Forex Price Action - Page 562
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  1. #5611
    Quote Originally Posted by russbryant View Post
    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
    Nice thanks for the link, cleared things up for me.

  2. #5612
    Join Date
    Aug 2012
    Posts
    45
    Johnathon, I am new to posting to this thread, but I have read up to about the first 100 pages. I am still having problems designating support and resistance lines. My question is from your example above, why is the area at 1.30645 not considered support? It seems to have a lot of common points. How do you distinguish an area such as that from the area you marked. When I try to put in my lines I always seem to have "too many".

    Also is it better to go off of bar highs and lows, or opens and closes, or which ever has the most common areas? So far this has been the hardest part for me to grasp.

    Thank you for all of the work you and the others have put into this thread so far, it has been great to follow and has given me a little bit of hope that I might find something that actually works.

  3. #5613
    Join Date
    Jul 2012
    Posts
    114
    Name:  GBPCHF H4 zoom out 5-12-12.jpg
Views: 4071
Size:  33.1 KBHey guys! I don't know what to think about this one... It formed a pinbar on previous support/resistance but right ahead we got another support for price. What do you guys think about it?Name:  GBPCHF H4 5-12-12.jpg
Views: 4058
Size:  31.5 KB
    Last edited by waldmann007; 12-05-2012 at 12:37 PM. Reason: added zoom out picture

  4. #5614
    Hi Jonathon,

    I would just like to ask if we take trades on double pinbars (although first pinbar isn't exactly one, since it didn't close within the candle before it; but let's just say it did and is a valid pinbar)? And then the second pinbar closed excatly like how it is in the picture. Do we take it? Also let's pretend the trouble area (red arrow) doesn't exist. Cause from what I understand, PA has to stick out, and if I'm correct with what I am seeing this pinbar wouldn't be sticking out from the rest since it is close to the pinbar before it. But nevertheless still a valid pinbar.

    I guess my question is, if ever this pinbar closes this way, is this considered still as sticking out and would we have traded it? Thanks.

    Last edited by OMFGWTF; 12-05-2012 at 01:47 PM.

  5. #5615
    Join Date
    May 2011
    Posts
    44
    Quote Originally Posted by OMFGWTF View Post
    but let's just say it did and is a valid pinbar)? And then the second pinbar closed excatly like how it is in the picture. Do we take it? Also let's pretend the trouble area (red arrow) doesn't exist.

    I guess my question is, if ever this pinbar closes this way, is this considered still as sticking out and would we have traded it? Thanks.

    Would like to hear from Johnathon as well but I think that IF the first pin bar was valid and there wasn't a trouble area (meaning it is at a good swing high) then you would still be trading the first pin bar regardless of the second. However you would not be in the trade yet as the low of the first pin bar has not been broken and would not have triggered an entry.

    Russ

  6. #5616
    Join Date
    May 2011
    Posts
    342
    Hi grock

    Here you go, enjoy!

    Price Action Holy Grail - Support and Resistance

    Quote Originally Posted by grock View Post
    Johnathon, I am new to posting to this thread, but I have read up to about the first 100 pages. I am still having problems designating support and resistance lines. My question is from your example above, why is the area at 1.30645 not considered support? It seems to have a lot of common points. How do you distinguish an area such as that from the area you marked. When I try to put in my lines I always seem to have "too many".

    Also is it better to go off of bar highs and lows, or opens and closes, or which ever has the most common areas? So far this has been the hardest part for me to grasp.

    Thank you for all of the work you and the others have put into this thread so far, it has been great to follow and has given me a little bit of hope that I might find something that actually works.

  7. #5617
    Join Date
    Jul 2012
    Posts
    114
    Looking now on MT4 I guess there was nothing wrong with this trade... I feel bad because I didn't jump in! The pair is GBPCHF H4.
    Name:  GBPCHF H4 TRADE.jpg
Views: 3918
Size:  25.1 KB
    Last edited by waldmann007; 12-05-2012 at 05:55 PM. Reason: added wich pair was on the attachment

  8. #5618
    Join Date
    Aug 2012
    Posts
    45
    Thanks Spongybob, I have read that article and it makes a lot of sense, but I guess my question is more how do you pick which level is more appropriate than another area. I was hoping I could gleen something out of his or anybodys answer in that particular situation. When I look at it, it seems that the 1.30545 level could be a very relivant level. I was wondering why it is not.

  9. #5619
    Join Date
    May 2011
    Posts
    44
    Quote Originally Posted by grock View Post
    Thanks Spongybob, I have read that article and it makes a lot of sense, but I guess my question is more how do you pick which level is more appropriate than another area. I was hoping I could gleen something out of his or anybodys answer in that particular situation. When I look at it, it seems that the 1.30545 level could be a very relivant level. I was wondering why it is not.
    I don't have charts in front of me but I think you are referring to the level which is very near to the current PA level on the chart. I think it isn't considered because if the price only pulled back to that point there would not be enough room for the trade and it would not be entered. You must always think to have room for the trade to move a good amount before hitting any resistance/support.

    Russ

  10. #5620
    Join Date
    Jan 2012
    Location
    Melbourne, Australia
    Posts
    1,511
    Quote Originally Posted by grock View Post
    Johnathon, I am new to posting to this thread, but I have read up to about the first 100 pages. I am still having problems designating support and resistance lines. My question is from your example above, why is the area at 1.30645 not considered support? It seems to have a lot of common points. How do you distinguish an area such as that from the area you marked. When I try to put in my lines I always seem to have "too many".

    Also is it better to go off of bar highs and lows, or opens and closes, or which ever has the most common areas? So far this has been the hardest part for me to grasp.

    Thank you for all of the work you and the others have put into this thread so far, it has been great to follow and has given me a little bit of hope that I might find something that actually works.
    Hello,

    a couple of things to remember. When marking our levels we are looking for the two most important levels that we would trade from. These are one below and one above. These levels are to be key levels that we could expect price to hold at or reject.

    Now something that a ton of people do not realise with marking support and resistance is how much info we can gain from price closing above or below a key area which then flows on to how we mark a level. Many are unsure whether to mark up the tops of candles or the close areas and this is where a bit of experience and chart time come in but I can try and help all the same.

    If we have a resistance level that price goes to and pops through before falling back lower and closing below, we can learn that the resistance level is still holding. Now if price goes up and closes out then it is broken. A lot is riding on the close. Why? Because many times order will push the market through only to make a false break of that level and close back through it. The example I will give of this is the EURUSD chart and the VBRN of 1.300. Notice how many times price moves up and pops through to test the VBRN before closing back below. We can see that this level was holding and so marking the top of the candles does not apply. Clearly the VBRN is the important level as the market could not break through. This is where many would go wrong in marking their level. We need to think about price as a whole chart and what others are doing. Then we can see that price did break through and close above at which point the VBRN level was broken. Now if price retrace back to the VBRN I will be looking for it to hold as new support.

    EURUSD DAILY CHART WITH VBRN
    Name:  exam.jpg
Views: 3864
Size:  38.7 KB

    Safe trading,

    Johnathon

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