How to trade the lines..

[juicyt]

Just thought I would put up some food for thought ideas on trading sup/dem or sup/res lines.

 

http://www.mediafire.com/view/?8del533b3qfkxq9

 

I hope that worked...

 

juicyt

[hermes]

Support and Resistance is the most important issue at trading! I am looking for some reliable S & R indicator, do you know some?

I had one Fibs S & R but it is not good anymore because too many traders use Fibs and the Wall Street Barracudas manipulate the trends (false breakouts, spikes etc.) The same issue like with stop hunting!

Hermes

[juicyt]

I do have a few good sup/res indicators I can post when I get back home. No indicator will be perfect and it depends on the TF etc you are looking at but I will post what I have.

In the mean while, what did you think about how to place the lines and trade them the way I wrote? Did I put enough detail in for someone to understand how to place them? Really good RR if you do it the way I see it. I will be forward testing for a while and if it overtakes my trading system then I will make the switch!

 

I should point out, I really like this also because you can bring up almost any chart on any time frame and trade the same way. You can see it on a 5min chart or a monthly chart.

 

juicyt

Edited October 29, 2012 by juicyt

[wesnel1]

Hi, So how are things working out with this for you so far?

[juicyt]

Good thanks Wesnel1, up about 13% in two weeks with 1% risk per trade. Of that, a 2% loss I had was using another system I use on shorter time frame. I think I will abandon the shorter time frame as I am really liking the 4hr charts right now and I would prefer to be up another 2%... Did you read what I wrote and test your lines?

 

jt

[wesnel1]

I did read it thanks, all makes perfect sense.

Are you still using the MTF SHI channel as a trend indicator and only trading in the same direction?

 

Wes