Price broke the VBRN to the down-side and was coming back to test if the VBRN would hold as resistance, and formed a BEEB in the process (i.e, resistance held). Classic 1-2-3 pattern.
S/R’s being broken is not a problem, it’s part of the story. What we look for once an S/R is broken is whether price will re-test it, and whether a PA signal for the new direction will be formed.
Dudest, I have been watching USD/JPY as well. Price is really struggling with that old resistance on the 4 Hour timeframe. I’ll be looking for opportunities to go long should they present themselves.
actually i gotta go so i will just post what happened…i actually went long at this trade
ever since i started backtesting…after two years of watching these candlesticks…i got into a habit of ALWAYS looking to the left of the candle until the end of visible bars i can see…something i feel lots of people ignore…they just rely too much on just daily S/R XD
so ya it actually went higher than this picture…it went on to break the red line and skyrocketed
AUDUSD - I would love the pair to go a little higher before retracing back down.
USDCHF - The level looks logical. There are resistance right above it however.
People - personally I would refrain from posting volumes in this thread. I think it’s not very respectful to the thread and to Mr. Fox. Just my 2c.
Anyone managed to jump onto the bearish 2BR on AUDCHF?
Looks to me like a classic example of what we are being thought here. I managed to set up an order while at work and now waiting for price to break FTA @0.8128 to move to BE.
And this is how you secure a place on my Cheat Sheet people
Well said dudest!
I did one mistake when replying to your analysis previously: did not zoom out as it would clearly show me this level was important as it held several times and now as it has been broken, we need to wait for a PA along recent momentum.
Interesting on AUDUSD, hit the first set of resistance and now coming back to test the VBRN. I was just complaining yesterday missing that nice continuation BUEB and will be looking at the same level again intraday. I guess patience and no chasing is part of not getting caught as price flip!