Forex Gypsy's vs Guru's - What is real

I am soo sick of hearing about the latest Guru selling me some "Education" or "System" yet they don't trade it live. Hogwash, Oink Oink.

I would not recommend you PAY for "Education"  when it is FREE everywhere on the internet. See http://www.babypips.com/school/
http://www.forexfactory.com/
http://kreslik.com
http://articles.mql4.com/
This is just a few top sites to learn from FREE

I would ONLY pay for "Education" if the Guru traded LIVE in a LIVE REAL Money account, NOT Demo AND they had a solid track record validating their success.

If the GURU is not trading the "system" or "Education" themself, in a LIVE , Real Money account, you are wasting my time and you have ZERO credibility with me, you are nothing more than a con artist...Harsh words, yes, but the real traders show real live money accounts and validate ALL their results...The Gypsy's squirm and him and haw and make excuses.

Again, HOGWASH

DO NOT LISTEN TO ANYONE THAT REFUSES TO TRADE LIVE IN FRONT OF YOU.
THEY ARE NOT A LEGITIMATE TRADER, THEY ARE A CON ARTIST.
BEWARE, CAUTION, ANY TRADER THAT WILL NOT SHOW YOU LIVE TRADE ACCOUNT STATEMENTS IS HIDING SOMETHING.

You would not pay to send your kids to learn Carpentry from someone that refuses to show you how they have built something.
You would not pay to send your kids to learn Plumbing from someone that refuses to show you how they have ran plumbing.
If they refuse to teach you by showing you in a LIVE, REAL MONEY Account, LIVE in the markets, then RUN the other way. RUN Away fast.

Be smart, be cautious with your money. Don't be so quick to follow someone that has no "Fruits" of their labor.

Oink Oink
The Greedy Pig

MT4 Pivots Indicator

The Greedy Pig Trading team has been working hard.  Here is a screen shot of a new indicator that will be made available soon.  Subscribe to this blog to keep updated on the status of new trading tools.

Click on the screen shot here for a closer look.

Let us know your thoughts on this MT4 Indicator we developed.
Oink Oink
The Greedy Pig

Can Forex Trading Be Taught?

Here is another helpful article "Can Forex Trading Be Taught?"
*Nature vs. Nurture
*The Importance of learning from a Mentor
*My background


Link: http://www.learntotradethemarket.com/forex-articles/can-forex-trading-be-taught-learn-how

How to select a Trading Mentor

Here is a great article with a few questions that you MUST get answers to prior to spending your time and money with a trading expert or mentor.
** The first question we should be asking ourselves when deciding on our forex mentor’s credibility is, does the mentor really trade and what evidence is there of this?
** The next big question we need to ask about a trading mentor is do they practice what they preach?
** To conclude, the importance of finding a credible and experienced trading mentor can not really be emphasized enough. There is soo much misleading information in the trading world that it really can be a chore just to separate the genuine mentors from the charlatans trying to take your money and run.
Read Full Article Here

Pivot Points

I am finding some great information, research, on Pivot Points.

There are many ways to calculate Pivot Points.

See this article: http://www.babypips.com/school/other-pivot-point-calculation-methods.html
and
See this article: http://www.babypips.com/school/how-to-calculate-pivot-points.html

I am working on an MT4 Indicator that will show Daily, Weekly, Monthly Pivot Points to work with the ADR indicator.

I will update you as I get closer to final product.

Oink Oink
The Greedy Pig

EUR/USD BUY Hits Profit

EUR/USD follows through with Up Trend by bouncing off Support early in Tokyo Session.
Took profits at previous Resistance.

See Previous Post on Entry: Click Here

EUR/USD BUY 1.3069

Trading Price Action on EUR/USD notice how Price Broke Resistance and came back to that level/area.
We parked a BUY Limit and was filled as price will flip Resistance into Support.

