kvn

Is the subscription limit of 10 symbols correct? I just got my live account setup today and got the subscription limit message. I thought the 10 symbol limit was just part of the demo.

I found this post on "Re: Support and Resistance" interesting and have nominated it accordingly for "Topic Of The Month July, 2008"

Thanks atto for the post/chart. I always keep a volume histogram on my chart and try to note patterns that occur during good setups and work in the occasional VSA. But not quite proficient at reading it yet, so your post is helpful.

I may have read you wrong with my other reply. But it helped me anyways. After testing the setup some, I got it, you meant if the bar that confirms the pivot low also breaks the resistance level?

The last blue bar would just confirm the pivot low and give you your zone. If price didn't trade completely outside of the first bar to make the pivot low then it's not going up, so wait for price to drop and make a confirmed pivot low to get your zone. After you confirm the pivot low and have your zone, if price falls to the support level, you'd enter long. If it doesn't reach the support level, you would enter on a break of the most recent high, which happens to be at the exact same price as the resistance level of our zone. If price didn't swing down like in the chart and just went straight up from our confirmed pivot low, you would enter on the break of the resistance level.

bootstrap -- Thanks for the clarification.

BlowFish -- After reading your post this morning, I decided to throw precision out the window and zoom out the charts, and actually did quite well. Although I need to work on cutting the losers short and letting the winners run. I liked precision because I'd be able to get by with a 2 tick SL, hence my quest for better SR understanding. I suppose it is a fools errand after a certain point but I think there is much more to understand, at least for me. I will check out the recommended reading. ztrader -- What pre-identified levels are those? Are they the OHLC for the prev/curr day & hour as displayed in the box? I've played around with those and various other levels briefly but I might have been looking for too precise of interaction than I saw. For the Forex pairs, do you calculate the levels based on NY session or do you include overnight? bootstrap -- Thanks for sharing. If you have a chance, I'd like to see another example. Would you have taken the trade at the break of the second pivot high that you have labeled, or would that have been taken on the retrace, at the point where I had the blue arrow originally? The levels are the same for both of those pivots, so I assume you'd take a break, but not positive. Had the pivot high after the 2nd one you marked gone higher and the pivot low you marked with a green dot not have broken the previous pivot low, where would you be looking to take an entry? Thanks for the contributions so far, good stuff.

That is exactly what I'm looking for. It doesn't really matter what TA you use, the goal is to find out how to objectively identify SR that may potentially be more important than others. I'll see what I can get together to start some discussion. Hey Walter, I'm a big fan! :thumbs up: Your threads have helped greatly to organize and confirm what I thought I was seeing, I read them weekly. Basically what I'm looking to do is add precision to the flip trade to minimize risk. I might see the charts differently because I have difficulty taking a trade if price only approaches a recently broken S/R level and then turns away. The attachment above is a very common occurrence and I mean price comes back to previous S/R, almost to the tick. You just have to figure out which SR level is most important. What I saw in your charts was price coming close to previous S/R, but I have been observing price coming within 1 tick of previous S/R often. And I'm trying to figure out how to use this. Ideally, placing a limit order at the recently broken S/R level, expecting a retracement, to minimize risk. But what kind of conditions should there be, how do we know if this particular S/R level is important. In the attached image, 2 of the 4 trades worked out (2 wins, 1 loss, the last one would have broke-even) because the SL is tight and we ride the winners, it works out. I'm just trying to filter the trades further if possible as not all of the setups are this clear. By the way, I'm using tick charts as I find they are more accurate in terms of SR than time charts. Depending on which product and time of day, it's anywhere from a 10 to a 100 tick chart. SL's are tight below/above S/R and we trail winners, taking whatever the market will give before another trading opportunity occurs. P.S. You have to maximize the attachment otherwise you won't see the S/R lines it seems.

I have read about every thread in the TA and MP section, as well as suggested books from those threads. A lot of it I do not relate to cut and dry SR. However, that was before I really had a grasp on SR, so it might do me well to check them out again. If we have any traders that use strictly SR, and I mean just a horizontal line on the chart, following swings, hesitations, etc, that's really what I'm interested in. A lot of walter's work with SR scalps is just what I'm doing but looking to refine with more precision or better entry techniques. If anyone is familiar, any specific recommended reading is appreciated. Thanks brownsfan, I'll get a chart up. It's just real basic resistance becomes support and vice versa that I'm looking to refine by figuring out the most reliable types of swings/hesitations, etc, ie: 2 swing highs followed by a hesitation on the same level prior to a break seems to make for a decent level to go long at after a retracement.

Hello, I've been trading futures for about a year now, a little more than a month and a half ago I cleaned off my charts and have been trading (scalping) only support/resistance. Horizontal levels that is, no fancy trend lines, shapes, etc. It's actually been the most profitable method for me, however it could use some refinement. There isn't too much out there that goes into advanced SR that I've found. (I guess maybe because it's a simple concept, buy S, sell R. :o) So I was hoping to see what some of the more experienced traders have to say on the subject and share some of my findings as well, if there is enough interest. I'd like to go into things such as the various ways of finding SR, gauging which levels are more likely to hold, entry timing techniques and so on. Currently I'm using swing H/L's as SR levels and entering on retracements of breaks as soon as it shows signs that it is holding. For a more aggressive entry I am working on using areas of hesitation instead of swings and entering just on a retracement of a break, before the level shows signs of holding to reduce risk. If you have something to add, please do, I am very interested in this subject.