Forex Price Action

The hourly is another beast I didnt even check this trade. I stay away from anything below the 4H. Even the 4h has alot of choppiness today not many opportunities as of yet

AudJpy DAILY TF - BEEB rejecting Resistance of RN at 84.00? Valid setup?


Just finished reading almost every post in this thread. Took me 2 whole months to read it pretty much. Learned quite a bit. This is my first post!

Good work probably one of the best things you could have ever done for your trading career!

I have a question - when I left the house this morning there was a perfect BEEB forming on the AUDCHF 4hr chart - is it acceptable to take 4 hour signals at the start of the Aus/Asian session? that session always seems to drift in the opposite direction to the coming UK and US sessions which concerns me a bit.

I’m with you Fxsmurf. I just spent the last couple of days reading through this thread, I’ll get through eventually! My first post also.

Been demoing this strategy. Any thoughts on the AUDCHF. Daily TF showing 2 nice pin bars at some decent S+R

Sorry I can’t post a chart, I’m on my phone, you’ll have to check it out.

I was tempted to take this one until I noticed the BRN of .9800. Its headed straight into this, which has been a major resistance area which would now be considered support. I’m still contemplating the currency looks like its been overbought the past week. Most likely not I will stick to my rule book and may see something come up on the 4H TF later.

Sorry, BRN?

BRN = Big Round Number

Example: 0.9800, 1.3000, 0.8400, etc

The idea is that these numbers tend to have significance to them as humans tend to like them and put buy and sell orders right at them.

Hope this makes sense. And, if anyone has more to add, please feel free so.

puzon

Thanks, that doesn’t give us a lot of wiggle room.

Finally done reading the whole thread ^^ ,

Thanks all for the advice , my first post in this thread.

Hope to post some charts soon for your critics ~

Hi Paddy

Its all the more reason one should follow the momentum and not a PA signal. I am seeing many question of PA but in no mans land and against the momentum.

Thats the difference Johno teaches, an A+ setup is a nice sized PA at KHL with momentum. Surf with the wave not against it.

Cheers

Hi friends,

My understanding:

RN = Round Number
BRN = Big Round Number
VBRN = Very Big Round Number

Yen Example: (AUDJPY)

VBRN: 80.00, 85.00 —> every 500 pips
BRN: 81.00, 87.00 ----> every 100 pips

USD Example: (USDCAD)

VBRN: 0.5000, 1.0000, 1.5000 —> every 5000 pips
BRN: 0.8000, 0.9000 0.9500 ----> every 500 pips
RN: 0.9700, 0.9800, 0.9900 ----> every 100 pips

I’m open to correction if i’ve mistaken anything

Cheers!

1 Like

Welcome to the herd :)!!

And kudos for being diligent & committed enough to go through the thread, it’s one of the best things you’ve done for your forex career :slight_smile:

Cheers!

Hi peeps!

Also noted the AUDCHF this morning, it’s at a key S/R IMHO.

  1. On Weekly chart, the pullback to S/R is done:
    Q. Will resistance hold?

We wait for pullbacks so that we can get into the dominant trend at a place of value ( in this case: at swing high )

  1. I will therefore be looking for SHORT PA in the coming day(s), preferably off the D1/H12/H8
    The pins currently on D1 are small. They indicate (the beginnings?) of rejection of that level, which is good.
    Hopefully there will be a nice BIG & OBVIOUS PA that can signal resumption of bearish action.


Cheers

Some charts I’m watching:





SL moved to BE

I thought I had NY Close but my 4H charts are slightly different than yours dudest. Youre sure youre on NY close?

FXCM uses NY close on their normal accounts, but not NY close for MT4 users.

Oh I so envy you ability to watch and trade 4H charts…

hi guys i am just wondering what do you think about this setup, lets assume the bar will close very simiraly as it is now…