If you want the FREE MT4 ADR Indicator in this chart see this post: Click Here

Updated code TheGreedyPig ADR v6.mq4

I found some bugs after I tried to clean up the code.
Here is what it looks like

If you would like a FREE copy of this indicator, send an email to FREE_ADR_Indicator@SendFree.com.


If you need help developing Expert Advisor, Scripts, or Indicators
send an eMail to: FREEMT4Consultation@sendfree.com

Visit/Follow us:
YouTube: http://www.youtube.com/user/GreedyPigTrading
Blog: http://greedypigtrading.blogspot.com/
eMail: GreedyPigTrading@Gmail.com
LinkedIn: http://www.linkedin.com/pub/thegreedy-pig/47/ba4/20b

EUR/USD Winding Up!!

EUR/USD is winding up to spring towards 1.3363.
Keep watch for BUY Opportunities.

Check back for Trade ideas and examples.
Oink Oink
Article on Support Resistance

TheGreedyPig ADR v6.mq4

This is a modified ADR Indicator I found in a Forum.

Here is the MT4 Code:


//$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
//                                          TheGreedyPig ADR v6.mq4 $
//                                   Copyright © 2012, TheGreedyPig $
//                            http://greedypigtrading.blogspot.com/ $
//                                                                  $
//$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
#property copyright "Greedy Pig Trading"
#property indicator_chart_window
/*
If you need help developing Expert Advisor, Scripts, or Indicators
send an eMail to: FREEMT4Consultation@sendfree.com
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
                              Version Log
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
2012/03/04 - TheGreedyPig
TheGreedyPig ADR v6
Added Input Options to display High/Low Prices on chart for ADR 20, ADR 10 ADR 5
Top Left of chart shows:
ADR(20) = XXX
ADR(10) = XXX
ADR(5)  = XXX
Today   = XXX
ADR5 Top = xxxx - xx Pips Away [This will turn Yellow if within 20 Pips]
(Pips from Open) = xx [this will change color >20 is Green, < -20 is RED Less than 20 is Yellow]
ADR5 Bottom = xxxx - xx Pips Away [This will turn Yellow if within 20 Pips]
*/
 extern  bool Show.ADR5  = true;
 extern  bool Show.ADR10 = true;
 extern  bool Show.ADR20 = true;
 extern  bool ExcludeSundayData = true;  // set to "false" to INCLUDE Sunday bar in the calculation

 color      ADR_Color=Blue;

 int        Font_Size=10;
 int        DisplayCorner=0;            
 int        x=10;
 int        y=10;
 int        LastBars0=0;
 int        Todays.Range; // current days range High to Low
 int        RmUp; // Pips from Bid to ADR5 High
 int        RmDn;// Pips from Bid to ADR5 Low
 int        n = 1; // $$$ Used to loop back x days

 string     font1 = "Compact";
 string     font2 = "Arial Black";
 static int adr1,adr5,adr10,adr20; // stores ADR calcs
 string     text; //

 double     PipValue = 0.0001;
 double     ADR5_High =0;
 double     ADR5_Low=0;
 double     ADR10_High =0;
 double     ADR10_Low=0;
 double     ADR20_High =0;
 double     ADR20_Low=0;
 double     DailyPips; // used to hold the daily move in pips
 double     Daily.Range = 0.0;  // $$$ Used to Total up the Daily Ranges

 

//$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
int init()
{
//$$$ Establish Pips for 4 or 5 digit/fractional pip calculations
   if (Digits == 2 || Digits == 3) PipValue = PipValue * 100; // $$$ For JPY pairs
   if (Digits == 4 || Digits == 5) PipValue = PipValue;
// $$$ Branding
  ObjectCreate("trademark", OBJ_LABEL, 0, 0, 0);          //$$$ Trademark
  ObjectSet("trademark", OBJPROP_CORNER, DisplayCorner);
  ObjectSet("trademark", OBJPROP_XDISTANCE, x);
  ObjectSet("trademark", OBJPROP_YDISTANCE, y+5);
  ObjectSetText("trademark","TheGreedyPig",Font_Size-3, font2, Black);

