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  1. #16
    Dubai is offline Member
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    Ok, I think I know now more about drawing trendlines and I will apply the "Three Touch Rule".

    Thank you.

  2. #17
    Matt Russell's Avatar
    Matt Russell is offline DailyFX Course Instructor
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    It is our pleasure.
    Enroll in our online DailyFX Course today and get personalized instruction from our team of expert traders 24 hours a day. We have taught over 25,000 students and in our online courses in the past. The new DailyFX Course has nearly 600 minutes of content delivered via video so you can learn at your own pace. Join the instructors in live webinars where they will show you how to use the highlighted tool in current market conditions. Click here to get more information.

  3. #18
    newyorkdd is offline Registered User
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    Thanks Matt, I'll try to focus more on daily.

    Im just curious as I see a number of discussions here referring to 4 hr chart or less to enter into trade , I guess I just need time to figure this out.
    I have a bad perception that opportunities might be missed by waiting for daily close.
    Well, I guess I need to observe more to figure this out one day.
    Thanks I think the concept is clear.
    Last edited by newyorkdd; 10-23-2013 at 08:20 AM.

  4. #19
    Matt Russell's Avatar
    Matt Russell is offline DailyFX Course Instructor
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    It is our pleasure. The thing to keep in mind is that there are plenty of opportunities out there with all the currency pairs to choose from. By waiting for the daily close we have increased our chance of success in the trade but we also might miss out on some trades as well. That is just part of the process.
    Enroll in our online DailyFX Course today and get personalized instruction from our team of expert traders 24 hours a day. We have taught over 25,000 students and in our online courses in the past. The new DailyFX Course has nearly 600 minutes of content delivered via video so you can learn at your own pace. Join the instructors in live webinars where they will show you how to use the highlighted tool in current market conditions. Click here to get more information.

  5. #20
    Matt Russell's Avatar
    Matt Russell is offline DailyFX Course Instructor
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    Thank you. We are glad you are enjoying the content. Please let us know if you have any questions.
    Enroll in our online DailyFX Course today and get personalized instruction from our team of expert traders 24 hours a day. We have taught over 25,000 students and in our online courses in the past. The new DailyFX Course has nearly 600 minutes of content delivered via video so you can learn at your own pace. Join the instructors in live webinars where they will show you how to use the highlighted tool in current market conditions. Click here to get more information.

  6. #21
    Boosted_J is offline Registered User
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    Just got started with fxcm and got some serious issues with this support/resistance lines...just gonna post a daily chart with what I did and one that's empty from lines and hopefully you guys can give me some imputs on how to draw thoose in a better way. Totally understand the concept behind, but when I sit down to draw them on my own charts my brain just quits
    รูปขนาดเล็ก รูปขนาดเล็ก 1)  Do you have a question on Support and Resistance?-gbp-d1.jpg  

    1)  Do you have a question on Support and Resistance?-chart-d1.jpg  


  7. #22
    Matt Russell's Avatar
    Matt Russell is offline DailyFX Course Instructor
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    Your support and resistance lines look good. There are no exact rules. Also, there will be many instances where the support and/or resistance lines are not very clear. Or they might be clear but they are too far away from price action to be relevant. It is really just a matter of practice and then experience. I would suggest reviewing the 4 videos we have on the topic as the concepts are explained in detail.

    Try to keep it simple:

    For a support line, just connect the lows. For a resistance line, just connect the highs.
    Enroll in our online DailyFX Course today and get personalized instruction from our team of expert traders 24 hours a day. We have taught over 25,000 students and in our online courses in the past. The new DailyFX Course has nearly 600 minutes of content delivered via video so you can learn at your own pace. Join the instructors in live webinars where they will show you how to use the highlighted tool in current market conditions. Click here to get more information.

  8. #23
    Beesmartfx is offline Registered User
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    Question Confused With Support & Ressistance

    Hello Instructor,
    Hello Everybody,
    Hello Everyone,

    I still a lil bit confused about the support & resistance. Sometimes makes me headache when thinking to much..could you please see my attachment is it correct or not for what im doing & give me some advise? Your cooperation is highly appreciated. I look forward for your prompt reply. Thanks
    รูปขนาดเล็ก รูปขนาดเล็ก 1)  Do you have a question on Support and Resistance?-confused.jpg  


  9. #24
    pmtse is offline Member
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    personal instroctor

    Good day

    How can i get one on one section with the intructor,I realy need help im busy also with the course,Can you please check my chart and please give some advise,i was checking eur/usd daily is up treand buy,4hrs also up,1hrs up,want to tdrade 5min up also but it end up going down

  10. #25
    Walker England's Avatar
    Walker England is offline DailyFX Course Instructor
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    Quote Originally Posted by pmtse View Post
    Good day

    How can i get one on one section with the intructor,I realy need help im busy also with the course,Can you please check my chart and please give some advise,i was checking eur/usd daily is up treand buy,4hrs also up,1hrs up,want to tdrade 5min up also but it end up going down
    Good to speak with you today. While we dont offer direct 1 v 1 training, we would be happy to assist you in your trading. If you would like, feel free to post your charts and comments here on the forum. We are here to help and would be glad to answer your questions.

  11. #26
    Ericmick is offline Member
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    Question Purpose of S & R

    What is the purpose of S & R in the trade? Is there any analysis method to grow up the trade? Express your tips on this....

