156.44 on GBP/JPY isn’t a valid line anymore, it’s already been broken.
Other than that everything looks good. I disagree with some of the lines but only because of judgment calls, I can see where others would like them so they’re good lines.
just a suggestion, but it might pay you dividends if you dial out once in a while & consider the generic price flows & their influence on the near-term reaction levels.
where & why some of these so called scalp lines and/or buy-sell pressure (s&r) zones are printing will also tell you a little about the order flow & participation in relation to the current market conditions.
for instance: do these lines marry up with previous weeks or prior days turning or failure points?
are they hustling an obvious area of support-resistance that can easily be identified from previous interaction?
if so, this type of complimentary information might help to strengthen your intent if & when the price action revisits these activity zones.
generally, aggressive price action footprints react for a reason. In order to increase your success ratio on & around these common reaction levels you need to determine whether the order flow is likely to assist you in your intent when it begins to vibrate these levels again.
I guess the next potential downside line for you to tick your box will be 154.94?
that also represents last weeks reaction low.
it also marries up with previous reaction traffic from late May & early June.
what odds do you suppose it might just whip up a little interest on any near-term revisit?
gbpjpy 4 hour view
if you then line up your near-term upside interest at 159.60, you�ll notice it tick boxes Fridays reaction high?
price action has a tendency to prick it�s ears up whenever these common zones of interest register on the radar.
if they also happen to kiss your scalp line configurations, then it might add a little flavor to your pot?
it�s more the [I]�zone� [/I]or [I]�area� [/I]that I was attempting to draw your attention to, rather than an actual line.
rarely will you experience price reacting exactly to a specific line or bar extreme, especially if the level concerned was aggressively defended.
those types of technical zones usually harbour decent stop activity & can be stacked anything from 30 to 50 pips wide, depending on trend/range behavior.
all I was saying was it might pay you to be aware of the geography & price conditions (trend/range) of one or two of these scalp lines when plotting your triggers.
I’ve been trading this system for over a year and price definitely does react to the lines.
I think the confusion is that you’re thinking in a longer time frame. These trades go for a pretty small amount of pips, usually 50 or less depending on the pair, and work because of a rush of momentum when a previous swing high/low is broken.
S+R zones are important for longer term movement, but that initial rush past the line isn’t really effected by the S+R zones.
s050399b, are just placing orders on your sup/res lines in hope price bounces? Did i read that correctly or do you watch price action at the time price gets to your sup/res lines?
