Bob,
Thanks a million for your quick replies (and sorry to mis-label you Don, an error I was correcting just as your reply post had come in.)
Speaking of mis-labeling, don't you think the DP (-15.3) line that coincides with the black DO line should actually be labeled DO (-15.3) instead, since this is what it really is?
If I am right then maybe this mis-label is what has been confusing a lot of folks here, who then have been mistaking the black DO line to be the DP line !
Athar.
nanningbob wrote:Don,
First, Happy Grandpa Day , beats Halloween any time, especially with you cracking the range code 10.3 as well a couple of hours before Lia, besides discovering the 10.2/A trend !
Second, excuse my muddle headedness having read all the comments mixing up your simple formula ( looks like Steve has yet to open his Gimme Your Hair thread after so many conflicting comments.)
1. What s/r do you mean ? DS1/DR! ? Daily Support 1 and Daily Resistance 1. You will see them on the right side of the screen.
2. I see that the thick red line is DP, the black one DO (what is your DO time frame?) DO is Daily Open. It is where price starts the day. If you look at daily charts most candles are full bodied meaning if price gets going in one direction it tends to stay that way for the day. I have always wanted to trade off of the open but never could find something that worked. Maybe this will.
2. So what is this dashed line saying DP (-15.3) coinciding on the right with the thick black DO?That is how far price is from that line.
There is also another dashed line which reads DS1 (-41.3.) This has confused me, having earlier taken the thick black line as the DP with the coincident dashed line DP (-15.3) label.Daily Support 1 and then the distance price is from that line. That lets you know if the trade is worth taking or not. Are there enough pips there to bother with the trade?
I think the DP (-15.3) means that this DO level is 15.3 pips below the thick red DP line drawn on the chart.
But I will let you tell me the real story... if these lines are offsets of the respective main labels, DP, DS1, DR1 then they are confusingThese numbers help me in placing my order. If DR1 daily resistance 1 is 40 pips away then I am looking at a 25-35 pip profit for the trade. If it say 15 or 20 then the trade may not be worth taking.
Athar.
