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[tonymand]

This level highlighted by Jocelyn was again active last night. The long thrust below is firmly rejected. The resulting candle is not quite a hammer or a doji, perhaps a morning star is the best description overall. In any case this suggests the support is still strong in this area. Enter above, stop below. Some do wait for a further confirmation candle before trading such a pattern. Worth thinking ahead now to the bigger picture if we were to get yet another challenge at this area. We have been stuck in a tight range for more than a week. We have some lower high behaviour developing. At the very least we need to be a little more prepared for this level to give way perhaps giving us a short entry following a failed challenge from below. Such an approach should sound somewhat familiar to regular thread followers

[jlmac27]

I am watching eur/jyp closely tonymand.It is wanting to break support I think around 158.00.I have a 5 min chart up,15,min,1 hour,And I have glanced at the 3 hour and daily also.1 hour stochs are not overbought but look as if they are going to cross and head back down.divergence also on the 1 hour.I wish I knew how to post up charts with Oanda but I don't I got some help from DD but it has not worked.But anyways just a few ords of what I see just wanting to know if I am seeing this right.Also what MA is that on your chart tony?And how can you explain the process of price bouncing off these?thanks again.....goodtrading!!!joshP.S...I like the 5 minute to pinpoint my entries and exits is this something you guys do? I think I remeber tony using it....

[tonymand]

Deep breath Josh! Do you really want to trade within the SR zone? I wouldnt as there is far too much chaos in there. However a break and retest in either direction would be worth a look. You might get an obvious candle pattern like the pin bar last night or perhaps a dramatic break driven by news with a hesitation/retracement allowing you in. My approach is not to try and predict the market. The 'it wants to go down' scenario probably means I would be tempted to take a contrary long. If everyone is seeing down it is sure to go the other way! Seriously though let the market tell you what to do and dont try to pre-empt it. If you have a better than 50/50 shot at predicting trade direction from the price action and one of your trusted triggers occurs then and only then pull the trigger

[jlmac27]

Thank you,
I appreciate the post.I have a juornal I keep and in almost every trade I get in I tell myself it is to early.But this one here isn't the case.I just flat out was going to jump in a trade in the middle of S&R.I guess I was looking at the 1 hour chart seeing it had allready hit the 158.50 3 times in the past 9 hours.But this is not such a strong signal at all,now that I look at it with your words of wisdom.Thanks for the guidence tony.I feel I am getting this down somewhat,but then come up with some stupid analysis like I just did.I got the knowlecge...I have probably read 1000 hour in the past 8 months.I just need to get the feel now,on the rythem of the market.I am 27 trades into my live account with, 22 wins 5 losses...time will see...thanks again

[tonymand]

Frankly Josh at 22/5 you are doing real well and obviously have a feel for this so well done. Also dont be afraid to trust your instincts. I believe we train ourselves to see the charts in our own unique ways and if this is successful then off we go! There are no doubt some who would try a short off this overhead R and if they are confident based on their experience then so be it. I wouldnt for the reasons I outlined. In addition its NFP day. EY isnt that strongly traded even in the Asian session (overwhelmingly UY) and I suspect the market may do little ahead of the direction that NFP may give it later. Having said all of that of course who knows? Its all probability

[jlmac27]

Thank you ,
I am not trying at all to tell you I know more than you..I am getting a feel for the market,bnut that is about it as of now.I get into good trades but get scared and jump out only to watch them take off and miss out on them.I need more confidence in my trading.but I really thank all of you that take part in this thread I have learned a great deal.....good trading!!

[JimmyMac]

Originally Posted by tonymand

This level highlighted by Jocelyn was again active last night.

In any case this suggests the support is still strong in this area. Enter above, stop below.

For those who punt Pound/Yen, you might want to plot a marker along the 212.20. Jos especially has been active away from that level this month. It's a strong (intraday) fulcrum & Yen Bull defense camp.

For those looking at this pair from a slightly wider timeframe, keep tabs on:

205.40
213.50
221.10

They're all large (stop) build up zones which will attract fierce 2 way trade when they next come into view.

[daydreamer65]

I wish I knew how to post up charts with Oanda but I don't I got some help from DD but it has not worked.

Josh have you tried downloading a version of metatrader 4
on demo, at least they have a print function.

Ok I know they aren't Oanda but they would be close
enough to illustrate your point.

For those who punt Pound/Yen, you might want to plot a marker along the 212.20. Jos especially has been active away from that level this month. It's a strong (intraday) fulcrum & Yen Bull defense camp.

For those looking at this pair from a slightly wider timeframe, keep tabs on:

205.40
213.50
221.10

Thanks for these jimmy, they are now marked on my charts.

[jlmac27]

Hello,
Thanks for the suggestion.I do have them already.I guess that is what I will do.I had thought of that I just wanted to figure out my Oanda charts.But I guess that is what I will do.I had contacted Oanda,and they told me to do what you had said.My screen freezes up for a few seconds then nothing happens.O'well sometimes you have to work with what you have!!Everyone have a good weekend and we will be in touch soon....josh

[jlmac27]

Hello,
I just wanted to post up a couple pics here.It looks like this pair is going to retrace a bit and hopefully fall back down.It may be approaching your fib level Tony of 78.6,and finding resistance at the 158.50.Is this what you are seeing or is there more to this story?