Holy bananas! You're the second channel I've ever seen using the PRT charting platform. The scripting language is sooo much easier to learn than MT4. I'll watch some of your other live trade videos next, but you mentioned below that you trade M5, using H4 and H1 to find your relatively higher timeframe SR levels. I wrote a couple of custom indicators for PRT to visually show each closed HTF candle's OHLC as four SR levels for the next interval, but on lower timeframes. Mostly works, with some occasional 1-pip errors when an extremum and closing price are too close. e.g. On the M1 or 50-tick chart, I'll show each prior H4 candle OHLC as a set of four SR levels overlaid on current price. On the M5, I'll use D1 OHLC, and so on. There have been similar indicators on the forum, which is where I learned/copied some of the code elements. But none quite like what I wanted. Feel free to ping me if you'd like them. It's a set of separate indis for M5, M15, H1, H4, D1, W1, MN, and Yearly levels. You just have to be sure your chart history covers enough bars to complete several of the HTF intervals -- i.e. an H4 chart with several thousand bars will show price for 2-3 years, so that the yearly OHLC will be properly calculated. Rationale was to screen for SR levels that initially do not require user discretion to identify. Staring at an H1 chart, it's too easy for me get lost excessively marking SR levels. So I just use prior D1, W1, and MN OHLC. That's immediately 12 highly relevant levels seen by all market participants globally, and then I can manually add additional ones at my discretion. I usually don't bother though. :D
Hi Dakao, I did use PRT but I now use motivewave. I did like a lot about PRT but I also had some major problems hence the change. Hope you find the content on the channel useful 👍
Ordinarily traders might use the 15min and 1 hour charts as their higher timeframes if trading on the 1 min chart. It all depends on your approach/strategy and what the back testing shows you is the best 👍
@ 6:18 you say "lowest point that the reaction occurs". Can you clarify this please? are you using the bottom of the upper wick of that same candle or something else?
The bottom of the upper wick can be a useful level to use if it is a fairly significant candle. I am essentially trying to encapsulate the reaction area as best I can with the levels the candles are showing to be important. Wicks and candle closes are good for this
Humm so that's how you do it: 1. You identify the area in the present that the prices are hovering on the chart 2. Then you scroll back into the past to look for congested areas That correspond to the present presumed price ranges 3,. The draw support and resistance lines to correspond with the past Congestion areas
Hi Success, a dynamic level is a level that changes. So a moving average is a good example of a dynamic level of support/resistance as the price at which the moving average sits changes with the price movement and time. Hope that helps
The best way to do this is to back test. Test multiple approaches and find what works best when it comes to identifying support and resistance levels. Then test you ability to identify these levels in the live markets. You don't necessarily have to trade from those levels, just plot them and see how they perform
It is a coincidence. There is no relationship between past movements and current or future movements specially now that most money going into crypto is institutional.
Hi 7investor partners, I'm sorry you think that. Let me ask though - if I trade from a 5 minute chart, what use would analysis be from 1 to 3 month time frames? I'd be taking a trade once a month at best! I agree that support and resistance analysis should be done on higher time frames than the chart you trade from, but you need to have some common sense and work from charts that are actually relevant to the chart you trade from. The back testing I have done from this point of view has lead me to using the 4 hour and 1 hour chart and this works well for me (as my live trade videos show). If you are trading from the daily or weekly chart, then I imagine the 1 month and 3 month charts serve you well for your higher time frame analysis.
Disciplined Trader is correct; great video and editing/graphics to clearly present the topic. 7investor is speaking from a bias of only looking at higher timeframe charts. Most longer term traders seem to think that intraday charts are a chaotic, unpredictable mess of wickedness populated with anarchists and wild animals. 7investor missed a key point at 2:40, where the video points out that Monday's pivot SR levels are no longer of interest to a trader looking for set-ups on Tuesday. THIS IS TRUE ON EVERY TIMEFRAME. Every hour, every 4 hours, every day, every SECOND continually provides new SR levels that last a while as orders build up, then dissipate as orders are filled or removed. Just bc you don't pay attention to them doesn't mean they don't exist. The rest is just deciding which timeframes you want to make money from. Neither higher nor lower timeframes lack for opportunity. And on any timeframe, once a SR level is finished, it is removed. Thanks to the new invention called the computer, we can automate the work of continually finding and removing these short-lived support levels. Candle OHLC, MAs, pivots, ATR/BB bands, whatever. It's a fallacy to pretend that somehow higher timeframes will protect a trader from randomness. Every timeframe will eventually see abrupt moves of 5xATR or greater, that usually scare the hell out of most traders who ignore or misuse multiple timeframes. With tick charts, I can see hundreds of data points charted inside of a single 5-minute candle. While other traders are waiting for the end of an M5 or H1 or D1 candle to confirm a high, a wick, a monthly level of support, traders like the video author and I have already