Forex Price Action - Page 310
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  1. #3091
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    May 2012
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    Quote Originally Posted by FaRS View Post
    You are reading my thoughts - excatly my levels u have drawn there and idea how I would enter the trades too!
    Hmmm, it looks like I should rethink my SR drawing as I have been treating 4h and 1d time frames separately so far as per the initial post with the chart...

    Thanks folks!
    Fil.

  2. #3092
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    Hei!

    Can anyone smart give me his opinion about the green support zone of this pair. Should the red support lane be lower or higher and why, or maybe it's already correct?

    AUD/CAD D1
    Name:  2012-08-11_2301.jpg
Views: 3935
Size:  19.3 KB

    Richard

  3. #3093
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    Quote Originally Posted by FaRS View Post
    Hei!

    Can anyone smart give me his opinion about the green support zone of this pair. Should the red support lane be lower or higher and why, or maybe it's already correct?

    AUD/CAD D1
    Name:  2012-08-11_2301.jpg
Views: 3935
Size:  19.3 KB

    Richard
    Dunno about smart, but I can see a s/r level that started on 29 june (1.044ish) that the current pin respected and bounced off..the prior down trend way over on the left is irrelevant the way i see it atm

    pw

  4. #3094
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    Quote Originally Posted by FaRS View Post
    Hei!

    Can anyone smart give me his opinion about the green support zone of this pair. Should the red support lane be lower or higher and why, or maybe it's already correct?

    AUD/CAD D1
    Name:  2012-08-11_2301.jpg
Views: 3935
Size:  19.3 KB

    Richard
    also dunno about smart however i think your green zone above is the most relevant and recent support which Friday's low came within 20pips of....you'd need to logically put stop below 1.0413 with not alot of area above having resistance @ 1.06...maybe wait for strong PA off of 1.0413 imo. Also question to all, does a pin need to be 'green' for a long?

  5. #3095
    Quote Originally Posted by FaRS View Post
    Hei!

    Can anyone smart give me his opinion about the green support zone of this pair. Should the red support lane be lower or higher and why, or maybe it's already correct?

    AUD/CAD D1
    Name:  2012-08-11_2301.jpg
Views: 3935
Size:  19.3 KB

    Richard
    Personally I have the zone a tad higher to take into account that short term resistance from around late June.

    Also anyone thinking of taking this PB just be away of what is looming overhead and the BRN.

    Name:  2012-08-12_USD_CAD_DiLy.jpg
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  6. #3096
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    Quote Originally Posted by bearOZpips
    Also question to all, does a pin need to be 'green' for a long?
    Hi bear,

    No, it doesn't need to be green to go long, although some people take it as an extra reassurance.

    Fil.

  7. #3097
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    Quote Originally Posted by bhops View Post
    Personally I have the zone a tad higher to take into account that short term resistance from around late June.

    Also anyone thinking of taking this PB just be away of what is looming overhead and the BRN.

    Name:  2012-08-12_USD_CAD_DiLy.jpg
Views: 3947
Size:  32.0 KB
    Hei!

    Thank u very much bhops and all other, who answered. Was a bit confused about that zone, cuz if we look in the past, then there are pretty much places, where u could draw the support lines, but now I'm totally clear, where it should be as this was one of my versions as well!

    As for the PB, I'll pass it, cuz I would like it to be a bit more obvious (it would have gone deeper into the support zone and then pulled back) and, as u mentioned, there is this BRN level 20 pips above.

    Richard
    Last edited by FaRS; 08-12-2012 at 07:22 AM.

  8. #3098
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    Jan 2012
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    Melbourne, Australia
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    Hello so I will try to answer the last few questions I have seen in the thread.

    For me the 2 levels on the AUDCAD are below. My level for support is made up of where price found resistance in the past and then when price was above it held as support and price could not close below. This pin is trading into traffic.

    AUDCAD DAILY CHART
    Name:  11ac.jpg
Views: 3929
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    The next question was about close for pin and as long as it is technically a correct pin i,e: the close it does not matter what way it closes.

    And lastly about the different time frames. The very best thing for traders who are not yet profitable to do is to mark all their levels of the daily chart. So this means if they are trading from the 4hr chart they will be trading from levels marked on the daily. This will ensure they sray only trading from key important levels.

    For more advanced traders they will be able to spot levels on any chart. What this means is whilst levels on the daily chart will be seen on the 4hr chart, the 4hr chart will have levels that you cannot see on the daily chart. It is these levels an advanced trader can make trades off but it is these levels which will hammer less experienced traders.

    We always manage trades from the same time frame. For example if you enter on the 4hr chart you work out targets, stops and trade management of the 4hr chart. This is really really important. You do not go down to the 1hr chart to manage a 4hr chart. A lot of traders will do this thinking they are smart but all they will do is start seeing levels that they didn't on the higher time frame. These "new" levels will worry them out or make them make stupid trade management decisions and the will over manage their positions.

    Hope this helps and if there are other questions please let me know.

    Safe trading all this week,

    Johnathon

  9. #3099
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    bhops , in bottom rhs corner of your pic shows usd/cad daily ??
    Quote Originally Posted by bhops View Post
    Personally I have the zone a tad higher to take into account that short term resistance from around late June.

    Also anyone thinking of taking this PB just be away of what is looming overhead and the BRN.

    Name:  2012-08-12_USD_CAD_DiLy.jpg
Views: 3947
Size:  32.0 KB

  10. #3100
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    Quote Originally Posted by walker View Post
    bhops , in bottom rhs corner of your pic shows usd/cad daily ??
    Obviously that was a slight mistake. I am sure everyone knows what he was talking about.

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