use the daily chart to draw the support/resistance, not the 1hr. On the daily chart there is no s/r where you drew yours.
The weekly/ daily are the most powerful ones, as they incorporate a lot more information than the 1hr. Sorry for being so brief but i’m on ipad now.
Dude this was taken from the daily charts.
If thats not S+R i dont know what is.
Chill man, was just trying to help.
On the daily it looks like an intermediary support/resistance. The price been going through it many times so that’s why isn’t good. Not all lines connecting two tops or two lows are good s/r.
the valid ones to me look 1.7174 and 1.71 that establish the broader range and stopped the price and reversed it. But of course, you can choose whatever line you like if you feel so.
i’m sorry and maybe this will help you - the chart you wrote on daily is actually 4hrs. Check it.
Good luck Chisha.
If price can take out this level would be sweeet.
Apologies chart marked d1 but is 4hr. Also marked Aud/Sgd but is SGD/JPY
Anyone fancy the PB on the GBPSGD daily?
Looks like a good level to me with recent S/R lining up with early March and 23+24 Jan
Very recent PA is in an uptrend.
Price broke through Resistance and has now retraced. Old Resistance looks like it is now acting as Support
However, I’d want to see a more significant PB piercing deeper through the S/R level and closing more convincingly above the level.
Do you think perhaps the PB is a bit small compared with last few bars
It’d be good to hear what you / others think - I’m still trying to improve my understanding of these set ups
Thanks
Stephen
Hello Stephen. PB indeed looks short compared to the rest of candles and not really sticking out. But the overall trend is bullish as you pointed out so this PB could be the bottom of a retracement. Yet you have to wait for price to take out the PB wick and maybe even one more day to have a confirmation that the price is really going up. There is no point to rush into the trade at this moment i think.
You intend to play this short? there is a very strong support at 1.5450 and it might make the price stop and then go up a bit.
Hi Funnypip
Thanks for your comments. I would pass on this trade as it doesn’t meet all my criteria.
I was concerned that armandrmorel was looking at a PB that didn’t really stand out enough to make it tradeable.
Just took a look at that. Looks quite good but I have a few comments:
Would have preferred a slightly stronger close on the second bar of the 2 bar reversal
I have my S/R level slightly lower based on the daily TF at 0.7962
Do you think the first trouble spot at the recent bar highs / bar lows at 0.7944 might be too close ?
Also it looks like PB on daily, but still lots of time till close. I would also prefer stronger close, but it closed in the last 1/3 of the candle. Mine first TP is @0.7919.
Yes, a possible PB on the daily but it’s now starting to look like it might close as an Engulfing Bar.
We’re in a well defined down trend and the bar has formed at a clear support turned resistance level.
Would have preferred to see a more significant move down before it retraced to the SR level thereby creating more space.
Will be watching this to see how it closes
On the Daily I’d be expecting it to stall around 0.7916 and would be moving to break even at that point.
I think you should also keep an eye on the lower support @0.7920. To me there isn’t that much space between your level and that support level, only about 20-25 pips. But the candles look good by themselves. I would personally not take the trade with such a short space left, but that’s me.
I am continue trading this system,My tp is fixed,I can’t hold a long time ,any advice for me?
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