  ObjectCreate("Watermark", OBJ_LABEL, 0, 0, 0);          //$$$ Watermark
  ObjectSet("Watermark", OBJPROP_CORNER, 3);
  ObjectSet("Watermark", OBJPROP_XDISTANCE, 5);
  ObjectSet("Watermark", OBJPROP_YDISTANCE, 5);
  ObjectSetText("Watermark","http://greedypigtrading.blogspot.com",Font_Size, font2, DimGray);    
// $$$ TopLeft Dashboard/Display
  ObjectCreate("xADR0", OBJ_LABEL, 0, 0, 0);          // Average Daily Range ("ADR20" Label)
  ObjectSet("xADR0", OBJPROP_CORNER, DisplayCorner);
  ObjectSet("xADR0", OBJPROP_XDISTANCE, x);
  ObjectSet("xADR0", OBJPROP_YDISTANCE, y+20);

  ObjectCreate("xADR1", OBJ_LABEL, 0, 0, 0);          // Average Daily Range ("ADR10" Label)
  ObjectSet("xADR1", OBJPROP_CORNER, DisplayCorner);
  ObjectSet("xADR1", OBJPROP_XDISTANCE, x);
  ObjectSet("xADR1", OBJPROP_YDISTANCE, y+35);

  ObjectCreate("xADR2", OBJ_LABEL, 0, 0, 0);          // Average Daily Range ("ADR5" Label)
  ObjectSet("xADR2", OBJPROP_CORNER, DisplayCorner);
  ObjectSet("xADR2", OBJPROP_XDISTANCE, x);
  ObjectSet("xADR2", OBJPROP_YDISTANCE, y+50);

  ObjectCreate("xADR3", OBJ_LABEL, 0, 0, 0);          // "Today's Range" Label
  ObjectSet("xADR3", OBJPROP_CORNER, DisplayCorner);
  ObjectSet("xADR3", OBJPROP_XDISTANCE, x);
  ObjectSet("xADR3", OBJPROP_YDISTANCE, y+65);
 
  ObjectCreate("xADR4", OBJ_LABEL, 0, 0, 0);
  ObjectSet("xADR4", OBJPROP_CORNER, DisplayCorner);  // "ADR Top" Label
  ObjectSet("xADR4", OBJPROP_XDISTANCE, x);
  ObjectSet("xADR4", OBJPROP_YDISTANCE, y+80);

  ObjectCreate("DailyPipsObj2", OBJ_LABEL, 0, 0, 0);
  ObjectSet("DailyPipsObj2", OBJPROP_CORNER, DisplayCorner);  // Daily Pips
  ObjectSet("DailyPipsObj2", OBJPROP_XDISTANCE, x);
  ObjectSet("DailyPipsObj2", OBJPROP_YDISTANCE, y+97);

  ObjectCreate("xADR5", OBJ_LABEL, 0, 0, 0);          // "ADR Bottom" Label
  ObjectSet("xADR5", OBJPROP_CORNER, DisplayCorner);
  ObjectSet("xADR5", OBJPROP_XDISTANCE, x);
  ObjectSet("xADR5", OBJPROP_YDISTANCE, y+130);
// $$$ On Chart ADR Price Label Display  
  ObjectCreate("ADR5_High_obj" ,OBJ_ARROW,0,Time[0],0);  //Get this to calc price and plot
  ObjectSet("ADR5_High_obj",OBJPROP_ARROWCODE,SYMBOL_RIGHTPRICE);
  ObjectSet("ADR5_High_obj" ,OBJPROP_COLOR,Red);
  ObjectSet("ADR5_High_obj" ,OBJPROP_WIDTH,3);
 
