Forex Price Action - Page 39
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  1. #381
    Join Date
    Feb 2012
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    30
    Dear Friends,
    bla-bla-bla,,,

    How about getting back to the PA topic???

    Johnathon,
    Would you consider that the NZDUSD is exhausted in the up trend?

    Safe trading!

  2. #382
    Join Date
    Jan 2012
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    Melbourne, Australia
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    Quote Originally Posted by bitizhu View Post
    Dear Friends,
    bla-bla-bla,,,

    How about getting back to the PA topic???

    Johnathon,
    Would you consider that the NZDUSD is exhausted in the up trend?

    Safe trading!
    Hello Bitizhu,

    good to see you posting. Two days ago when we saw that rejection candle I thought the chance for a decent pullback was looking likely. This Pin however has failed to break lower and price is once again testing the recent highs.

    The problem price will have trading back lower is all the traffic it will encounter on its way back down.

    Now what is important is the box that price is stuck in at the moment. Notice how we have had rejection candles in this box both ways that touch the top and bottom of the box almost to the pip? It is to early to say anything until we have a clear break of this box. Once this happens we will normally break out hard and fast and then price will retrace and test again. It is here will will get our entry.

    It is much easier to explain on a chart. So if price break the box higher we would look for price to rotate back lower and for us to get long and if it breaks lower for price to come back up and test lows to get short. make sense?

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  3. #383
    Join Date
    May 2011
    Posts
    342
    Hey guys

    Like my new chart post, see you learn about how to post charts too.
    Attached Images Attached Images  

  4. #384
    Join Date
    Jan 2012
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    Quote Originally Posted by Prabhakar123 View Post
    Mr Johnathon Fox,

    I revealed a lot of attractive stuffs contained by this thread particularly its conversation. This is my first occasion I visit here and I found this is a very valuable post. Thanks for the information you provided. It would be great if get more informative threads like this. I appreciate it........


    Regards,
    Prabhakar Singh
    Thanks for those kind words Prabhakar.

    Words like that make all the time worth it!

    Johnathon

  5. #385
    Join Date
    Dec 2010
    Posts
    136
    Hey guys,
    I've read in another blog (Nial's blog i think) that to place the S/R levels on a daily chart we need to zoom in on no more than 6 months of candles.....How many candles do you use to place your levels on a daily chart?

  6. #386
    Join Date
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    Quote Originally Posted by lucariga View Post
    Hey guys,
    I've read in another blog (Nial's blog i think) that to place the S/R levels on a daily chart we need to zoom in on no more than 6 months of candles.....How many candles do you use to place your levels on a daily chart?
    I am unsure as to whether you are asking this question to me however I am going to answer it because I DO NOT want anyone to think that they have to start looking at no more than 6 month of candles to mark support and resistance.

    The first 2 examples of charts I will use is are both daily charts. I want to show people what price is. I am constantly explainging to people that price is telling us a story and it is our job to put it together.

    Support and resistance shows us on a chart where buyers and seller have come in. These level go back as far as our charts can go. Zoom your charts out as apsolutely far as they can go and you will notice support and resistance levels have been suported and rejected for years and years. What I am saying is these levels repeat themselves over and over again!

    First chart: EURUSD zoomed out as far as it can go. 07 and 08 represent 2007 and 2008. Error. On the chart it should say resistance and not support. I made a mistake.

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    Second chart is EURUSD daily chart and the level I zoom charts out to look for S/R. Note I have over 2 years of info on this chart. If I didn't I would miss very obvious levels like the level price has rejected 2 days ago.

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    Last chart is the weekly chart of the EURUSD showing 6 months of information. Obviously I cannot mark S/R on here.

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    Johnathon

  7. #387
    Join Date
    Dec 2010
    Posts
    136
    Quote Originally Posted by Forex School Online View Post
    I am unsure as to whether you are asking this question to me however I am going to answer it because I DO NOT want anyone to think that they have to start looking at no more than 6 month of candles to mark support and resistance.

