I was little confused which time frame to use for price action and that was the reason you don’t understand! I am still working on it and my confusion is solved now.
Regards
Hello guys, is there any NY close broker with MT5? And the other thing, as I remember, in Johnathon’s method you trade each TF separately, so if there’s a setup at 4H you don’t care about daily. Am I right? I’m asking, because I’ve seen some discussion here about entering at 4H PA setup and also mentioning it’s from daily S/R level.
From my point of view, there’s a logic behind it, if there’s clear strong support level at daily, I can switch to 4H and look for some setup as price moves to this daily support area. For example, I have 3 profiles in my MT4 - 1H with all pairs setted only at 1H TF, same with 4H and daily profile, and I don’t switch TFs, maybe with one exception about the daily charts, which I switch lower when price goes into some important S/R area.
How do you do this? Do you primarily work with daily and then switch lower only if price is heading somewhere into strong S/R area? Or you for example just look at 4H TF, regardless daily trend and TF?
Thanks, hope you get it.
Just voice out my TF , because I will look at about 12 pairs currency. so if I separate them by H4 and D1. it would be a lot. So I will just draw the S/R line on D1 , then draw on H4 . sometimes H4 will formed a signal but there will be no signal on D1. SO i will trade on H4
Alpari UK have MT5 NY close accounts.
As I understand it, people mark S/R levels on the daily, and if there aren’t any trades on the daily, switch to 4H to see if there are any trades to take. S/R levels on the daily are stronger than on the 4H, but never mark levels on the 4H and switch to Daily. You can move down, but not up.
Also I know Johnathon + others have said it many times, don’t try to use the 4H to analyze the daily and vice versa, it will just confuse yourself to no end. For example some people spot something on the daily, a good set up, then switch to the 4H and see there is a bit of upward momentum and get scared. Try to avoid doing that.
And something that I try to follow that goes along with this discussion is that I usually won’t take a price action setup on the 4H chart, if there is a clear price action signal on the daily chart signalling the opposite direction.
Pretty much this. Mark the relevant levels on the Daily and when price approaches these levels you can either wait for a PA signal on either the H4 or the D1.
If you do get into a trade on the H4 mark your stop and TP levels off your H4 levels. Although you have used the daily levels to spot the relevant zone from which to take a trade if you enter on the H4 you want to use the H4 levels to [I]manage[/I] your trade.
[QUOTE=“dudest;500394”]
…frankly, i’m hoping audusd bursts thru those resistances like a rocket thru clouds! 
[/QUOTE]
Dudest if your are sure that AUDUSD will bursts thru those resistance why you don’t go long mate?
I’m sure if price pulls back and tests old resistance turn into new support and he gets the right PA signal he may just consider it.
[QUOTE=“ansunirmal;500626”]
Dudest if your are sure that AUDUSD will bursts thru those resistance why you don’t go long mate?[/QUOTE]
He’s already long on AUDUSD using his spot trading techniques.
I hope for his sake you’re wrong. LOL
Hello i am facing some kinda problem with S/R area. sometimes we can see that no recent S/R area on that case what should we do ? should we mark previous S/R area ?
Yes pretty much. Usually if you scroll back you can find some historical levels, if not looking for Big Round Numbers as logical places to take profit etc are usually quite reliable.
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“Hoping” mate, not “sure”…
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I’m already long: http://forums.babypips.com/free-forex-trading-systems/42378-forex-price-action-915.html#post499532
0.9400 RN has held in the recent years (see monthly chart). Set pendings at that level (touch trade).
Have already taken partial profit + moved to BE+
Cheers
.
Hehe Worry not sensei, in a risk-free position now
RoboForex also have MT5 NY-close charts.
Once price gets to a key level marked on the D1, it’s really kul having extra TF options (H12, H8, H6) at which to look for PA
Cheers
Hallo!
Essentially, the idea is:
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You decide that you’ve want to have x TP levels.
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So you do your position sizing (based on stop loss and your chosen fixed/%age risk) in such a way that you can have x trades (same SL, different TP) but still adding up to your single-trade risk. So essentially you have the same risk as if you were taking 1 trade, but split across several trades.
Position sizing calc: Position Size Calculator, Forex Position Size Calculator
PS: the MPTM part was just about having a TRADE MANAGER do the monitoring of my trades (since I don’t look at charts on the go or when doing other jobs). That way, SL’s get moved to BE (or trail price) without my having to be there. NB: other’s have different ways of doing it; this is just what works for me
Cheers
Hi guys…Now look at the charts and some of them I can not determine the exact levels of support and resistance (On daily timeframe).I would be very grateful if you help me with these:
EurUsd - 1.31812 support/ ? resistance
AudUsd - Is resistance is on 0.96554?
UsdChf - Is 0.93821 is valid resistance?
UsdCad - ?
EurAud - 1.35877 support / ? resistance
GbpAud - ?
Thanks
“I can not determine the exact levels of support and resistance” They are not the exact levels, but rather zones, but I’m pretty sure, this was mentioned 1000x in this thread
Daily S/R
EURUSD > 1.3256 Sup and res 1.3390
AUDUSD > 0.95280 sup and res 0.96640
USDCHF > 0.9160 sup and res 0.9270
USDCAD > 1.01000 sup and res 1.02735
EURAUD > 1.37000 sup and res 1.40000
GBPAUD > 1.62300 sup and res 1.64300