  ObjectCreate("ADR5_Low_obj",OBJ_ARROW,0,Time[0],0);  //Get this to calc price and plot
  ObjectSet("ADR5_Low_obj",OBJPROP_ARROWCODE,SYMBOL_RIGHTPRICE);
  ObjectSet("ADR5_Low_obj" ,OBJPROP_COLOR,Green);
  ObjectSet("ADR5_Low_obj" ,OBJPROP_WIDTH,3);

  ObjectCreate("ADR10_High_obj" ,OBJ_ARROW,0,Time[1],0);  //Get this to calc price and plot
  ObjectSet("ADR10_High_obj",OBJPROP_ARROWCODE,SYMBOL_RIGHTPRICE);
  ObjectSet("ADR10_High_obj" ,OBJPROP_COLOR,Red);
  ObjectSet("ADR10_High_obj" ,OBJPROP_WIDTH,2);
 
  ObjectCreate("ADR10_Low_obj",OBJ_ARROW,0,Time[1],0);  //Get this to calc price and plot
  ObjectSet("ADR10_Low_obj",OBJPROP_ARROWCODE,SYMBOL_RIGHTPRICE);
  ObjectSet("ADR10_Low_obj" ,OBJPROP_COLOR,Green);
  ObjectSet("ADR10_Low_obj" ,OBJPROP_WIDTH,2);

  ObjectCreate("ADR20_High_obj" ,OBJ_ARROW,0,Time[2],0);  //Get this to calc price and plot
  ObjectSet("ADR20_High_obj",OBJPROP_ARROWCODE,SYMBOL_RIGHTPRICE);
  ObjectSet("ADR20_High_obj" ,OBJPROP_COLOR,Red);
  ObjectSet("ADR20_High_obj" ,OBJPROP_WIDTH,1);
 
  ObjectCreate("ADR20_Low_obj",OBJ_ARROW,0,Time[2],0);  //Get this to calc price and plot
  ObjectSet("ADR20_Low_obj",OBJPROP_ARROWCODE,SYMBOL_RIGHTPRICE);
  ObjectSet("ADR20_Low_obj" ,OBJPROP_COLOR,Green);
  ObjectSet("ADR20_Low_obj" ,OBJPROP_WIDTH,1);
  return(0);
} // End Initialize

int deinit()
{
     if (ObjectFind("xADR0") == 0 )          ObjectDelete("xADR0");// only delete it if it exists
     if (ObjectFind("xADR1") == 0 )          ObjectDelete("xADR1");
     if (ObjectFind("xADR2") == 0 )          ObjectDelete("xADR2");
     if (ObjectFind("xADR3") == 0 )          ObjectDelete("xADR3");
     if (ObjectFind("xADR4") == 0 )          ObjectDelete("xADR4");
     if (ObjectFind("xADR5") == 0 )          ObjectDelete("xADR5");                  
     if (ObjectFind("DailyPipsObj2") == 0 )  ObjectDelete("DailyPipsObj2");
     if (ObjectFind("ADR5_High_obj") == 0 )  ObjectDelete("ADR5_High_obj");
     if (ObjectFind("ADR5_Low_obj") == 0 )   ObjectDelete("ADR5_Low_obj");
     if (ObjectFind("ADR10_High_obj") == 0 )  ObjectDelete("ADR10_High_obj");
     if (ObjectFind("ADR10_Low_obj") == 0 )   ObjectDelete("ADR10_Low_obj");
     if (ObjectFind("ADR20_High_obj") == 0 )  ObjectDelete("ADR20_High_obj");
     if (ObjectFind("ADR20_Low_obj") == 0 )   ObjectDelete("ADR20_Low_obj");            
   
