The example I posted is a Daily timeframe chart. I haven’t mentioned plotting support & resistance zones from lower timeframe charts at all.
The reason I mentioned tracking the price back on an hourly timeframe was purely to offer you a close-up view of how the price interacted with the zone over that period of time.
I go back as close or as far as the zone dictates.
If it’s an active zone then the chart will tell you how important it is, or not.
Both.
If price was dealt or traded within the area I’ve identified then it’s valid in my book, which is why support & resistance should always be considered as a band or zone of potential activity rather than a precise line. But that’s just my view, others may have a different slant on it.
I very much second this. Although I do draw lines for my S&R I do pretty much view them as ‘zones’ and give price some leeway in approaching them. Price doesn’t have to hit my line to the pip for me to consider trading it.
Not really because anyone who entered would have been stopped out before it went lower. The top of this what you call Pin Bar was taken out making the trade invalid.
From my point of view it isn’t a valid signal, at least it’s not for me. Technically it is a PB, but look how small it is compaired to previous bars. I’m not at my charts right now, so I can’t really comment about the sup/res line u have shown (altho it isn’t that significant as I can remember, when I was checking charts on friday), but looks like u would be traiding into the BRN 0.8000 if u took long position there.
Anyways these are just my thoughts and the price may still retrace.
How about this? I’m not gonna question its validity cause it worked no matter how small it is. But when do we say it’s small or big enough? And when do you say an area is significant? Thx.
I’m gonna answer this later, when I get home, but if u carefully read every post and every page in this thread, u should understand, when “do we say it’s small or big” and also where u can find the significant sup/res area. Anyways as I said, I’m gonna try to explain this, when I get home, if someone hasn’t answered it already till then.
In honesty I am not experienced enough to rate it. I think just by going on the chart (which I can’t share unfortunately) that it is a good signal but maybe not an A+. I know that we should only look at strong signals.
I am also following fundamental events but I should keep those out of this thread as we are discussing pure Price Action signals here.
I’d like to know how can u move your trade to BE, when u are sleeping? As I was reading, u guys seem not to use trailing stops and even if u did, that wouldn’t work as if u just moved and fixed your S/L to BE. So tell me how u manage to do that? Or I misunderstood something.
i dont know if you can do this…
but maybe as price moves your way you take some of the profit.
then if you go to bed …set take profit to a value lower than what price is currently at…
this would effectively be like a stop loss at break even…
i dont know if you can do this on mt4 but you can try.
