Forexmospherian
Legendary member
- Messages
- 39,928
- Likes
- 3,306
Hi Guys
7 24 pm
Did not get back from trip out to well after 5 30 pm - so had tea and checking things out
I will explain how I use my 9 LR settings in more detail and thanks SW for passing on link for Nightflight
TRO was able to code the first 3 quick Lrs - the ones I use purely for scalp trades - that might last just 3 to 10 pips
It got complicated when he tried to code all 9 and for them to take into account the levels of each one - it is complex - it can be done - but I reckon would be very costly and take ages to do - because of the amount of work involved in a basically a complex discretionary system that depends on certain indicators - PA - trendlines - time - etc etc
It a nutshell the more LR's over price - the more price should fall to drop
The more LR's under price - the more price should rise and go up
So when you have all 9 LR's over or under - you are generally in a rally - to the next time window
The stronger time windows will always be on the hour - and extra strong at EO - London Open - US Open etc and also around red news times
For scalps 3 quick LR's under or over price will move price
However when you have say 4 or 5 LR's say under price - and 4 or 5 LR's over price - its a then a stand off - or a BTTZ - ie a tight range
Yes 6 or 7 or more over - more than likely price drops still - but the 3 quick ones can be stronger than the 6 longer setting ones
So imagine quick 3 - ideal for scalps - say 3 -10 pips
3 quick plus 3 medium ranges - then say 10 -30 pip moves
3 quick plus 3 medium and 3 long - then these moves are rallies that could go up 100 + pips - or stop after 10 pips if they hit a strong support or resistance and then see the 3 quick one go in opposite to the other 6
After time- you understand how they work and understand price structure - which is like PA plus time and S & R 's working all together
In reality - you can get say a 10 -20 pip scalp down in a strong bull bias structure with 5 or 6 longer term LR's still under price after it dropped 10 or 20 pips - and then price goes back up again
I know now MM understands LR structure more - and I think one or two other members are sussing it out and its make sense
For a live example lets look at the EU with price structure
For me - whilst we stay above 2396 then we have still HH's and HLs since the low at 5 th November at 2359 /60 area
Think about it last low - which was a HL at 2395 on Friday - last main high - 2578
So if we stay above 2396 and go above 2580+ still in up mode of HH's and HL's
My LR structure shows me this - and so I will favour scalp buys more than scalp sells - but all that would change if we go under 2394 or so
For now we need above 2468 and 75 to try say 2500 again - we might get to 2510 and then drop to 2430 - and then rise to 2550 - or we might drop now to 2420 and then turn and go straight up rest of week over 2600
90% of traders want to sell the EU down to 2200 or 2000 or lower
No problem - but it still might do even 3400 or more before it goes under 2000 - because price structure can change so much to allow it
Hope that explains it a bit more - remember I am only using LR's on 1 min chart for short term intraday
On a 30 min - it a different set up and then it a lot more swing trades etc - but its not so accurate - simply because there are more variable.
Time - and the longer frames give you more variables - meaning more alternatives and the chance top get it more wrong ;-(
Regards
F
7 24 pm
Did not get back from trip out to well after 5 30 pm - so had tea and checking things out
I will explain how I use my 9 LR settings in more detail and thanks SW for passing on link for Nightflight
TRO was able to code the first 3 quick Lrs - the ones I use purely for scalp trades - that might last just 3 to 10 pips
It got complicated when he tried to code all 9 and for them to take into account the levels of each one - it is complex - it can be done - but I reckon would be very costly and take ages to do - because of the amount of work involved in a basically a complex discretionary system that depends on certain indicators - PA - trendlines - time - etc etc
It a nutshell the more LR's over price - the more price should fall to drop
The more LR's under price - the more price should rise and go up
So when you have all 9 LR's over or under - you are generally in a rally - to the next time window
The stronger time windows will always be on the hour - and extra strong at EO - London Open - US Open etc and also around red news times
For scalps 3 quick LR's under or over price will move price
However when you have say 4 or 5 LR's say under price - and 4 or 5 LR's over price - its a then a stand off - or a BTTZ - ie a tight range
Yes 6 or 7 or more over - more than likely price drops still - but the 3 quick ones can be stronger than the 6 longer setting ones
So imagine quick 3 - ideal for scalps - say 3 -10 pips
3 quick plus 3 medium ranges - then say 10 -30 pip moves
3 quick plus 3 medium and 3 long - then these moves are rallies that could go up 100 + pips - or stop after 10 pips if they hit a strong support or resistance and then see the 3 quick one go in opposite to the other 6
After time- you understand how they work and understand price structure - which is like PA plus time and S & R 's working all together
In reality - you can get say a 10 -20 pip scalp down in a strong bull bias structure with 5 or 6 longer term LR's still under price after it dropped 10 or 20 pips - and then price goes back up again
I know now MM understands LR structure more - and I think one or two other members are sussing it out and its make sense
For a live example lets look at the EU with price structure
For me - whilst we stay above 2396 then we have still HH's and HLs since the low at 5 th November at 2359 /60 area
Think about it last low - which was a HL at 2395 on Friday - last main high - 2578
So if we stay above 2396 and go above 2580+ still in up mode of HH's and HL's
My LR structure shows me this - and so I will favour scalp buys more than scalp sells - but all that would change if we go under 2394 or so
For now we need above 2468 and 75 to try say 2500 again - we might get to 2510 and then drop to 2430 - and then rise to 2550 - or we might drop now to 2420 and then turn and go straight up rest of week over 2600
90% of traders want to sell the EU down to 2200 or 2000 or lower
No problem - but it still might do even 3400 or more before it goes under 2000 - because price structure can change so much to allow it
Hope that explains it a bit more - remember I am only using LR's on 1 min chart for short term intraday
On a 30 min - it a different set up and then it a lot more swing trades etc - but its not so accurate - simply because there are more variable.
Time - and the longer frames give you more variables - meaning more alternatives and the chance top get it more wrong ;-(
Regards
F