     
  return(0);
} // End Deinitialize

int start()
{
  // Oink Oink
  int Bars0=Bars;
  //$$$$$  ADR CALCULATION $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
  if(Bars0>LastBars0)
  {
    for(int i=1;i<=20;i++) // $$$ Loop Past 20 Daily Sessions
    {
      while(ExcludeSundayData && TimeDayOfWeek(iTime(Symbol(),PERIOD_D1,n))==0) n++; // If TimeDayOfWeek returns 0 add 1 to n to skip Sunday
      Daily.Range=Daily.Range + ( iHigh(Symbol(),PERIOD_D1,n) - iLow(Symbol(),PERIOD_D1,n) )/PipValue;
      if(i==1)  adr1 =MathRound(Daily.Range);
      if(i==5)  adr5 =MathRound(Daily.Range/5);
      if(i==10) adr10=MathRound(Daily.Range/10);
      if(i==20) adr20=MathRound(Daily.Range/20);
      n++;
    }  
    text="ADR(20) = "+adr20;
    ObjectSetText("xADR0",text,Font_Size, font2, ADR_Color);      // $$$ "ADR20" Label    
 
    text="ADR(10) = "+adr10;
    ObjectSetText("xADR1",text,Font_Size, font2, ADR_Color);      // $$$ "ADR10" Label  
 
    text="ADR(5)   = "+adr5;
    ObjectSetText("xADR2",text,Font_Size, font2, ADR_Color);      // $$$ "ADR5" Label

    LastBars0=Bars0;    
  }    
  //$$$$$  END OF ADR CALCULATION $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

  //Today's Range and Limit Room $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
  double Todays.Low  =  iLow (Symbol(),PERIOD_D1,0);
  double Todays.High =  iHigh(Symbol(),PERIOD_D1,0);
  Todays.Range =  MathRound((Todays.High - Todays.Low)    /PipValue );
  RmUp         =  MathRound( adr5   - (Bid - Todays.Low)  /PipValue );
  RmDn         =  MathRound( adr5   - (Todays.High - Bid) /PipValue );
 
  ADR5_High     =  Todays.Low  + (adr5 * PipValue);
  ADR5_Low      =  Todays.High - (adr5 * PipValue);

  ADR10_High     =  Todays.Low  + (adr10 * PipValue);
  ADR10_Low      =  Todays.High - (adr10 * PipValue);

  ADR20_High     =  Todays.Low  + (adr20 * PipValue);
  ADR20_Low      =  Todays.High - (adr20 * PipValue);  

  text         ="Today    = " + Todays.Range;                       // "Today's Range" Label
  ObjectSetText("xADR3",text,Font_Size,font2, ADR_Color);
   
  text         ="ADR(5) Top@" + DoubleToStr(ADR5_High,4)+" = "+ RmUp + " Pips Away";      // "ADR Top" Label
  if (RmUp<20)   ObjectSetText("xADR4",text,Font_Size, font1, Yellow);
   else   ObjectSetText("xADR4",text,Font_Size, font2, Green);

  text         ="ADR(5) Bottom@" + DoubleToStr(ADR5_Low,4)+" = "+ RmDn + " Pips Away";    // "ADR Bottom" Label
  if (RmDn<20)   ObjectSetText("xADR5",text,Font_Size, font2, Yellow);
  else ObjectSetText("xADR5",text,Font_Size, font2, Green);

if( iClose(Symbol(),PERIOD_D1,0 ) > iOpen(Symbol(),PERIOD_D1,0 )) DailyPips = (iClose(Symbol(),PERIOD_D1,0 ) - iOpen(Symbol(),PERIOD_D1,0 ) ) /PipValue;
else if( iOpen(Symbol(),PERIOD_D1,0 ) > iClose(Symbol(),PERIOD_D1,0 )) DailyPips = (iOpen(Symbol(),PERIOD_D1,0 ) - iClose(Symbol(),PERIOD_D1,0 ) ) /PipValue;

