H4 and daily chart should give you the same level from what I see. Here’s what I have on my daily chart. The level above could turn into resistance, we can only wait and see.
Look at how many times it stopped the price from going down. I’d say it’s a pretty decent level If you go back to 05/2010 there were some vicious move upwards that got stopped right there too.
Hi! This thread is probably the most useful thing I’ve read concerning forex for a looong long time! Great job! I’m thinking about joining FSO. Those who trade PA, is it worth joining?
Anyway, anyone long in Eur/Aud 4h? Seems to me there’s an uptrend with a swing low, and a BUEB with the wick touching S/R. Seems to me like an A setup, a bigger BUEB with closing inside previous candle would make it A+, or?
First of all, I just want to say that this thread has been a godsend. I have been trying S/R, Bollinger bands, Divergence, Fibs, you name it. I’ve been a fairly successful trader but it has been at the expense of pulling my hair out while watching my account soar, only to stumble (while sticking to a strict set of rules). I’m not a day trader (yet) but I feel like I have been for the past couple of years while trying to come up with a system that works more than not with some consistency). After reading pretty much this entire thread for the last few weeks, I took a look at my charting and, well I think my wife said it best when she said “how can you look at all of those lines, clouds (Ichimoku), and angles and figure out anything?” Over thinking and analysis paralysis has really killed my account (even with set of stingy rules). So, I thank Johnathon, Dudest, Spongy, bhops, and everyone else that has contributed to this thread. Truly inspiring.
So after many weeks of reading and looking at some set ups, I think I am ready to start putting things in to play. Looking at the charts I think I see one set up on CAD/CHF. If I am missing something here please let me know.
Overall trend is Bearish.
BEEB just closed at a recent support level (6 Jan).
Pending sell order at .8457 (just below the previous BEEB)
SL set just above the BEEB (.8555)
TP target is around .8323
I went down the Strategy plan and everything was tick’d off. Perhaps I am missing something. Thoughts?
I took the trade yesterday on 8495.
I marked the SR levels on daily and trade them on daily or lower timeframes expect 1h .
on 4 h , we’d a big and obvious BEEB that cover several candles before it and it formed on daily trend and the swing .
I’m still in .
Any Idea ?
Good Luck
Your CADCHF chart is looking very different than what I have on pepperstone. But anyway, looking at your chart, this trade don’t have a whole lot of room to move down before hitting a resistance marked in red. It may get through, it may get stuck, we never know.
the story looks great, strong KHL, reasonable SL & TP. My only concern is that I don’t see a BEEB at all in my Roboforex. I’ll wait a little more until a very convincing bearish signal emerges and then I’ll proceed to short it.
