Forex Price Action

Hey freesoloing,
excellent area you have marked there, I have a similar level marked, a tad higher than yours, good to see we’re all on the same page here! Personally I don’t want to short that market on the 4h I will be looking for a long trade if that area is broken, I will consider selling on the daily depending on what pa presents its self tomorrow!

Steve

now that aud/cad daily engulfed (at 1.03200 support) would you trade thanks

I wouldn’t no, like I say for many reasons I wouldn’t consider it. To be honest when flocking through my charts I didn’t even notice it, straight away that says no trade to me! Engulfing bars happen all the time, its about playing them from the right areas and stacking the odds in our favour. Trading that would be pure gambling.

If you haven’t done so yet go through the thread until you feel confident in how we trade here, I enjoy helping and will explain a beeb a million times to someone if it helps them out, but I think any new guys to the thread should do their homework and read the thread until they are up to speed first before asking questions so we can keep the information in here a top quality resource for everybody to use :slight_smile:

Hi guys! USOil here, saw a pin bar formed on the daily chart :slight_smile:



hello guys! how about this one? it seems quite pretty to buy

I’m crazy about support and resistance . Difficult to draw them :frowning:

Anyone watching this…
Will check in morning how it closed,am off to bed g’night all… :24:


Hi all,

I am watching at EURCAD, NZDUSD H4 at resistance with BEEB to be formed and CADJPY H4 at support with BUEB to be formed. Now is 11am EST and 2 more hours to go!

Regards,
Toyogo






Too bad there was no price action there…

I don’t have the cad/jpy pair, but the eur/cad and nzd/usd aren’t beebs. They never moved above the high of previous candle. They still can I guess, but they would have to rise passed it, then drop right back down

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).


Regards,
Toyogo

Very nice large 2 Bar but it is not at a pull back to support. Looks like you are selling against the trend to me as the trend is clearly up. It’s hard to pick a top so good luck if you go with this trade. You might want to leave your target as a second target point but add another at the 1.28990 area as the resistance there may be a factor.

I will watch for a pull back to support and then PA to take a long position.

Russ

This is perfect signal at a great level imho. I am not taking it as I dont like CT trades but it definitley ticks all the boxes.

I have placed orders for GBPAUD daily 2BR/2 bar pin or whatever you want to call it…

Paddy re GBPAUD D1 ,on axitrader it also englufed … not by much but it did… orders placed here also…

how about this walker?



nose of pin is small but i think it is at confluence of fib-61 and support!

yer, too small josh…

ps you when the boss sees all them wriggles and squiggles you gonna be in the sh!t lol :18::18::18:

Josh look at the pin at the highest swing high where you have drawn your fib from and then compare it to the one you asked about…

And yeah, try removing all the crap and smile at how nice the charts are to look at :slight_smile:

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.


Safe trading,

Johnathon

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.

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