// $$$ Change Display of DailyPips by Daily Pip Range for the day.
// $$$ YELLOW
if (DailyPips < 20)
ObjectSetText ("DailyPipsObj2",DoubleToStr( (iClose(Symbol(),PERIOD_D1,0 ) - iOpen(Symbol(),PERIOD_D1,0 ))/PipValue ,0),20,"Arial Black",Yellow);
// $$$ RED
else if (
            (iOpen(Symbol(),PERIOD_D1,0 ) - iClose(Symbol(),PERIOD_D1,0 ))/PipValue >20 )
ObjectSetText ("DailyPipsObj2",DoubleToStr( (iClose(Symbol(),PERIOD_D1,0 ) - iOpen(Symbol(),PERIOD_D1,0 ))/PipValue ,0),20,"Arial Black",Red);
// $$$ GREEN
else if (
            (iClose(Symbol(),PERIOD_D1,0 ) - iOpen(Symbol(),PERIOD_D1,0 ))/PipValue >20 )

ObjectSetText ("DailyPipsObj2",DoubleToStr( (iClose(Symbol(),PERIOD_D1,0 ) - iOpen(Symbol(),PERIOD_D1,0 ))/PipValue ,0),20,"Arial Black",Green);
// $$$ DISPLAY OF PRICE LABELS ON THE CHART
if (Show.ADR5)
   {
   // $$$ Set ADR Price Label HIGH  
   ObjectSet("ADR5_High_obj"    ,OBJPROP_TIME1,Time[0]);  //Get this to calc price and plot
   ObjectSet("ADR5_High_obj"    ,OBJPROP_PRICE1,ADR5_High);  //Get this to calc price and plot  
ObjectSetText("ADR5_High_obj","ADR5 High=" + DoubleToStr(ADR5_High,4),10,font1,Red);
   // $$$ Set ADR Price Label LOW  
   ObjectSet("ADR5_Low_obj"    ,OBJPROP_TIME1,Time[0]);  //Get this to calc price and plot
   ObjectSet("ADR5_Low_obj"    ,OBJPROP_PRICE1,ADR5_Low);  //Get this to calc price and plot  
ObjectSetText("ADR5_Low_obj","ADR5 Low="+DoubleToStr(ADR5_Low,4),10,font1,Red);
   }
   else
   {
     if (ObjectFind("ADR5_High_obj") == 0 )  ObjectDelete("ADR5_High_obj");
     if (ObjectFind("ADR5_Low_obj")  == 0 )  ObjectDelete("ADR5_Low_obj");
   }
if (Show.ADR10)
   {
   // $$$ Set ADR Price Label HIGH  
   ObjectSet("ADR10_High_obj"    ,OBJPROP_TIME1,Time[1]);  //Get this to calc price and plot
   ObjectSet("ADR10_High_obj"    ,OBJPROP_PRICE1,ADR10_High);  //Get this to calc price and plot  
ObjectSetText("ADR10_High_obj","ADR10 High=" + DoubleToStr(ADR10_High,4),10,font1,Red);
   // $$$ Set ADR Price Label LOW  
   ObjectSet("ADR10_Low_obj"    ,OBJPROP_TIME1,Time[1]);  //Get this to calc price and plot
   ObjectSet("ADR10_Low_obj"    ,OBJPROP_PRICE1,ADR10_Low);  //Get this to calc price and plot  
ObjectSetText("ADR10_Low_obj","ADR10 Low="+DoubleToStr(ADR10_Low,4),10,font1,Red);
   }
   else
   {
     if (ObjectFind("ADR10_High_obj") == 0 )  ObjectDelete("ADR10_High_obj");
     if (ObjectFind("ADR10_Low_obj")  == 0 )  ObjectDelete("ADR10_Low_obj");
   }
if (Show.ADR20)
   {
   // $$$ Set ADR Price Label HIGH  
   ObjectSet("ADR20_High_obj"    ,OBJPROP_TIME1,Time[2]);  //Get this to calc price and plot
   ObjectSet("ADR20_High_obj"    ,OBJPROP_PRICE1,ADR20_High);  //Get this to calc price and plot  
ObjectSetText("ADR20_High_obj","ADR20 High=" + DoubleToStr(ADR20_High,4),10,font1,Red);
   // $$$ Set ADR Price Label LOW  
   ObjectSet("ADR20_Low_obj"    ,OBJPROP_TIME1,Time[2]);  //Get this to calc price and plot
   ObjectSet("ADR20_Low_obj"    ,OBJPROP_PRICE1,ADR20_Low);  //Get this to calc price and plot  
ObjectSetText("ADR20_Low_obj","ADR20 Low="+DoubleToStr(ADR20_Low,4),10,font1,Red);
   }  
   else
   {
     if (ObjectFind("ADR20_High_obj") == 0 )  ObjectDelete("ADR20_High_obj");
     if (ObjectFind("ADR20_Low_obj")  == 0 )  ObjectDelete("ADR20_Low_obj");
   }
  return(0);
} // END Start
//+------------------------------------------------------------------+

