and another nzdjpy!! 4hr
This for me has a cleaner resistance level at 0.8200.
nice PB.
What do you think??
One of the things you have to be careful here is that often at the end of the week traders are unloading their positions and taking profit before the weekend. So you have to treat these types of signals with a bit more caution.
Never considered that. Great point…
fingers cross the market doesn’t gap too much over the weekend! Thanks for the reply bhops
darth
Hi all,
Does anyone know how to plot S/R levels for a new, never-been-touched level, such as USD/JPY hitting the mid 70s back in 2011?
Thanks!
What exactly are you trying to say?
Hi Marketdeal,
Sorry for the unclear nature of the question. Back in the 2011, USD/JPY price went as low as 75 something and when I looked at my charts, even the monthly chart, I can’t seem to find any previous data that is as low as 75 to mark a support level. Do you know how to draw S/R levels for these kinds of scenarios?
hey guys on a longer term trade since a weekly engulfing bar appeared on the weekly of gby/jpy, what do u think of this potential 1,2,3 reversal trade as it is currently at resistance zone. sell at 154.60
if price cant break through resistance then a double top has formed which makes it a potentially good reason to short this pair
Hi bizzaro,
You are looking at a great area here. I’m looking to go short once a good PA signal presence itself.
Cheers
what about this?
also if u look closely a head n shoulders pattern has formed and has just passed the neckline. therefore im looking to short this pair.
Last week I posted about the 2 br on the GBP/cad daily. And mentioned once it made a move I will look for a pullback to position myself with the trend. Trading with the trend puts us on the safer side and presents a higher possibility to see a return on our investment,that’s what’s all about.
In this case I don’t see the trend reversing yet,even if that was the case we need to short from a decent level and from a swing high.and that’s not present at the moment.
I wish you the very best of luck.
Cheers
Personally looking for shorts on GBP/JPY waiting for a good PA setup
Hey all just finished reading the first 200 pages and must say apart from the recurring question themes it is well worth the dredge through some real priceless info there plus when you see people make mistakes better to learn from there’s then your own :20:
I feel better about my plan and also my weaknesses i.e looking too hard for PA to present its self and when it does jump on mediocre setups which would of saved me some losses.
But better to iron out the problems early on then start up some bad habits.
Thank you everyone who has positively contributed to this thread and jonathan for starting it.
after my shaky friday night trades on the eur/jpy and nzd/jpy ( nice pins at a swing high but bhops wisely pointed out this maybe due to traders closing positions before market shut) the market gapped in my favor. And decided to close all positions before the market attempted to regain back against its gap.
Also closed my USD/CAD trade as gapping occurred.
All in all 2.5% gain to start the week off though. And i’m just glad a survived this rookie mistake.
“From now on I must stick to the plan”- mantra ( you can say it with me 
Darth
I wish USD/JPY could jump again to 99 so I can close and old silly position I have and then I will start repeating with you
"From now on I must stick to the plan" 
I don’t see any problem with USD/JPY getting to 99 and above in the near future if USA settles their problems. This pair is now trading in a range and you are inside the range EternalNewB.
Time to go short on gold ?
Gold has been in a downtrend and ranging recently since mid April
It closed under support (at least for me) @ 1278.41 last week and actually retesting this “flip zone” now acting as resistance.
Looking for PA to go short on the daily chart since this is what I am sticking to for now
Johnathon in your last article The Secrets Traders Can Read From Candlesticks & Price Action - Forex School Online you state the one should NOT draw the S/R lines only based on line charts however this is what I have learned to do here.
Can you please refer to the correct way to do it ?
thank you
You should not be confused, I have always said not to draw support and resistance from line charts for that reason… I have never, ever said to mark levels using line charts. That goes against everything I use.
Where you may be getting confused is that some other members have in this thread said that they find it easier to mark their levels using the line charts because it “takes away the bumps and makes a smoother chart”, but every time in this thread I have seen someone saying that I have corrected them.
It is these bumps that we need for information. These bumps are the wicks on the candles and the line charts take them away and don’t show them and we lose a lot of information with line charts not having these. Some people find it easier, but easier is not better it just means they need more experience to learn to read about the price action and what it is trying to tell them.
Thank you Johnathon
Do you have any article explaining how to do that correctly?
Nice trading!
Just keep in mind moving forward that you really gotta be careful when playing small pins on intraday charts against the recent trend/momentum. You will notice there were some really large candles moving up into this area before the pin and then the smallish pin.
What you have to keep a look out for is when we get really large candles with full bodies making a big strong move either higher or lower and then a small pin bar. These are not true reversal pin bars and this is why we say it is so important to only trade big and obvious pins and that stand out.
These moves with large full bodied candles have a lot of money being made and these traders have to take their profits and the only way to do that is to cash out their trades. Until they cash their trades they are sitting on paper profits. These small pins or small rejection candles can often be just the market shuffling orders or in other words the traders who have made profits in the large moves taking profits and creating the small pins.
Your pin bar did work out and did move lower into the near term support level. Just keep this in mind going forward and look out for small pins after huge moves.
NZDJPY 4hr Chart