  12. #27
    Jeremy Wagner's Avatar
    Jeremy Wagner is offline DailyFX Course Instructor
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    Quote Originally Posted by Ericmick View Post
    What is the purpose of S & R in the trade? Is there any analysis method to grow up the trade? Express your tips on this....
    Hello Ericmick...I'm not sure what you mean by 'analysis method to grow up the trade.' The point of s & r is that it can help you time entries into a trade as it provides you with a zone where sellers likely are to stop selling and buyers are likely to start buying.

    Here are a couple of videos that explain how you can use support and resistance to your advantage:

    Support and Resistance Lesson 1

    Optimizing Trades with Trend Lines


    Take your trading to the next level with DailyFX Educational Services.

    Twitter @JWagnerFXTrader

  13. #28
    SWisdom's Avatar
    SWisdom is offline Member
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    Question Pivot Points as Support and Resistance

    I wasn’t exactly sure where to post so please move as needed.

    As I have explored the topic of support and resistance I have taken interest in a specific kind of S & R levels, pivot points. I have read a couple different articles that show a statistically derived probability that a certain pivot point will be touched or some behavior will occur in relation to the various s & r levels. Take for example Jamie Saettele’s article in Investopedia. (Ref. 1)

    The result: there have been 2,026 trading days since the inception of the euro as of October 12, 2006.
    • The actual low has been lower than S1 892 times, or 44% of the time
    • The actual high has been higher than R1 853 times, or 42% of the time
    • The actual low has been lower than S2 342 times, or 17% of the time
    • The actual high has been higher than R2 354 times, or 17% of the time
    • The actual low has been lower than S3 63 times, or 3% of the time
    • The actual high has been higher than R3 52 times, or 3% of the time
    I have degrees in engineering and physics, so I prefer empirical proof over “take my word for it”. The issue I’m having is that my statistics are a little rusty! How are these probabilities calculated? I mean how is the data statistically analyzed to come up with 44% of the time the low has been lower than s1 (see the first bullet above)?

    It seems reasonable, given the history of pivot points, there should be examples on how to do a hypothesis test or make a probability distribution of price action as related to these levels. Or is this just esoteric knowledge?


    Ref. 1: Using Pivot Points In Forex Trading; Using Pivot Points In Forex Trading

  14. #29
    James Stanley's Avatar
    James Stanley is offline Moderator
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    Quote Originally Posted by SWisdom View Post
    I wasn’t exactly sure where to post so please move as needed.

    As I have explored the topic of support and resistance I have taken interest in a specific kind of S & R levels, pivot points. I have read a couple different articles that show a statistically derived probability that a certain pivot point will be touched or some behavior will occur in relation to the various s & r levels. Take for example Jamie Saettele’s article in Investopedia. (Ref. 1)

    The result: there have been 2,026 trading days since the inception of the euro as of October 12, 2006.
    • The actual low has been lower than S1 892 times, or 44% of the time
    • The actual high has been higher than R1 853 times, or 42% of the time
    • The actual low has been lower than S2 342 times, or 17% of the time
    • The actual high has been higher than R2 354 times, or 17% of the time
    • The actual low has been lower than S3 63 times, or 3% of the time
    • The actual high has been higher than R3 52 times, or 3% of the time
    I have degrees in engineering and physics, so I prefer empirical proof over “take my word for it”. The issue I’m having is that my statistics are a little rusty! How are these probabilities calculated? I mean how is the data statistically analyzed to come up with 44% of the time the low has been lower than s1 (see the first bullet above)?

    It seems reasonable, given the history of pivot points, there should be examples on how to do a hypothesis test or make a probability distribution of price action as related to these levels. Or is this just esoteric knowledge?


    Ref. 1: Using Pivot Points In Forex Trading; Using Pivot Points In Forex Trading
    Hello Swisdom,

    For the stats - this is basically counting a breach of each requisite level. So if S3 is hit, that is one of the 3% of instances (as well as counting in the S1 44% and S2 17% number).

    As for probability distributions - its absolutely possible to gauge the probability of each level getting hit - but its going to suffer from the same problem faced by most other technical methods - What happened in the past isn't guaranteed to happen in the future.

    The big difference between engineering and trading is that in engineering (or most other sciences) you have rules that you can rely upon to shape your hypothesis, whereas trading is dealing with multiple probabilities that often have a large affect on each other.
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  15. #30
    SWisdom's Avatar
    SWisdom is offline Member
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    James thanks for the reply. As I drove from South Carolina to Alabama yesterday I had time to meditate on my questions. First, I have already done what you suggested. I’ve downloaded historical data (2004-Present) and have determined historically the probability of touching the different S & R levels. Yesterday after visiting with some folks I was able to determine that by Bayes’ Theorem that I would divide P(R2)/P(R1) and get the probability of hitting R2 after getting to R1.

    All of this and your response made me think I should look at the Ichimoku Cloud and look at the statistics on a daily and 4 hour time frame. Do you have any insight into the cloud as S & R?

    I’ve also managed to take Mr Krivo’s, How to Create a Trading Edge know the Strong and Weak Currencies; (Ref. 1), and historically plot the data in excel. So I was thinking about trying to use this with support and resistance.

    Finally, I like what you said, “its absolutely possible to gauge the probability of each level getting hit - but its going to suffer from the same problem faced by most other technical methods - What happened in the past isn't guaranteed to happen in the future.” I guess that would be variance, IDK? Also, I assume if I found something that was statistically correct 70% of the time (Theoretically) and coupled that with something else that was only 45% it would only be about 35% accurate.

    How the heck am I ever going to be a successful trader?

    Ref. 1: How to Create a "Trading Edge": Know the Strong and the Weak Currencies | DailyFX

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