Forex Price Action - Page 1418
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  1. #14171
    Join Date
    Jan 2012
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    1,814
    Quote Originally Posted by EternalNewB View Post
    Johnathon in your last article The Secrets Traders Can Read From Candlesticks & Price Action - Forex School Online you state the one should NOT draw the S/R lines only based on line charts however this is what I have learned to do here.

    Can you please refer to the correct way to do it ?

    thank you
    Hallo,

    Also just to alleviate confusion that I "may" have created...

    Notice in the posts where I talked about using line charts for drawing S/R, the last instruction is ALWAYS to switch back to candlestick charts and 'best fit' the S/R [ the reason for which is what J talks about, i.e, wicks give important info about a level's 'break-ability'; price failing to close above/below a given level tells a story ]

    Hope that clears it from my end.

    Cheers.

  2. #14172
    Join Date
    Jan 2012
    Posts
    1,814
    Quote Originally Posted by frosty85 View Post
    Hi Marketdeal,

    Sorry for the unclear nature of the question. Back in the 2011, USD/JPY price went as low as 75 something and when I looked at my charts, even the monthly chart, I can't seem to find any previous data that is as low as 75 to mark a support level. Do you know how to draw S/R levels for these kinds of scenarios?
    Hallo Frosty,

    When price gets to new levels, we typically use price reaction's to (V)BRNs to draw the S/Rs.

    Also, when the Daily candles hesitate at a level, that becomes a new S/R (in this case, it would have been support, and the previous stalling above price would have been resistance, where we would have looked to short had price pulled back).

    Basically we flow with where the price halts/consolidates, and try to enter the dominant trend by looking for PA at pullbacks on TF's such as H4/H6/H8/H12

    Hope that makes sense

    Cheers

  3. #14173
    Join Date
    Aug 2013
    Posts
    515
    Quote Originally Posted by dudest View Post
    Hallo,

    Also just to alleviate confusion that I "may" have created...

    Notice in the posts where I talked about using line charts for drawing S/R, the last instruction is ALWAYS to switch back to candlestick charts and 'best fit' the S/R [ the reason for which is what J talks about, i.e, wicks give important info about a level's 'break-ability'; price failing to close above/below a given level tells a story ]

    Hope that clears it from my end.

    Cheers.
    Thank you for your continuous support and help my issue now is that I don't know how to put S/R with candlesticks I mean with line chart it is pretty obvious but after I switch back to candlestick how do I tweak ?

    Cheers

  4. #14174
    Join Date
    May 2012
    Posts
    45
    Hello guys,

    does anyone know a Broker that offers MT5 and New York 5 day close candles? The only one i know is Roboforex and it does only offer a few pairs.

    Not sure if that discussion is allowed in that thread - if not PM me please.

  5. #14175
    Join Date
    Jul 2013
    Location
    Spain
    Posts
    56
    Quote Originally Posted by 1easypips1 View Post
    Hello guys,

    does anyone know a Broker that offers MT5 and New York 5 day close candles? The only one i know is Roboforex and it does only offer a few pairs.

    Not sure if that discussion is allowed in that thread - if not PM me please.
    Alpari, LiteForex, and InstaForex use both MT5 and NY close on their live accounts. I know because I also searched for this same criteria in my brokers.
    Last edited by gmatav; 10-14-2013 at 06:01 PM.

  6. #14176
    Join Date
    May 2012
    Posts
    45
    Quote Originally Posted by gmatav View Post
    Alpari, LiteForex, and InstaForex use both MT5 and NY close on their live accounts. I know because I also searched for this same criteria in my brokers.
    Thank you!

  7. #14177
    Join Date
    Jul 2012
    Location
    mexico
    Posts
    119

    Default Eurgbp d1 10/15/13

    Hi:
    I'm thinking going short on EURGBP D1:
    Pin Bar on resistance.
    Space to the left.
    BRN 0.8500

    It is against the present trend but I think there is space to reach the support and then looking for Long.

    I will appreciate your comments.
    CheersName:  EURGBP_101513.jpg
Views: 3014
Size:  23.1 KB
    Last edited by mselva; 10-14-2013 at 08:56 PM.

  8. #14178
    Quote Originally Posted by mselva View Post
    Hi:
    I'm thinking going short on EURGBP D1:
    Pin Bar on resistance.
    Space to the left.
    BRN 0.8500

    It is against the present trend but I think there is space to reach the support and then looking for Long.

    I will appreciate your comments.
    CheersName:  EURGBP_101513.jpg
Views: 3014
Size:  23.1 KB
    Gidday, I was just interested to know what charts you are using as I am looking at pepper the EUR/GBP D1 and see something completely different.

    Here is what I'm seeing.

    Name:  EUR_GBP_D1.jpg
Views: 2962
Size:  17.4 KB

  9. #14179
    Join Date
    Jul 2012
    Location
    mexico
    Posts
    119
    This is weird! I use Alpari UK but I'm looking at AXITRADE and looks like yours. I'm out of my office but tomorrow I will check it again in Alpari.
    This is as I see in Axitrade.
    Thanks,
    Name:  eurgbpdaily.jpg
Views: 2869
Size:  25.8 KB
    Quote Originally Posted by bhops View Post
    Gidday, I was just interested to know what charts you are using as I am looking at pepper the EUR/GBP D1 and see something completely different.

    Here is what I'm seeing.

    Name:  EUR_GBP_D1.jpg
Views: 2962
Size:  17.4 KB

  10. #14180
    Join Date
    Jun 2013
    Posts
    517
    Quote Originally Posted by mselva View Post
    This is weird! I use Alpari UK but I'm looking at AXITRADE and looks like yours. I'm out of my office but tomorrow I will check it again in Alpari.Name:  eurgbpdaily.jpg
Views: 2869
Size:  25.8 KB
    Alpari UK sometimes shows different chart than the New York standard chart we use at this thread. That also answers some of the previous posts from another member who insisted of using Alpari UK a lot. Not recommended to continue using Alpari UK for the sake of discussion here, but of course you are free to continue using Alpari UK in your own personal live trade. Since you have Axitrader -it has our standard New York close chart- already, you can continue posting the next chart for discussion using Axitrader, mselva.
    Last edited by wm247; 10-15-2013 at 12:53 AM.

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