[Dinerotrader]

Wow, these charts can get very distorted if you post them from a larger monitor and them try to view them on a smaller screen. The arrow is pointing to a break of the prior day's low which I would definitely have played had I seen it in time. I am still doing extensive fine tuning of what S/R I breakouts I would trade but prior day lows and highs are almost always ones I would take.

From what I gather Forrestang, you are also working to trade mostly based on S/R. Did you see the posts in the P/L thread that Thales provided to my chart questions? Pretty good stuff.

Cheers.

[forrestang]

Originally Posted by imorgan »

Wow, these charts can get very distorted if you post them from a larger monitor and them try to view them on a smaller screen. The arrow is pointing to a break of the prior day's low which I would definitely have played had I seen it in time. I am still doing extensive fine tuning of what S/R I breakouts I would trade but prior day lows and highs are almost always ones I would take.

From what I gather Forrestang, you are also working to trade mostly based on S/R. Did you see the posts in the P/L thread that Thales provided to my chart questions? Pretty good stuff.

Cheers.

Ok, I see what you are trading now.

Trading S/R is something I've looked into in the past(as seen in some of the screenshots I posted in that Brooks Thread), but could never get the handle on it. So this time as I'm looking into it luckily I'm not starting completely from scratch. But It's still a relatively new concept to me.

I did not see Thales's post. I don't get around much I think

I will take a look for it.

Forrest


-----EDIT-----
I'm in the thread, where should I start?

[Gabe2004]

My first attempt @ this thread.
2 potential long and 1 potential short.

Gabe

[thalestrader]

Originally Posted by imorgan »

The arrow is pointing to a break of the prior day's low which I would definitely have played had I seen it in time. I am still doing extensive fine tuning of what S/R I breakouts I would trade but prior day lows and highs are almost always ones I would take.

I think breaks of prior day highs/lows are especially hig probability trades in certain markets were the pit still has a lot of influence, e.g. bonds, notes, eurodollars, perhaps the softs and grains.

My experience has been that the S&P's prior highs and lows are often tested by a probing back and forth, and therefore, it is often better to wait for a break and hold. I may be wrong, but that is how it seems to me.

Good observation on the bonds, imorgan.

Best Wishes,

Thales

[thalestrader]

Originally Posted by Gabe2004 »

My first attempt @ this thread.
2 potential long and 1 potential short.

Gabe

Hi Gabe,

Good call on the short. My daghter and I were watching the EURJPY on the 1 minute chart (We're a couple of chart geeks - everyone else is downstairs watching a movie and we were watching a one minute currency chart - we even had a bowl of popcorn!)

The thick red horizontal trend line is one of her resistance points that she had drawn on her four hour chart. After price rallied through it last night (or this morning, I wasn't watching) one would have expected that it would have held as support on a pullback. Instead, price sliced right through it, chopped back up to, and you can see how that resistance reasserted itself as such. She didn't trade it, but she was tempted.

Your higher buy point would have been a break above that red resistance level. A recovery above there would likely have resulted in a retest of today's high. As it is, the EURJPY looks like it may be heading back to 133.37-133.50 before the weekend comes.

Thanks for sharing with us Gabe - please keep it up!

Best Wishes,

Thales

[thalestrader]

Here is the one hour EURJPY as of 10 PM EDT. It will be interesting to se what it looks like come morning.

Best Wishes,

Thales

[thalestrader]

One last chart for the night, this is the 15 minute GBPJPY. Never traded it myself. I do not think my daughter has, though she may have once or twice for all I know.

But whether its PoundYen or Potatoes (anyone here been trading since before Potatoes went off the boards for good?) S/R is all the same.

I imagine that if price were to drop below the small blue trendline at 155.94, that might be good for a 50 tick +/- drop. I know folks who scalp all week long and don't manage to come close to putting 50 ticks in their account, let alone their pockets. Of course, it may not drop that far. It may drop further. It may not drop at all. But, if I were a betting man ...

Best Wishes,

Thales

[Dinerotrader]

I was looking at the same thing Thales. That is becoming a pretty flattened out pattern on the 15 min chart. Now I just need to figure out how to put in buy/sell stops correctly so I can go to bed and wake up to see how my trades went.