looking at the EURGBP 4h i can see where drawing s/r lines on the daily chart then dropping down to the 4h is beneficial. if you look at this chart i have drawn my lines based on the daily. then looking at the 4h you can see that a short trade at this point would be going right into a major support level
daily
4h
On the 4H chart it is not a support level. It is a support turn resistance so You should look if this resistance will hold and to look at a price action to go short.
Hi folks,
CADCHF I had posted earlier, Daily chart.
I know the bar has not yet closed, but purely theoretically, if it would, would you consider it strong enough signal to sell below the bar?
Iām asking asā¦
[ul]
[li]all the traffic underneath would be slightly alarming to me
[/li][li]has it formed at swing high? can we consider such a strong resistance as a swing high? I still have difficulties on recognising swingsā¦
[/li][li]BEEB is a reversal pattern after all, can we consider it as a reversal in such a ātrendā?
[/li][/ul]
Appreciate any insights from far more experienced on PA than myself.
Fil.
Iām currently working my way through the thread so I wouldnt say I am qualified to answer but I would like to get comments on what I see as I think this is a great way to learn 
looking at that chart its in an uptrend so I believe for an a+ setup we would be looking for a long, preferably at pullbacks. Also that trend line looks to be holding up pretty well so no room to trade into, price seems to be going into a squeeze from the overhead resistance and the trend line beneath so it may be better to wait for a break either way and then trade pa at a retrace to your marked levels. Iām pretty new to this so comments certainly welcome!
Just scanned through the charts and saw a few PA signals mostly on H4ā¦ How many of them are any good?? Wish I had time to post a few charts but I have to run, maybe tonight.
edit: Update, after I had some time to look a little closer most were engulfing bars that led straight into trouble.
Hi guys,
Has anyone noticed that pepperstone is actually GMT+2/+3? It is on Eastern European Time Zone.
yes i noticed thatā¦
i couldnt get a decent explanationā¦but eventually i worked it out.
pepperstone is gmt plus 3ā¦ and exactly at 12 00 midnight pepperstone time (gmt + 3)ā¦pepperstone gets a new day on its charts.
dont worry because edt (new york time is exactly gmt -4)
that means that new york is exactly -7 hours behind pepperstone time.
therefore on friday when pepperstone charts turn over to a new dayā¦at pepperstone time 12 00 midnight.
this equates to 5 o clock new york timeā¦which happens to be exactly new york close.
so that is the explanation for why pepperstone charts work on new york timeā¦
really any charting package that is gmt + 3 will suffice.
in fact gmt + 3 charts are the only charts that start a new day and finish the old day @ exactly new york close.
The BEEB didnāt work outā¦ the traffic to the left was actually pretty close, and though the bar broke, it couldnāt break traffic below before bouncing back up. Looking back at that nearby support I didnāt include in my initial analysis, Iād say this wasnāt an A setup.
Lesson learned! On to the next trade, whenever that may be!
yeah i figured that too. i thought every bar closes according to gmt-4 ny time zone thatās why they call it ny close but then what they were referring to was that it closes at the same time markets close @5 in ny, hence ny close. lol. now i know.
Ok sp basically the time does not matter one bit. You can change that time to whatever you want. This wont change the charts though.
Every broker has their own data time and this is where they get the data for what we see. This is different to the actual time.
All you need to know is pepper is NY close.
Johnathon
This did work out. This went to the support area. I canāt say any more than that because I wont get into trade management etc but this trade worked out.
Johnathon
Johnathon
Sorry that AUS/NZD didnāt work out I marked this support on my chart after you brought it up and waited to see what would happen.
Johnathonās right, it did work out, it got the next support level, which is all we can expect from a trade; after that, itās anybodyās guess. ( => goes down to trade management ). For the record, i got stopped out, had thought it would go through that support like bruce lee through a baddyās door 
[ the door held! ]
Another BEEB has formed at the same level, any takers?!
Looking at that dudest it looks quite close to fsa and recent price seems to be making higher highs and higher lows, so a break of resistance and a nice pullback to test with long pa would look good there, thatās just how I see it so criticism is welcome! Nice analogy by the way, made me laugh lol
Already in the trade, targeting 1.2717 as TP1
@analogy: still making me laugh! (an image of the dude flat on his face with the baddies sniggering inside, lol)
@(higher highs and higher lows): You make a nice point juicypips!
Johnathon had actually mentioned in his article on the first beeb that if resistance gets broken, we could be looking at a new uptrend (paraphrased)
Hmmā¦letās see where this one goesā¦
Price action gone nuts and we are the winners.
Check GBPUSD and GBPJPY 1 hour! Great trading!
GBPJPY 1hr
GU 1hr
Ahhā¦ Right, my problem was I ignored that first level of support!
Thanks Jonathon!
Poor Bruce Leeā¦ Is it me or does this one look like it actually has a little more room to move than the last one? Any of those nearby bar lows going to be any trouble?
