Support and resistance levels for GBP/JPY

Hi all,

Anybody know of a place where I can get/check s&r levels for the GBP/JPY?

I have plotted a few of my own that I would liketo check, but I would also like to see which I have missed.

Thanks

It depends on what timeframe you’re trading on.

Usually the popular S&R levels posted will be based on daily price action.

It’s best to draw S&R levels yourself. And stick with those. :slight_smile:

I would be interested in this as well. I know a lot of systems are based on this information, and think it would be helpful if shared.

Some of you that may have more historical perspective could be very helpful to some of the new people here.

In terms of timeframes, I’d be interested in 4H personally.

Thanks in advance for any more information!

you will find daily pivot points work best. you can get the daily @actionforex.
a master traders log worth following is My GBPJPY trade journal - Page 31
this guy is on top of his game and he freely answers questions about his strategy.
now if this is link violation then it is sad babypips is not open to newbies learning and spreading there wings

Rather than limiting yourself to a specific timeframe & depriving yourself of opportunities, try working your potential support & resistance levels from the most recent activity first & then zoom out on the various timeframes to plot your upper & lower observation zones.

It might help if you keep tabs on your favorite pairs average daily range, to help assist in plotting & confirming possible next level staging posts on the price journey.

An ATR plotted on your Daily timeframe of say the last 30 or 50 days will give you a good indication of the active range behavior of your pairs most recent history.

Mark up the previous days high to low range as well as the previous weeks high to low range too. These levels are quite often very strong magnets for price as it gets bartered back & forth on fair value tickets.

If you take a look in here http://forums.babypips.com/free-forex-trading-systems/19076-technical-templates-2-a.html
my colleagues run this type of information across multiple pairs week in, week out. There are plenty of chart examples & explanatory comments in there & their original thread to encourage you to research your own views on this type of analytical study.

For what it�s worth, here�s a near term take on the immediate lower zones that attracted bids during last weeks action.
Of course, they�re not guaranteed to hold interest on moves back, but it�s highly likely there�ll be a bit of profit stop activity lurking on & around these levels which tends to cause 2 way movement as the price action sniffs out the strength of the order flow on re-visits.

And a quick scan of the slightly longer timeframe picture throws up an immediate level that price has stopped at into the weeks close & this busy upper tier of previous activity that will likely hold interest on follow through momentum.

[B]Hello: As a newbie trader I thought I would share some of the places to some serious reading sites I have visited about the craft of currency trading. So far I have downloaded many free e-books from trend lines to charting that I have read. Many cover the basics which; is not enough. Here is a list that might be helpful to those who want to follow the daily action reports. Most of these I use through a reader from my desktop so; they are all in one place and uploaded automatically daily. This can be done using Tristana Feeder for free.

  1. Action Forex---- My favorite site so far
  2. forexhound- Lots of good reading here with all the ads
    3 World Markets-- This covers activity around the world
  3. riskwatchdog— The exotics are covered here
  4. Customhouse---- Here are world market outlook and North america
  5. FXStreet — good technical stuff here

[/B] [U][B]BASIC TOOLS FOR LEARNING: SITES BELOW

1.[/B][/U][B] Fxstreet Macd tool archives five pages
[/B][U]2 [/U][B]Forex trading guru --momentum oscillators
3. Forextrendline-- Covers trendlines
4. Metexinvest tripod --How to read Channels good
graphics
5 Forex indicators.net/volume---This is eight pages on how to read volume very basic but good to have.
6. The Wallstreetcourier–This a free e-book of technical Market indicators that is twenty five pages.

This seems overwhelming for information but I try to be informed as possible as a newbie. I have only been trading for nine months and may or may not last depending on market. Any one interested with replying additional sites that may be helpful would be great.

[/B]

1 Like

I’m trading NickB’s method, so ultimately I would be interested in the 4 hour charts. I have drawn alot of them myself, but I’m more concerned about historical s&r.

I have only been trading for a couple of months and therefore only been plotting for a couple of months. A problem that I have come across recently is taking trades that seem to be a perfect setup and then they go against me, only to find out later that I took the trade at a very strong support line from like two years ago.

Am I making any sense here?