Sure, the level I’d prefer to trade from is a bit higher up. I like to trade Price Action from really clear and defined levels if possible.
Not saying this won’t work out, but when taking a trade I like to stack the probabilities in my favour.
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Right, the level I was trading off of was at 1.29.Is the issue that the significant level I marked out at 1.29 is not clearly defined enough? Or is it that the candle had closed well above that level? The reason I marked that level is that it looked like it had been resisted quite a few times.
It’s not a bad level but if you look to the immediate left of the BEEB we can clearly see the last relevant level was a little higher up, so naturally that’s where I’d prefer to take the trade from, but that’s just me.
So when you draw lines, do you look for the most recent swing highs and swing lows? What I’ve been doing is zooming out and drawing the lines at key levels as close to the current price as possible but I wasn’t 100% sure if that was correct.
When there is a level which is so immediate and right next to us then I tend to focus on that level. When we don’t have such an obvious swing point I tend to scroll out and look for an overall relevant level.
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The reason for the CT trend is that the sky chart is oscillating in the interval, and the S/R is on the 4-hour chart, not the sky chart. If the PIN bar appears on the key S/R of the sky chart, it may become a reversal. Am I right in my understanding?
Maybe CT trade was probably a poor choice of wording on my part. At the end of the day of the PA signal probably wasn’t large enough to trade against the short term momentum. As we can see on the daily of this pair, near the end of the week a much larger PB was printed off that was far better to trade Long.
After reading your previous explanation, it is basically based on the S/R of the day chart, and then go back to the 4-hour chart to find trading signals to make orders. If there are good trading signals in the S/R of the 4-hour chart, can you consider making orders? Or in the 1 hour chart S/R has a good trading signal will consider doing a single?
So for the USD/SEK, there is the bearish pinbar present, but would it not work because it isn’t an obvious candle that sticks out above the rest? It’s got the indecision bar just before it that is basically the same size
Yes so I mark all my levels up on the Daily chart or occasionally the Weekly, but 95% of the time the Daily. Then we can hunt intraday opportunities on the H1, H4 etc etc charts from these levels.
The reason we use daily levels to take all our trades form is that they are far more reliable than marking up levels on the intraday charts and when taking trades we are wanting to try and stack the odds in our favour as much as possible.
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You don’t think the PB sticks out?
Just a couple of charts that interest me for the week ahead. Who knows how they will play out but this is what I’m looking at:
Ok, thank you for your answer, I think a lot clearer
Can trendlines also be used as S/R?
Personally I don’t use them as such, but I do find them useful as extra confirmation of when to enter/exit trades. They have their uses for sure.
Hi bhops, EURGBP has broken the resistance level. Should we wait for the resistance level to change to the support level before entering the market, or have the previous candles already been retested?
@bhops , The levels you’ve mentioned are playing out nicely in the desired direction.
Thanks Bhops for your valuable time to post them.
I actually have Resistance up a bit higher. Can you guess’s where?
