Support, Resistance & Chart patterns

[nonlinear]

Slip, Thank you for your comments. I have been actively seeking an edge on these alleged support and resistance zones, particularly on the day and hour that each zone is tested. I am seeking certain days and hours where if price is breached it will more often than not break out on a given pair, and then on other hours, more often than not it will retrace. I am also seeking those hours where price only breaks out 40% of the time, but when it does at a 1:3 risk reward, if you follow me. So, I am seeking the support and resistant levels that I can readily test, which happens to be hi/lows, pivots, fibs, etc. I don't really believe in fibs and pivots, for example, but if statistics prove the levels to be true, then I am a believer. Lord knows that others have tested these levels non stop. I don't need to be 100 %correct, not even 35% correct perhaps, just correct enough to profit at the correct risk reward and win rate. I try to think like Vegas; if the house always wins over time, then set the risk accordingly.

[slipshod]

Yep you think exactly the same way I do then - you're taking the approach of researching to find a proven edge, and that's absolutely the right way to go.

After blowing my first forex account I spent over a year trying to find an indicator or rule-based method that consistently worked, firstly to trade manually & later with the goal of automating it. I never reached that goal before "real life" intervened with work that put money on the table and took away my forex time. Ever since then I've only traded the long TFs using the methods described in this thread.

Sometimes I go through periods where few trades run into profit or the market seems determined to hit my stops, but other times there have been simply magnificent trades that more than make up for the tough times. Still have an awful lot to learn. I'm starting to think that trading is an artform that's mastered over a lifetime.

[4xBones]

Slip, how much does the chart timeframe influence your selection of S/R lines?

[slipshod]

Well, typically I'll start with a zoomed-out weekly and add the S/R zones at the extremes, then zoom in and add zones off big turning points a bit closer to the current trading range, and finish on the daily adding more specific zones that aren't visible on a weekly.

As I only trade on daily charts I have no need to look any closer. I guess if someone wanted to trade on, say, hourly charts they'd need to repeat the process on successively smaller timeframes.

Generally though the larger the timeframe the zone's drawn off, the more meaningful that zone is. The same is true of trendlines, reversal patterns, candles and so on (eg a bullish hammer candle is far more meaningful on a daily than on a H1).

[Geges]

Hello SS,

I have not yet watched your videos. But I will @ London open(promise)
I just scanned all the posts to garner a flavor and hence my post.

Your correct.

I just say this:
After 10 years fulltime
300k investment
4 margin calls

I think
I found the way
to trade manually
At least for me

I'm using Bob's method
with a twist
Almost 6,000 real pips
this past month alone

Earlier I studied CJ
& friends to get a
better idea of the
Big Picture

I have concluded
that trading is Art
Or more precisely
A method that works

How to swim ?
Jump in and go
I'm a songwriter
Did you know SlipShod ?


Many Thanks & Blessings

[slipshod]

I'm a songwriter

Haha, I would have guessed poet until you said that. Is your post set to a popular tune so I can sing along?

[Geges]

Haha

Not yet...

But I been thinking
Been bending ideas
Trying this and that
Just tinkering

Got to get some rhyme
With the Forex mind
Got SlipShod support
and resistance for starters

I'm in the studio tomorrow
Just put something down
ForexMan in Town
He says he knows the answer

He says he knows the answer


Probably start with that and see where it goes

[intcust]

excellent tread Slip. Your videos should be a must for anyone before any trading. They should then add there indicators and see how late they are. Keep up good work

[slipshod]

I had a stack of extra videos planned, but my programming work really took off and left me very little time and energy for trading let alone tutorials and keeping up with this thread (I still create vids but for my hobby - flying virtual planes on the internet - as I'm too tired for anything else). The method has certainly remained profitable though.

[excalibre30]

After a year of hit and miss in my trading, following S&R has definitely made a diffirence. Looking forward to those videos. Thanks!