Simple's Green Room

[simplegreen]

That's right jav...the more I use the line chart the more I begin to think that the only real problem with trading FOREX might be the use of candlesticks!Anyway..will try to get you started on this...on your reg Oanda chart go to an H4..this might be easiest to learn and get a feel for it on H4..next use candlestick to set a horizontal line..(I use red) at top and at bottom of latest significant move of an H4 candle.Those should be pretty good S/R levels and if you use the magnetic function to set the lines they will be super accurate.Next go up to top of chart and select bid line instead of candlesticks and your chart is set up.If either red line gets breached then you have to go back to candles and reset a new one BTW.
The concept is quite simple jav...by using a line chart of the banks bid you are seeing their action as it takes place..IOW if bid is rising price will rise til it begins to stumble in short term consolidation.If banks bid is falling then the same thing I just mentioned will take place to the downside.The need for the horizontal lines will be clear once you use this method some...if you have for example a candle price low at a particular price and bank bids come in short of that line it shows that the market is willing to buy higher than previously bought.Same thing in reverse at the top line...banks start selling short of a top IOW.
Watch for patterns of Ms and Ws and enter at stumbling points in the direction of the break.
By starting to learn this on H4 you can set fibs and find that the "stumbling" points will be around fib levels and you will see that if bid line get breaches a fib level it will usually retest it then resume its previous direction.
BTW jav..just a little while ago using this method I entered long N/U on a small but chancy trade long and closed it rather quickly for 86 pips..it did what I had hoped for on nes that NZD rate held at 3.5% so I made a little money in a very short time.
When those bids started rising rapidly I held on for a large pip gain...wish the size had been bigger but I'm still a happy camper.!!