Forex Price Action - Page 1433
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  1. #14321
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    Quote Originally Posted by guardian09 View Post
    Whats the difference between just a normal s/r and a KHL?

    What would characterise a KHL?

    Hallo G,

    KHL (key horizontal level) refers to a MAJOR S/R, as opposed to just any S/R on a chart ( in context ).

    Ideally, the normal one/two S/R's we draw on our charts are KHLs ( that's why they are on our chart, they are the key levels )

    The differentiation becomes stark especially when a chart is choppy, and there are several S/R's on the chart, and one wants to highlight the major ones.

    For example, in a ranging market, the KHL's would be the TOP and BOTTOM of the range, with other S/R's in between being the minor ones.

    Hope that makes sense!

    Cheers

    PS:

    I'm guessing your next question would be: how to identify KHLs (?)

    And the answer to that would be:
    ---> the main two levels on your chart are the KHLs.
    ---> the STANDOUT ZONES on your chart are the KHLs

    Nothing to get confused about

    .

  2. #14322
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    Quote Originally Posted by dudest View Post
    You've learned enough to self-correct Darth , that's what counts!

    @Silver: it may very well work out ( who knows? may explode up never to come back again! )
    So just carry on with your original plan, that way you won't have beaten yourself

    Cheers!
    So now the importance of staying with your plan becomes evident [ regardless of what dudest or anyone thinks about your trade ]

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    Cheers!

    .

  3. #14323
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    Quote Originally Posted by EternalNewB View Post
    Any comments on the BEEB of GBP USD Daily ?

    Pros:
    Weekly gap still needs to be filled
    Day closed below S/R line
    Engulfing 4 previous candles
    look what happened last time price broke below this level

    Cons:
    Low wick show supports below
    I am not sure if engulfing bars can be treated as continuation (since momentum is already down for a few days)


    Attachment 53149

    thanks
    Analysis:

    # A good number of times, gaps are NOT filled, so don't count on that as a 'confluence'

    # A good number times, gaps act as S/R, so the BEEB is sitting on a potential S/R

    # The candles prior to the BEEB have failed to close below the level --> support holding

    # Lastly: the area happens to be around the RN 1.5900, which if you zoom out will see has acted as S/R before ( in this case, support )

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    .

  4. #14324
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    Quote Originally Posted by dudest View Post
    Analysis:

    # A good number of times, gaps are NOT filled, so don't count on that as a 'confluence'

    # A good number times, gaps act as S/R, so the BEEB is sitting on a potential S/R

    # The candles prior to the BEEB have failed to close below the level --> support holding

    # Lastly: the area happens to be around the RN 1.5900, which if you zoom out will see has acted as S/R before ( in this case, support )

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    .
    Thank you again

    I always draw my S/R lines too high or too low

  5. #14325
    Join Date
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    Quote Originally Posted by wm247
    Actually the setup worked well as far as a counter-trend trade I would have expected if I took this trade myself.

    Without further ado, this is what I think went wrong with your trade:
    1) You entered this when the candle had not been fully mature yet, didn't you? A big no-no. Never enter at market order, always enter at pending order. I learned this the hard way myself.
    2) You're taking a counter-trend trade with that smallish pinbar as your entry bar. You're a one brave man, Darth. But if you want to enter a CT trade, keep in mind that you need to have a much more powerful entry bar to ensure price really move to the direction you want.
    3) Your TP is too ambitious. You should have identified a lower possible trouble area, maybe around the previous lower low or Round Number like 1.91000.
    4) You have been losing a lot this last few days, so that should have told you that you are not ready to even go live or take any timeframe lower than Daily tf or even take another counter-trend trade setup. Please focus on Trend trade in Daily tf and higher tf at demo account for now. Keep this is mind: trend is our friend till the end.

    Just my 0.00002.
    Thanks you for your review. My 1st reason to enter was for the previous daily candle pb. But you learn from your mistakes and no matter how long you have been trading for you still make them as we are only human.

    On a plus note my gold and silver trades hit there tp and made back all the losses I have had. So now I have learnt an important lesson and I'm no worse off.

  6. #14326
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    Quote Originally Posted by dudest

    So now the importance of staying with your plan becomes evident [ regardless of what dudest or anyone thinks about your trade ]

    <img src="http://forums.babypips.com/attachment.php?attachmentid=53155"/>

    Cheers!

    .
    Yep I stayed in and it hit my tp. I was also riding gold too. Yay.

    Is it me or does the silver chart look like a double bottom?

  7. #14327
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    The AudCAD is climbing to the VBRN of 1.000. Looks like a great place to short. I'll be watching this like a hawk!

  8. #14328
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    Quote Originally Posted by darthfrancis View Post
    The AudCAD is climbing to the VBRN of 1.000. Looks like a great place to short. I'll be watching this like a hawk!
    You and me buddy!

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    .

  9. #14329
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    Quote Originally Posted by darthfrancis View Post
    ...

    On a plus note my gold and silver trades hit there tp and made back all the losses I have had. So now I have learnt an important lesson and I'm no worse off.

    Quote Originally Posted by darthfrancis View Post
    Yep I stayed in and it hit my tp. I was also riding gold too. Yay.

    Is it me or does the silver chart look like a double bottom?
    Yaaaay!

    @double bottom: doesn't quite look one to me... though I normally don't place much premiums on double-bottoms and such (and don't have them in my trading plan)...

    .

  10. #14330
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    Quote Originally Posted by EternalNewB View Post
    Thank you again

    I always draw my S/R lines too high or too low
    Uhm, not true, your S/R's usually look good to me!

    The key here was to remember that gaps tend to act as S/R, and not mix TF's ("weekly gap has not yet closed"). Also to see what the wicks of the previous candles were doing ( i.e, that the candles where not able to CLOSE BELOW the level )

    Cheers!

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