Forex Price Action

Really appricate that mate. means alot :21:

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 :slight_smile: )

no offense bud.

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.

Darth

Hallo ENB!

Gold for me is a bit “messy” at the moment, but the recent momentum is definitely down, so I agree with you on looking for shorts.

Cheers

.

Hallo,

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 ]

Hope that clears it from my end.

Cheers.

Hallo Frosty,

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

Hope that makes sense

Cheers

2 Likes

Thank you for your continuous support and help my issue now is that I don’t know how to put S/R with candlesticks :slight_smile: I mean with line chart it is pretty obvious but after I switch back to candlestick how do I tweak ?

Cheers

Hello guys,

does anyone know a Broker that offers MT5 and New York 5 day close candles? The only one i know is Roboforex and it does only offer a few pairs.

Not sure if that discussion is allowed in that thread - if not PM me please.

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.

Thank you!

Hi:
I’m thinking going short on EURGBP D1:
Pin Bar on resistance.
Space to the left.
BRN 0.8500

It is against the present trend but I think there is space to reach the support and then looking for Long.

I will appreciate your comments.
Cheers


Gidday, I was just interested to know what charts you are using as I am looking at pepper the EUR/GBP D1 and see something completely different.

Here is what I’m seeing.


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. :smiley:

That might be me you are talking about :stuck_out_tongue:

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.

Post up some charts and let’s have a quick back and forth and figure it out :slight_smile:

CHeers

Hi mselva,

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.

Cheers


.

Hallo cams,

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 :slight_smile:

Cheers

.

Any comments?


.

Yeah I’m thinking very hard about taking it. I like that it stalled out yesterday with an IB it suggests to me that price is winding up to make a fast break one way or the other.