seen, opened, and closed multiple trades inside the slower cycle of swing traders. When someone dismisses or disdains the lower timeframes, I laugh so hard. Everyone wants videos and photos with higher resolution (we now have 8k monitors on the market, to my continuing astonishment), to capture more of the reality that the human eye sees. Why on earth would we deliberately want to limit our charts to the equivalent of a 1980 CGI video? The downside is we can get distracted by chasing 10 pips and miss a 100 pip move. Sure. That's why any coherent trading approach will selectively choose when to use different levels of detail, just like Google Maps. MN and W1 charts provide a high level view of the country, state, and major highways you'll travel. But while you are inside a single state, you need to know which cities are nearest, not which states are nearest. So you go down to D1 and H4 charts. And on the highway, you need to know which exit and mile marker is next, so you go down to M15 and H1 charts, b/c you don't want to miss your exit by a mile (sounds absurd for driving, yet traders will do this all the time). Once in the city, you want your map to show you which block you're on, instead of just driving around for half a mile repeatedly, looking for your street -- that's your M5. At this point, that's good enough for most people bc they can see their destination from there, and they can live with a stop-loss of 5-10 pips. So no, it's not vital to have the map show your steps remaining to reach the front door of your destination, but M1 and tick charts can be helpful at that level of detail. Traders using lower timeframe charts will see exactly the moments when that single daily candle wick showed signs of initial weakness, possible ultimate failure, and repeated confirmation of the rejection at SR. How we manage to capture it is up to our skill. :P
![[안방1열 직캠4K] 베이비몬스터 치키타 'DRIP' (BABYMONSTER CHIQUITA FanCam) @SBS Inkigayo 241110](http://i.ytimg.com/vi/tnlxo79cAqY/mqdefault.jpg)
First video that has been clear, concise and helpful that I've come across since I entered into this arena. Genuinely appreciated
Thanks Chris! I'm glad you found the video helpful
Wow! It works! The first time i tried it took forever to activate and when I disabled my antivirus it worked like in less than a minute! Thanks bro!
Thank you so much brother. I have knowledge trading because of your videos
i love when he tests it out for us
The best method, I recommend
This really helped thanks a lot!
Great video, so easy to understand..thanks
No problem at alli
thank you this was very helpful
Holy bananas! You're the second channel I've ever seen using the PRT charting platform. The scripting language is sooo much easier to learn than MT4.
I'll watch some of your other live trade videos next, but you mentioned below that you trade M5, using H4 and H1 to find your relatively higher timeframe SR levels.
I wrote a couple of custom indicators for PRT to visually show each closed HTF candle's OHLC as four SR levels for the next interval, but on lower timeframes. Mostly works, with some occasional 1-pip errors when an extremum and closing price are too close. e.g. On the M1 or 50-tick chart, I'll show each prior H4 candle OHLC as a set of four SR levels overlaid on current price. On the M5, I'll use D1 OHLC, and so on. There have been similar indicators on the forum, which is where I learned/copied some of the code elements. But none quite like what I wanted. Feel free to ping me if you'd like them. It's a set of separate indis for M5, M15, H1, H4, D1, W1, MN, and Yearly levels. You just have to be sure your chart history covers enough bars to complete several of the HTF intervals -- i.e. an H4 chart with several thousand bars will show price for 2-3 years, so that the yearly OHLC will be properly calculated.
Rationale was to screen for SR levels that initially do not require user discretion to identify. Staring at an H1 chart, it's too easy for me get lost excessively marking SR levels. So I just use prior D1, W1, and MN OHLC. That's immediately 12 highly relevant levels seen by all market participants globally, and then I can manually add additional ones at my discretion. I usually don't bother though. :D
Hi Dakao, I did use PRT but I now use motivewave. I did like a lot about PRT but I also had some major problems hence the change. Hope you find the content on the channel useful 👍
Good explanation sir 😊😊😊
So from 6:00 you're marking wick tops as reversal descends and wick bottoms as reversal ascends? Good video Luke, thanks.
How to analysis know if it gonna buy or sell and what are times meaning of the horizontal on the graph
If I am trading on the 1min timeframe, what higher timeframe should i use to draw support/ resistance?
Ordinarily traders might use the 15min and 1 hour charts as their higher timeframes if trading on the 1 min chart. It all depends on your approach/strategy and what the back testing shows you is the best 👍
This is a very very good Video Thx!
No problem!
Thanks
Nicely explain
@ 6:18 you say "lowest point that the reaction occurs". Can you clarify this please? are you using the bottom of the upper wick of that same candle or something else?
The bottom of the upper wick can be a useful level to use if it is a fairly significant candle. I am essentially trying to encapsulate the reaction area as best I can with the levels the candles are showing to be important. Wicks and candle closes are good for this
Disciplined Trader thank you for replying, and for all the amazing videos
Humm so that's how you do it:
1. You identify the area in the present that the prices are hovering on the
chart
2. Then you scroll back into the past to look for congested areas
That correspond to the present presumed price ranges
3,. The draw support and resistance lines to correspond with the past
Congestion areas
Awesome!)
what time f do you use?
