Forex Price Action

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…


Most MT4 use GMT time, and FXCM trading station use NY close.
I just tried the FXCM for iPhone, and it’s awesome.

On FXCM trading station, you could watch any time you like, on default is 1m, 15m, 30m, and so on. but you could type 10m and the chart will show you 10m chart, that is one of the best thing about trading station, FYI

Hey michalkraus.

The GBPAUD could be setting up a nice head and shoulders reversal as well and could break the neckline for a new bearish trend. Or one more push upwards to the shoulder to mirror the left shoulder more closely.

If it breaks the neckline, sell? Or wait for a pullback to the neckline posing as new resistance?

Thanks for the chart. I’ll be keeping an eye on it.

My thought is keep selling, sometimes pounds gonna drop and you won’t see it retrace at all. proceed with cautious. Godspeed

Is this the type of PA we wait for? USDJPY bullish pin bar D1. Trend is up but there is a BRN at 80.00