Support & Resistance Discussion

Support & Resistance (S/R) are areas, or ranges, they are rarely exact price points.

The lower time frames will more often respect exact prices. 

For example M1, M5, M15, M30

The larger time frames will respect general areas, ranges of price, NOT exact prices. 

For example H1, H4, D1, W1, MN

The concept to understand is very simple really.

Support is the bottom, this area is where the Buyers out numbered the Sellers and pushed price UP, or Higher. They will Defend that price area.

Resistance is the top, this area is where the Sellers out numbered the Buyers and pushed price DOWN, or Lower. They will Defend that price area.

One main thing to monitor is the behavior of price related to where it closes.

Does the candles in your timeframe begin to close above or below S/R?

(see image)

A-Resistance Established

B-Support Established at a Swing Low

C-Candle Closes above Resistance (Point A)

D-Price still flows up and down, it pulls back; however, not as low. (Stays above Point B)

E-Price Breaks to New Highs.

Recommended Broker http://www.arrowfieldtrading.com/

Josh Lampel is your broker to connect with.
He is very focused on customer service.
see http://www.arrowfieldtrading.com/ for more details.
Tell Josh "TheGreedyPig" sent you.

Oink Oink
TheGreedyPig

Indicator TheGreedyPig ADR v3

I took an indicator and modified it to add some whistles and bells.

Top Left of chart:
ADR(20) = XXX
ADR(10) = XXX
ADR(5)  = XXX
Today   = XXX
ADR Top = xxxx - xx Pips Away [This will turn Yellow if within 20 Pips]
Pips from Open = xx [this will change color >20 is Green, < -20 is RED Less than 20 is Yellow]
ADR Bottom = xxxx - xx Pips Away [This will turn Yellow if within 20 Pips]
On the chart at the current candle:
ADR Top Price Box on CHART above Price
ADR Bottom Price Box on Chart below Price
As Price makes new highs/lows the Price boxes adjust right on the chart so you always know where the ADR(5) Top and Bottom is.
Screenshot:

Support Resistance and Trendlines

Notice here how there is Horizontal Support (S) and Resistance (R).
The same exact rules apply to rising/falling Support & Resistance Trendlines.
See how Price Respects the falling Trendline.

 "TheGreedyPig"

Foundation of Trading

Hello, the best way to explain what I see on charts is I notice when:
1- horizontal Resistance line can draw across candles and it has 2-5 touch points, High/Open/Close etc that is Resistance.

2-horizontal Support line can draw across candles and it has 2-5 touch points, Low/Open/Close etc that is Resistance.

Watch lower timeframes M5, M15 to see how the traders, humans, will buy and sell in this range/channel for a bit, then it can't continue, see patterns for breakouts, then it will most often retest that Support/Resistance line you drew...Amazing and simple...once you really get this down you trade that behavior.
Learn the behavior of price..then trade it...

Good Luck
Priceless Quote:
"Support once Established, will often flip to Resistance once broken, AND Resistance once Established, will often flip to Support once broken"
See Image "S" = Support "R" = Resistance

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