Hi Nayde, I use the 4 hour, 1 hour and 5 mins
Do you build this from a daily chart or 1 hour chart?
I plotted the levels from a daily chart in this video
fib / candle pattern / m.avg + S&R
Please make a strategy which give us signals more often/quickly because keep waiting and stick with PC that's very boring.
Thanks.
Hi Zakir, what do you mean stick with PC?
You got to do your own research. Signal service you won't learn anything.
I agree Ade
Keep watching charts and waiting for set up.
I Like
Dear sir, please What is dynamic level ?
Hi Success, a dynamic level is a level that changes. So a moving average is a good example of a dynamic level of support/resistance as the price at which the moving average sits changes with the price movement and time. Hope that helps
How I can draw perfect sup&resi in 5 minutes chart for intraday ? Please explain Dear sir.
Thank you
The best way to do this is to back test. Test multiple approaches and find what works best when it comes to identifying support and resistance levels. Then test you ability to identify these levels in the live markets. You don't necessarily have to trade from those levels, just plot them and see how they perform
It is a coincidence. There is no relationship between past movements and current or future movements specially now that most money going into crypto is institutional.
One hell of a coincidence then 👀
Horrible demonstration dear,u actually draw a jungle of linrs, u should start with 1 month towards 3 months timeframe
Hi 7investor partners, I'm sorry you think that. Let me ask though - if I trade from a 5 minute chart, what use would analysis be from 1 to 3 month time frames? I'd be taking a trade once a month at best! I agree that support and resistance analysis should be done on higher time frames than the chart you trade from, but you need to have some common sense and work from charts that are actually relevant to the chart you trade from.
The back testing I have done from this point of view has lead me to using the 4 hour and 1 hour chart and this works well for me (as my live trade videos show). If you are trading from the daily or weekly chart, then I imagine the 1 month and 3 month charts serve you well for your higher time frame analysis.
If this sys is working for u then everything is perfect dude,for stock and swing traders it is jungle of lines but forex u r champ
Disciplined Trader is correct; great video and editing/graphics to clearly present the topic.
7investor is speaking from a bias of only looking at higher timeframe charts. Most longer term traders seem to think that intraday charts are a chaotic, unpredictable mess of wickedness populated with anarchists and wild animals. 7investor missed a key point at 2:40, where the video points out that Monday's pivot SR levels are no longer of interest to a trader looking for set-ups on Tuesday. THIS IS TRUE ON EVERY TIMEFRAME. Every hour, every 4 hours, every day, every SECOND continually provides new SR levels that last a while as orders build up, then dissipate as orders are filled or removed. Just bc you don't pay attention to them doesn't mean they don't exist. The rest is just deciding which timeframes you want to make money from. Neither higher nor lower timeframes lack for opportunity. And on any timeframe, once a SR level is finished, it is removed. Thanks to the new invention called the computer, we can automate the work of continually finding and removing these short-lived support levels. Candle OHLC, MAs, pivots, ATR/BB bands, whatever.
It's a fallacy to pretend that somehow higher timeframes will protect a trader from randomness. Every timeframe will eventually see abrupt moves of 5xATR or greater, that usually scare the hell out of most traders who ignore or misuse multiple timeframes.
With tick charts, I can see hundreds of data points charted inside of a single 5-minute candle. While other traders are waiting for the end of an M5 or H1 or D1 candle to confirm a high, a wick, a monthly level of support, traders like the video author and I have already seen, opened, and closed multiple trades inside the slower cycle of swing traders. When someone dismisses or disdains the lower timeframes, I laugh so hard. Everyone wants videos and photos with higher resolution (we now have 8k monitors on the market, to my continuing astonishment), to capture more of the reality that the human eye sees. Why on earth would we deliberately want to limit our charts to the equivalent of a 1980 CGI video?
The downside is we can get distracted by chasing 10 pips and miss a 100 pip move. Sure. That's why any coherent trading approach will selectively choose when to use different levels of detail, just like Google Maps. MN and W1 charts provide a high level view of the country, state, and major highways you'll travel. But while you are inside a single state, you need to know which cities are nearest, not which states are nearest. So you go down to D1 and H4 charts. And on the highway, you need to know which exit and mile marker is next, so you go down to M15 and H1 charts, b/c you don't want to miss your exit by a mile (sounds absurd for driving, yet traders will do this all the time). Once in the city, you want your map to show you which block you're on, instead of just driving around for half a mile repeatedly, looking for your street -- that's your M5. At this point, that's good enough for most people bc they can see their destination from there, and they can live with a stop-loss of 5-10 pips. So no, it's not vital to have the map show your steps remaining to reach the front door of your destination, but M1 and tick charts can be helpful at that level of detail. Traders using lower timeframe charts will see exactly the moments when that single daily candle wick showed signs of initial weakness, possible ultimate failure, and repeated confirmation of the rejection at SR. How we manage to capture it is up to our skill. :P
Thank you. It really works
Thanks