Forex Price Action - Page 561
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  1. #5601
    Join Date
    Jan 2012
    Location
    Melbourne, Australia
    Posts
    1,511
    Quote Originally Posted by maxryan9999 View Post
    I'm crazy about support and resistance . Difficult to draw them

    Hello,

    I am finding a lot of people have difficulty drawing up correct support and resistance levels. Now this is super important because in Forex the "Holy Grail" is support and resistance.

    Like everything try to keep things as simple as possible and the charts as clear and uncluttered as possible!

    Firstly you only need two lines, not the hundreds you see on many charts. The first should go above where price is and the other below. SO all you want to mark is the next resistance and support. We are constantly re-assessing and if a level breaks then you will take 1 line of and replace with the new S o R.

    As I said try and keep it very simple. Look for the major swing points and levels. Instead of thinking of these levels as just lines, begin to think of them as supply and demand zones. These support and resistance zones in the past show where price has found supply and demand in the past and where they are likely to in the future.

    The next trick is to mark all your levels on the daily charts. The daily charts are a ton clearer and will show the more imrportant levels. These levels on the daily chart should be the levels you look to trade on the intraday charts such as the 4hr chart as well. The last thing to take into account is big round numbers. These can act as S/R levels also.

    My EURUSD daily chart is below using what I have said above. My first levels is below price and is also bang on the VBRN of 1.300. The second level is the resistance above price.

    Name:  eurusd.jpg
Views: 2905
Size:  24.7 KB

    Safe trading,

    Johnathon

  2. #5602
    Join Date
    Jan 2012
    Location
    Melbourne, Australia
    Posts
    1,511
    Quote Originally Posted by toyogo00 View Post
    Hi all,

    See attached, the EURCAD has a 2BR on 4HR chart at the resistance. Please comment. (NB: wigglez, you are right, it is 2BR not BEEB).

    Attachment 37081

    Regards,
    Toyogo
    Against such a strong up-trend! Would prefer to see price break through higher and look to get long on pull back to old resistance/new support level.

  3. #5603
    Join Date
    Jan 2012
    Location
    Melbourne, Australia
    Posts
    1,511
    Quote Originally Posted by joshiforex99 View Post
    how about this walker?
    Attachment 37089
    nose of pin is small but i think it is at confluence of fib-61 and support!
    Please take all that rubbish of your charts. Your chart is a big mess and hiding the most important thing "Price"!

    I wanted to post about your use of the Fibo. You are really stretching how it should be used. Like all things Forex the fibo should be used as simply as possible and when people have to stretch to make it work, it should not be on the chart. The fib should be used from the most recent swing points to another. Once retraces have happened in between the fibo becomes much much less likely to work.

    The other thing is for traders out there who are newer to price action, they should not be using the fibo at all. Until price is learn to be read and traded, the fibo will just confused.

    We only want to use the Fibo as another point of confluence and not as a singular tool to find support or resistance. If a setup formed at a fib number but has nothing else in it's favor such as S/R then it is not a high probability trade. We need to find more than just a fibo or more than just a random candle setup at a fibo level.

    Safe trading,

    Johnathon

  4. #5604
    Hi guys!

    I was just wondering if you would have taken this trade? Is it considered as a retracement? Or do I have my S/R line drawn on the wrong area?

    Name:  EURJPY D1.jpg
Views: 2892
Size:  22.4 KB

    Thank you for your help!

  5. #5605
    Join Date
    Mar 2012
    Location
    Sydney, Australia
    Posts
    172
    A ton of people will take it but I don't think it is a deep enough retractment, the next level down would be perfect. That level on a 4 hour with good PA would be ok (I think)
    Last edited by Paddymctaff; 12-05-2012 at 01:53 AM.

  6. #5606
    Hi all!

    Here's a chart of GBPCHF H4:


    Name:  GBPCHF.jpg
Views: 2741
Size:  25.1 KB

    Few more minutes til candle closes, is this a valid pin bar?

    Thanks again!

  7. #5607
    Join Date
    Nov 2012
    Posts
    17
    yes it was a good set-up

    Quote Originally Posted by kurtmackenzie View Post
    Hi guys!

    I was just wondering if you would have taken this trade? Is it considered as a retracement? Or do I have my S/R line drawn on the wrong area?

    Name:  EURJPY D1.jpg
Views: 2892
Size:  22.4 KB

    Thank you for your help!

  8. #5608
    Join Date
    May 2011
    Posts
    44
    Quote Originally Posted by kurtmackenzie View Post
    Hi guys!

    I was just wondering if you would have taken this trade? Is it considered as a retracement? Or do I have my S/R line drawn on the wrong area?

    Name:  EURJPY D1.jpg
Views: 2892
Size:  22.4 KB

    Thank you for your help!
    Is there a PA signal? - Yes (Bullish Pin Bar)
    Does the PA signal stand out? - Yes
    Is the trade with the trend - YES (Buy signal on an up trend)
    Is it occurring at Support / Resistance - YES
    Is the PA signal occurring from a retrace of the trend? - YES (occurring after a pullback from a up trend)

    The only thing that would have made me hesitate is that the Support line was defined so far back in time.

    Would like to hear what Jonathan says about the support area.

    Russ

  9. #5609
    Thanks for your insight, Russ!

    Quote Originally Posted by russbryant View Post
    Is there a PA signal? - Yes (Bullish Pin Bar)
    Does the PA signal stand out? - Yes
    Is the trade with the trend - YES (Buy signal on an up trend)
    Is it occurring at Support / Resistance - YES
    Is the PA signal occurring from a retrace of the trend? - YES (occurring after a pullback from a up trend)

    The only thing that would have made me hesitate is that the Support line was defined so far back in time.

    Would like to hear what Jonathan says about the support area.

    Russ

  10. #5610
    Join Date
    May 2011
    Posts
    44
    No problem. Not saying I'm right either but just my interpretation. Like I said, the SR level was set way back in time but it should still be valid. I don't think it could be called a Major SR level though. One thing I didn't mention that was pointed out is that the pull back was not very far. I don't know what the rule of thumb is on that but I understand needing room for the trade to develop before hitting resistance.

    Here is a post I found a few minutes ago. I think most of us would benefit from reading it again.

    Forex Price Action


    Russ

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