I don’t think you’re going to find a ‘right’ or ‘correct’ answer, but I personally use the one that has the most touches. The more wicks or candle closes that touch this s/r line or zone the better. More touches means higher probability its a noted and strong support/resistance.
The school is thriving. My only connection is as a member of the site— and it is active.
Jon just did a site redesign, but that’s the bells and whistles part of the site. The forum and member lessons remain as they always were. The discussions are sincere, void of ego, orderly, and thoughtful. If you’re looking for the holy grail, it’s not the place for you. If you’re hoping to learn how to work at your technique, psychology, and trade successfully, it’s a good investment.
Hi Richard, Thank you for your input. My Thinking behind that was EUR/USD has been trading in a range from a while. It was in a swing high. I was only planning to go short if the resistance hold. Now, I realise that it might not be a A+ setup.
EDIT: Just saw Market open with a Gap and going higher. I won’t be taking this now.
What I have done is the first Break Even level is where I am expecting first resistance. Then it’s different fib level for taking profit.
Cheers,
boynep
Hello everyone,
my name is Willy and I’ve been lurking here for a while. After reading the first 150 pages of this magnificent thread, I begin to understand what Jon is trying to explain in this thread. Please comment on my trade setup just this morning:
I think this is a quite good trade for these reasons:
- It follows the downtrend, and I believe I enter it from the swing high level. Thus, I have enough space for my trade to breathe.
- I enter after BEEB, and its resistance is on VBRN 88.5. In addition, you can even see a pinbar just a few candles before.
- The BEEB size is somewhat significant compared to the rest.
My plan is to divide the TP into three zone as you can see from the chart. I will move my trade into BE once it crosses 87.8 level and it will be free trade from there.
Now, my possible mistake here is just I put the market order (SELL at 88.409) instead of pending order (SELL at 88.106). If I’m not mistaken, Jon once pointed out that he usually put the pending order right on the low of the BEEB candle and the stop loss on its high (if it’s a SELL situation). However, I think Jon also suggested us to take the trade right away if the setup is really good and obvious (or in Bryce’s word, screaming ‘pick me, pick me!’ :53:). That’s why I’m still not certain whether to do market order or pending order in the real situation.
So, what do you guys think? Does my trade decision here fit Jon’s criteria? 
not to offend, you need a NY 5-day closed chart to speak the same language in this forum.
Well, got SL already. Seems like I still need to learn about this. :31:
I think my mistakes are:
- The BEEB size is not really that big. I should have overseen it, but maybe I was being too greedy
- I don’t know about my kind of chart (NY 5-Day or other) yet, so maybe I should download one from Pepperstone. Any other suggestion which other brokers use NY 5-Day close chart? I’m currently using Gain Capital/Forex.com.
As usual, I will appreciate your suggestions here.:51:
I think you’d benefit from using the NY Close charts everyone in this thread is using just so it’s easier to follow along with similar setups. I use pepperstone for the NYclose charts I look at.
Pepperstone it is. From now on, I will post the chart from Pepperstone. Seems like I began at the wrong foot this week. Having loss already, and the market was just open a few hours ago! But hey, a journey of thousand miles begins with a single step, doesn’t it?
On the other hand, I don’t understand soul786 explanation. Why wasn’t that considered full engulfing bar? Weren’t that BEEB candle’s high and low obviously higher and lower than the previous candle?
On the second thought, I’ll use FXDD chart instead of Pepperstone for personal reasons. In the mean time, I’m hoping that I did not annoy each and everyone of you with all my silly questions here and there. I’ll keep it as straightforward as possible and within the context of this Forex Price Action thread.
Please note my edited post. It did engulf, at the time I had a brainfart 
Just spotted this sweet 2 bar reversal on Brent crude oil, 4H chart. The bar closes in 15 minuttes time. Does this look like a good short setup to you guys? 
Cause I think it looks very nice, but I might be wrong…
Hi Esser,
I’m using FXDD OILUSD chart and I do not see the same chart with yours here. Is there something wrong with either Esser’s or my Oil chart?
Well, I’m not using NY close charts… My brokers timezone is GMT+3… I don’t know if that might be it?
I guess so. Since early this morning the senior members told me that this Forum bases the discussion on NY close charts broker. You may want to check the very first page of this thread to look for the brokers who provide that kind of chart. I personally use FXDD for my analysis now, while keeping my old Forex.com broker for my live trade.
Anyway, based on my chart I’ll say no go at this point. No clear PA at all to go short.
Hallo,
The period converter script (under “Scripts”) can do this for you on MT4
But I find the most painless way to have these charts is on an NY-Close MT5 demo.
I personally use RoboForex MT5 charts for this.
Cheers
Hallo Willy, and welcome!
Good on you for putting in the hard work to go through the thread and post up your setup, that’s the way to go!
Based on your chart, that looked like a valid setup actually… though as you now already now, that wasn’t an NY-close chart. Glad you’ve already sorted that out [ post #1 ]
Another note: with Johno’s method, we ALWAYS use pending orders [even when the setup screams ‘PICK ME’!..(actually, those are the ONLY kind we should be trading… ]. Reason for that is to LET PRICE ENTER US into the trade as it moves in the direction we desire. This keeps us out of a bucketful of losing trades.
Lastly, there are NO SILLY QUESTIONS!, only those not asked So keep 'em coming!
All the best!
Hallo guys,
Right now, NY-close charts are at GMT+3 [ so Esser you’re OK ]
Esser: your chart is for Brent Crude, otherwise known as UK OIL.
Willy: your chart is for OIL USD, otherwise known as US OIL, aka WTI (Western Texas Intermediate)
So those are two different OIL instruments
@Esser: I don’t have Brent on my platform so can’t post a chart but IMHO, the setup is in the middle of the range. Could as well work out but better off the extreme boundaries.
Cheers!
Haha, thank you for clearing that up!
I didn’t take the trade, because what I was looking at was an expired Brent Crude Future, and when I switched to a valid future, the price wasn’t the same…
So, out looking for new setups! The EURUSD looks like it could be forming a pinbar right at the 1.3300 level, on the 1H chart.
Well, I owe an apology to Esser then. Really sorry mate, I am also just a beginner in this thread. Only answered based on my insufficient knowledge before this. Lol, the irony here is that my old Forex.com account DO have both UK and US Oil, while FXDD only shows US Oil at this point. Oh well, another lesson learned in my Forex journey. :13: