Jedi court on coruscant… atoning for my sins and practicing my jedi trading. ( It had to said lol)
Jedi
There is no exact support or resistance levels. Support and resistance are levels and zones.
The best thing for you is to start posting live time charts because it makes it super hard for others to help and take part in a conversation with a chart they don’t have on their computers and can’t look at. Other traders in here can’t see these old charts and some of them are over two years old. That means they can’t really comment for you, so the best thing is to start posting and looking at fresh price as it is being printed.
Johnathon
This was a solid BUEB. It was rejecting a clear daily support level and as soon as price broke it moved straight into the near term resistance level over head. Price is now stalling before possibly moving on higher to the recent highs.
GBPAUD Daily Chart
Johnathon
It was a price flip level; where price flips from acting as a solid old support level to new resistance level which is a common pattern in many markets. If you flick through any of your Forex charts you will see levels flipping and support becoming resistance and vice versa and the same levels flipping over and over again and this happens through trends and breakouts and through the years the same levels tend to act as the same flip levels.
In this case price was moving down and broke a key support level and if price moved back higher I would have targeted it to look for short trades.
I am about to post a chart after this post on the GBPUSD using the same principal in reverse with price breaking out higher and now looking for long trades. Price has broken out higher of the old resistance and I will not look for long trades at the new support price flip level should any high probability price action present.
Obviously there is always a chance that price cuts straight through through the support level and doesn’t fire off any price action and that’s why we need high probability price action and that’s also why they are flip levels, because they can flip between both support and resistance.
Johnathon
I have seen some posts on the GBPUSD already and I just wanted to make the point that whilst most already know that these price flip key levels are not exact lines and that they are levels, often when price breaks out so strongly it will often not make it all the way back to the old support or resistance level. That does not look like it is going to be the case here as price is looking to make a strong retrace already, but keep in mind that often price will make a retracement, but it will often be to the zone, but not the exact line and this can catch traders off guard looking for price to hit the exact level and this miss really good trades after price is off and gone.
GBPUSD Daily Chart
Safe trading,
Johnathon
No I didn’t because I knew there was something wrong from both point of views - from mine and yours. 
Thank you for the clearing out.
Thanks Johnathon
That means a lot.
I love your methods and style of trading and have been lurking in here for some time.
People try to over complicate things and you keep it simple and it works that’s the main thing.
Take it easy and safe trading.
yes this makes sense. and thanks for quick reply
however i know that it is 1.5 years old thread but i started to read the whole thread from first
thats why when i get confused i am asking it and no matter how par it is the concept will be useul for present live trade:29:
If you only knew the power of the dark side of PA! Join me and together we’ll chase retracement trades and rule the galaxy!
The same here the pay is too low to waste my precious time doing, learning what I love. As for businesses so many competition and low margins I have some great ideas that one could profit a lot but it needs bigger investment than I have right now. I’d prefer preparing myself to be a full time trader because FOREX = no employees, no office space rent, no fax machine, no furniture, no paperwork, no bureaucracy and where I live … no tax either.
No tax??? Where are you from?
Hello everyone! I was watching NZD USD and it seems that a daily pin bar is forming at a great level. Long term trend is in a range. Any thoughts? i’m tempted to go short if the pin is confirmed.
Cheers
If the daily closes down, i think it would be a great chance for a short with s/l of .8405
Hello everyone! I was watching NZD USD and it seems that a daily pin bar is forming at a great level. Long term trend is in a range. Any thoughts? i’m tempted to go short if the pin is confirmed.
Cheers[/QUOTE]
Hey ddi,
as i was looking through my charts that pin also got my attention. The area is good - it rejected the proven resistance. Altough the pin could be placed a bit higher so that the wick is more outstanding. Also the pin is quite small compared to the other pins that triggered PA in the past. So, I’m tempted to take that trade, too, but something back in my mind tells me not to take it 
edit: had to delete the link cause I lack posts…
LOLest! 
thanks for nice explanation.it will help new trader fixing teir trading time
I think price may move up further into this resistance.
Pins not large enough and dosnt not stick out enough.
Perfect level for either a breakout or reversal.
I wont be taking it as to much space to move up under resistance.
Im hoping for a better signal in this area.
Be mindful of the living force young padawans.:59:Lol
Where I live: GPS coordinates: 8.09xxx,-80.950xxx
According to the laws here what is produced outside the country’s territory is free of tax. Transfer comes from Australian broker so it is considered off-shore.
is that panama? good to have spanish talking friends on this thread