your levels aren’t far off, but what is really important is that you mark your levels from the daily chart. You will find the best levels that way and this includes for your intraday charts as well. Below I have both my daily & 4hr charts and this shows how by first marking my daily chart brings up the best 4hr levels.
0130 am here and off to bed. Have great weekend all. I am putting new article out on the intricacies of price action tomorrow afternoon so keep an eye out.
One of the things you have to be careful here is that often at the end of the week traders are unloading their positions and taking profit before the weekend. So you have to treat these types of signals with a bit more caution.
Sorry for the unclear nature of the question. Back in the 2011, USD/JPY price went as low as 75 something and when I looked at my charts, even the monthly chart, I can’t seem to find any previous data that is as low as 75 to mark a support level. Do you know how to draw S/R levels for these kinds of scenarios?
hey guys on a longer term trade since a weekly engulfing bar appeared on the weekly of gby/jpy, what do u think of this potential 1,2,3 reversal trade as it is currently at resistance zone. sell at 154.60
Last week I posted about the 2 br on the GBP/cad daily. And mentioned once it made a move I will look for a pullback to position myself with the trend. Trading with the trend puts us on the safer side and presents a higher possibility to see a return on our investment,that’s what’s all about.
In this case I don’t see the trend reversing yet,even if that was the case we need to short from a decent level and from a swing high.and that’s not present at the moment.
Hey all just finished reading the first 200 pages and must say apart from the recurring question themes it is well worth the dredge through some real priceless info there plus when you see people make mistakes better to learn from there’s then your own :20:
I feel better about my plan and also my weaknesses i.e looking too hard for PA to present its self and when it does jump on mediocre setups which would of saved me some losses.
But better to iron out the problems early on then start up some bad habits.
Thank you everyone who has positively contributed to this thread and jonathan for starting it.
after my shaky friday night trades on the eur/jpy and nzd/jpy ( nice pins at a swing high but bhops wisely pointed out this maybe due to traders closing positions before market shut) the market gapped in my favor. And decided to close all positions before the market attempted to regain back against its gap.
Also closed my USD/CAD trade as gapping occurred.
All in all 2.5% gain to start the week off though. And i’m just glad a survived this rookie mistake.
“From now on I must stick to the plan”- mantra ( you can say it with me
I wish USD/JPY could jump again to 99 so I can close and old silly position I have and then I will start repeating with you
"From now on I must stick to the plan"
I don’t see any problem with USD/JPY getting to 99 and above in the near future if USA settles their problems. This pair is now trading in a range and you are inside the range EternalNewB.
