thanks for review. It kind of worked out for me but only due to market gap and i closed the trade as soon as the market opened. But as soon as the market shut on friday i realised that this was a weak trade and regretted it. I am now going to find much stronger setups. hopefully.
Johnathon I was a little confused here because clearly that level the pin formed at is not a key level so Darth had no business shorting at that level (No offense Darth )
But it did form at a key resistance level. If you look at the graph above you see the red line. you also see it lines up with BRN of 0.8200 and you also see it reject the pin. all on the 4hr chart.
It just was a short term counter trade that i thought was a good oppotunity but did not take it consideration the sell of before the weekend and it could of been a bigger pin too.
Also just to alleviate confusion that I “may” have created…
Notice in the posts where I talked about using line charts for drawing S/R, the last instruction is ALWAYS to switch back to candlestick charts and ‘best fit’ the S/R [ the reason for which is what J talks about, i.e, wicks give important info about a level’s ‘break-ability’; price failing to close above/below a given level tells a story ]
When price gets to new levels, we typically use price reaction’s to (V)BRNs to draw the S/Rs.
Also, when the Daily candles hesitate at a level, that becomes a new S/R (in this case, it would have been support, and the previous stalling above price would have been resistance, where we would have looked to short had price pulled back).
Basically we flow with where the price halts/consolidates, and try to enter the dominant trend by looking for PA at pullbacks on TF’s such as H4/H6/H8/H12
Thank you for your continuous support and help my issue now is that I don’t know how to put S/R with candlesticks I mean with line chart it is pretty obvious but after I switch back to candlestick how do I tweak ?
Alpari, LiteForex, and InstaForex use both MT5 and NY close on their live accounts. I know because I also searched for this same criteria in my brokers.
This is weird! I use Alpari UK but I’m looking at AXITRADE and looks like yours. I’m out of my office but tomorrow I will check it again in Alpari.
This is as I see in Axitrade.
Thanks,
Alpari UK sometimes shows different chart than the New York standard chart we use at this thread. That also answers some of the previous posts from another member who insisted of using Alpari UK a lot. Not recommended to continue using Alpari UK for the sake of discussion here, but of course you are free to continue using Alpari UK in your own personal live trade. Since you have Axitrader -it has our standard New York close chart- already, you can continue posting the next chart for discussion using Axitrader, mselva.
But I am not sure why Axi are the correct NY charts when I have live accounts with FXpro, ATC Brokers and Alpari UK all of which have the same candles and NY close. I also have a demo with Tradersway which also have the same candles as my live accounts.
Point taken I guess if Axi are the correct charts for this thread even though most the other brokers have been around alot longer would have considerably more account holders than Axi.
That was pretty brave of you, considering that the pin is technically not a pinbar ( e.g tail not x3 the body ) and the levels on the way down… All the best if you are already in.
Any 5-day NY-close charts are acceptable (so long as they strictly follow that spec); nowhere has it been set in stone that Axi are the correct charts.
If your sure about your charting broker and candles match up, then you’re good to go, no hand holding