every bar. It is DYNAMIC.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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Postby Fxtraveller » Tue Apr 20, 2010 6:46 am

To be more precise, you see on the screen it says in the white window- 'TRO SR RR 21'

That sup/res shown are of the very last 21 bars.
In your example this is what happened:

1)Price makes new high, new resistance = 1.52641

2) We count 21 bars BACK and Support= 52527

3) 2 minutes after:
Resistance is still there, price is within the range, but after 2 new candles indicator re-adjusts itself.

Basically, just remember that no matter what, there will always have to be 21 bars between SUP and RES.

Number of bars can be changed in indicator set-up. TRO says there is no magic number.

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Postby Fxtraveller » Tue Apr 20, 2010 6:50 am

Oh yes, and its useless if u blindly enter at any time on a tiny TF.

It HAS to be used with using other principles. Zoom out, and enter at off High Time Frame extremes.
You may say 'doh', but it very difficult to be that patient ;) I dropped that indicator eventually.

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Postby PINKPANTHER5 » Tue Apr 20, 2010 2:01 pm

Fxtraveller wrote:To be more precise, you see on the screen it says in the white window- 'TRO SR RR 21'

That sup/res shown are of the very last 21 bars.
In your example this is what happened:

1)Price makes new high, new resistance = 1.52641

2) We count 21 bars BACK and Support= 52527

3) 2 minutes after:
Resistance is still there, price is within the range, but after 2 new candles indicator re-adjusts itself.

Basically, just remember that no matter what, there will always have to be 21 bars between SUP and RES.

Number of bars can be changed in indicator set-up. TRO says there is no magic number.



But in that case, how would you trade such a thing. For example if it says go long and you enter a go long, soon after, the range shrinks and the long even changes to a short sometimes. It changes its signal even when there is no new support and resistance being made.

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Postby TheRumpledOne » Tue Apr 20, 2010 3:33 pm

For starters, I would not suggest using TRO SR RR on the 1 min chart with 21 bars because you are basing your support and resistance on the last 21 minutes. You would want to use 60 or 120 bars.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Postby PINKPANTHER5 » Tue Apr 20, 2010 5:57 pm

TheRumpledOne wrote:For starters, I would not suggest using TRO SR RR on the 1 min chart with 21 bars because you are basing your support and resistance on the last 21 minutes. You would want to use 60 or 120 bars.



TRO....


Are you implying that this indicator works better with long time frames? If so, which time frames do you recommend it working better for. I never used it on the M1, I just used it for the example because it was the fastest time frame.

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Postby TheRumpledOne » Wed Apr 21, 2010 12:19 am

Time frames are conceptual and so are support and resistance.

If price is going down, it is going down on all time frames. The difference comes from your point of reference. It may be lower than yesterday's low but still higher than last week's low. So, where is price? At support?

Price is either making a new high/new low or it is reversing off the new high/new low.

Look at H1, D1, W1.
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