Some of our fellow members have started their own thread when they believe that there are important issues in Forex that they also want to discuss but only in their own terms. You can check their thread also, like the thread from Krugman or Kasravi.
Always keep in mind, though, that just because they are formerly (or still) active members of this thread, [B]they do not necessarily strictly embrace the way we at FSO do our trading in this thread[/B]. Krugman, for example, always claims that he simply âbuilds on top of what we at FSO already knowâ, but I will take his claim with a grain of salt. In his Price Action thread, Krugman emphasizes a highly rewarding trade, but at higher risk than we normally embrace at FSO (in short, much higher RRR). Remember that we at FSO embrace a high probability with low risk trade, while Krugman embraces a totally different concept. Later Krugman even admits that his winning rate is actually really low (can be so low to 20% Win Rate in his bad month), but it is justified with his insanely high RRR (can be 1:20 in his best of the best setup).
Now, Krugman is an excellent mentor himself, and I know from my old discussion with him that he really is passionate about Price Action way of trading. But keep in mind that outside FSO thread and website that Johnathon Fox himself has created or officially embraced, you must always take someoneâs claim about FSO -whether itâs built upon what weâve learned or any similar claim like that- with a grain of salt.
Hi ENB:
Take into account that the GAPs not always will be âfilledâ. Most of the time it will act as support, which already did in this case. Bears wants to re-take control but they lost the momentum. Price is in consolidation and although there is a BEEB, price wasnât able to close below the current box.
I suggest you wait for a signal to guide you about the new direction once price leave the box.
Good Luck.
Yes, I have been on the quite side for a while. Thank you for your kind reply which I highly appreciate. Yes, I do see the pinbar at a swing high ( I feel so anyway). I also think that the opposite double pinbar on weekly had a stronger impact (which I didnât see till later). It is certainly very helpful to know my mistakes. Thanks again
KHL (key horizontal level) refers to a MAJOR S/R, as opposed to just any S/R on a chart ( in context ).
Ideally, the normal one/two S/Râs we draw on our charts are KHLs ( thatâs why they are on our chart, they are the key levels )
The differentiation becomes stark especially when a chart is choppy, and there are several S/Râs on the chart, and one wants to highlight the major ones.
For example, in a ranging market, the KHLâs would be the TOP and BOTTOM of the range, with other S/Râs in between being the minor ones.
Hope that makes sense!
Cheers
PS:
Iâm guessing your next question would be: how to identify KHLs (?)
And the answer to that would be:
â> the main two levels on your chart are the KHLs.
â> the STANDOUT ZONES on your chart are the KHLs
Thanks you for your review. My 1st reason to enter was for the previous daily candle pb. But you learn from your mistakes and no matter how long you have been trading for you still make them as we are only human.
On a plus note my gold and silver trades hit there tp and made back all the losses I have had. So now I have learnt an important lesson and Iâm no worse off.
@double bottom: doesnât quite look one to me⌠though I normally donât place much premiums on double-bottoms and such (and donât have them in my trading plan)âŚ
Uhm, not true, your S/Râs usually look good to me!
The key here was to remember that gaps tend to act as S/R, and not mix TFâs (âweekly gap has not yet closedâ). Also to see what the wicks of the previous candles were doing ( i.e, that the candles where not able to CLOSE BELOW the level )