    The first 2 examples of charts I will use is are both daily charts. I want to show people what price is. I am constantly explainging to people that price is telling us a story and it is our job to put it together.

    Support and resistance shows us on a chart where buyers and seller have come in. These level go back as far as our charts can go. Zoom your charts out as apsolutely far as they can go and you will notice support and resistance levels have been suported and rejected for years and years. What I am saying is these levels repeat themselves over and over again!

    First chart: EURUSD zoomed out as far as it can go. 07 and 08 represent 2007 and 2008. Error. On the chart it should say resistance and not support. I made a mistake.

    Name:  08.jpg
Views: 9831
Size:  27.7 KB

    Second chart is EURUSD daily chart and the level I zoom charts out to look for S/R. Note I have over 2 years of info on this chart. If I didn't I would miss very obvious levels like the level price has rejected 2 days ago.

    Name:  save.jpg
Views: 9623
Size:  18.9 KB


    Last chart is the weekly chart of the EURUSD showing 6 months of information. Obviously I cannot mark S/R on here.

    Name:  6.jpg
Views: 9560
Size:  26.8 KB

    Johnathon
    Thanks so much for the answer. I'm asking this just because if i use 3 or more years of data (on a daily chart) to mark support/resistance, i do have so many levels to deal with, and i almost never rich the 1:1 R/R because there is always a S/R in between.... So I'd have to discard some of them and i never know which one to delete from my chart because all of them are IMPORTANT LEVELS.
    Somewhere i've read that the most recent levels are more important than the olders at least for the short-medium terms trading we are looking for....
    The second thing is if we watch at the same period of data, there is more possibility that we ALL mark almost exactely the same levels and we don't have to think about the importance of that specifical S/R.

    Just to clarify my thought i've marked down the S/R of EUR/USD of the past 4-5 years....
    Almost every level has a retest of 2-3-4 times so i have to consider every level as important as the others.... How can i know which one to delete?

    Hope this make sense
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Size:  49.7 KB
    Last edited by lucariga; 03-02-2012 at 09:16 AM.

  8. #388
    Join Date
    Jan 2012
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    Quote Originally Posted by lucariga View Post
    Thanks so much for the answer. I'm asking this just because if i use 3 or more years of data (on a daily chart) to mark support/resistance, i do have so many levels to deal with, and i almost never rich the 1:1 R/R because there is always a S/R in between.... So I'd have to discard some of them and i never know which one to delete from my chart because all of them are IMPORTANT LEVELS.
    Somewhere i've read that the most recent levels are more important than the olders at least for the short-medium terms trading we are looking for....
    The second thing is if we watch at the same period of data, there is more possibility that we ALL mark almost exactely the same levels and we don't have to think about the importance of that specifical S/R.

    Just to clarify my thought i've marked down the S/R of EUR/USD of the past 4-5 years....
    Almost every level has a retest of 2-3-4 times so i have to consider every level as important as the others.... How can i know which one to delete?

    Hope this make sense
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Views: 9362
Size:  49.7 KB
    Heya just quickly before I answer your question, are those purple lines (about 30) normally how many you would have? and they are your S/R?

  9. #389
    Join Date
    Dec 2010
    Posts
    136
    No, i normally have less lines, but i refer to 6 months to 1 year of daily candles....

  10. #390
    Join Date
    Jan 2012
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    Quote Originally Posted by lucariga View Post
    No, i normally have less lines, but i refer to 6 months to 1 year of daily candles....
    Hmmm okay. Well how many do you normally have?

    See the post I asnwered you previously. The middle chart is the chart I use to mark my lines. I use that much info.

    I will answer your question tomoz morning my time as 1am here and going to bed.

    On another note I have now just take part profit on the two recent daily trades on GBPCAD and AUDCHF. To see the setup I traded here which were a bullish engulfing bar and bearish pin bar please see previous posts. See charts:

    AUDCHF
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    GBPCAD
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    Night all,

    Johnathon
    Last edited by Forex School Online; 03-02-2012 at 10:20 AM.

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