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  • #41
  • Mar 21, 2024 5:13pm Mar 21, 2024 5:13pm
Let's go back to the chart on the 4hours frame
Tell me what can you see ?
Attached Image (click to enlarge)
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  • #42
  • Mar 21, 2024 5:29pm Mar 21, 2024 5:29pm
Can you see the big green candle 19/03 @04:00 the close price was 1.5030
Also the next candle where the open price was 1.5030

Once you see open = Close it means it's a zone level (support &resistance level at the same time )
Also the candle after it 19/03 @ 12:00 finished above the 1.5030 level by few points which means there is liquidity
And the algorithm needs to attack the buying stops below that level.

So the big black candle on 21/03 where the day started it hits the 1.5030 level clearing all the liquidity there and after
That we headed upwards to the 1.5170
  • #43
  • Mar 21, 2024 5:33pm Mar 21, 2024 5:33pm
Quoting zalzil123
Sure As you know the day finished with low of 1.5030 and high of 1.5170 So the daily range was around 140 points plus minus. Danger-Mouse asked very serious question which h everyone should ask . What's so special about the 1.3000 level that we rocketed 140 plus points As well as 1.5170 that we are reversing. Let me give you a tip 1.5170 is the high of the day and the high of the week .
Hmm..I'm guessing this has something to do with using ADRs.
Well...Wednesday was actually the high of the week at 151.82ish. Wait a minute...are u talking about 3 bar fractals?
  • #44
  • Mar 21, 2024 5:35pm Mar 21, 2024 5:35pm
Tomorrow I hope I will have some time to give you fact no2 which will help you in your trading journey
If you attach it to fact no 1 you will understand where every candle is heading and why.
Wish everyone profitable trading
  • #45
  • Mar 21, 2024 5:36pm Mar 21, 2024 5:36pm
Quoting zalzil123
Let's go back to the chart on the 4hours frame Tell me what can you see ? {image}
Bounce was pretty near weekly midpoint
  • #46
  • Mar 21, 2024 6:11pm Mar 21, 2024 6:11pm
Quoting zalzil123
Can you see the big green candle 19/03 @04:00 the close price was 1.5030 Also the next candle where the open price was 1.5030 Once you see open = Close it means it's a zone level (support &resistance level at the same time ) Also the candle after it 19/03 @ 12:00 finished above the 1.5030 level by few points which means there is liquidity And the algorithm needs to attack the buying stops below that level. So the big black candle on 21/03 where the day started it hits the 1.5030 level clearing all the liquidity there and after That we headed upwards...
Ok..I'm off for some sleep, but I'll leave this and see what u suggest as it's one of my pet hates with charts over 1hr timeframe.
It's bad enough at this time of year with the stupid daylight saving switchover all out of sync between countries, but I've overlaid H4 candles on my H1 chart. Can you see that my "4am" candle actually ends an hour before your 4H does? Therefore the open and close of these H4 candles are going to be different from yours.
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  • #47
  • Mar 21, 2024 10:18pm Mar 21, 2024 10:18pm
Looks the high of the week is 1.5185 as you can see we hit the zone level of 1.5180
What's so special about the 1.5180 zone level ?
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  • #48
  • Mar 22, 2024 1:27am Mar 22, 2024 1:27am
Quoting zalzil123
Can you see the big green candle 19/03 @04:00 the close price was 1.5030 Also the next candle where the open price was 1.5030 Once you see open = Close it means it's a zone level (support &resistance level at the same time ) Also the candle after it 19/03 @ 12:00 finished above the 1.5030 level by few points which means there is liquidity And the algorithm needs to attack the buying stops below that level. So the big black candle on 21/03 where the day started it hits the 1.5030 level clearing all the liquidity there and after That we headed upwards...
how about for other brokers, sometimes open and close prices are different from one broker to another, isnt? Thanks
  • #49
  • Mar 22, 2024 4:22am Mar 22, 2024 4:22am
Quoting zalzil123
Can you see the big green candle 19/03 @04:00 the close price was 1.5030 Also the next candle where the open price was 1.5030 Once you see open = Close it means it's a zone level (support &resistance level at the same time ) Also the candle after it 19/03 @ 12:00 finished above the 1.5030 level by few points which means there is liquidity And the algorithm needs to attack the buying stops below that level. So the big black candle on 21/03 where the day started it hits the 1.5030 level clearing all the liquidity there and after That we headed upwards...
I don't quite follow...
There's almost never a gap between the close of a bar and the open of the next in FX.
(except in weekends or red news)
  • #50
  • Mar 22, 2024 4:43am Mar 22, 2024 4:43am
Quoting zalzil123
As we grow we begin to understand some facts that must must must happen every single day. Pay attention to the word must. These facts we can not change them or bypass them ie every day we must have sunrise and sunset. IN TRADING THERE ARE SOME FACTS EVERYONE NEEDS TO KNOW ABOUT THEM
Does it have something to do with "rebalancing" - action always followed by an (equal) reaction?
  • #51
  • Mar 22, 2024 5:26am Mar 22, 2024 5:26am
Yesterday I made a mistake when I said 1.5170 is the high of the week

It was the high of the day

I need anyone to tell me why I was wrong just by looking at the candles.

The answer is in front of you try to figure it out .
  • #52
  • Mar 22, 2024 5:34am Mar 22, 2024 5:34am
Let's have yesterday chart for usdjpy

I repeat the answer is in the candles

Actually everything is in the candles setup.
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  • #53
  • Edited 5:54am Mar 22, 2024 5:40am | Edited 5:54am
Quoting zalzil123
Yesterday I made a mistake when I said 1.5170 is the high of the week It was the high of the day I need anyone to tell me why I was wrong just by looking at the candles. The answer is in front of you try to figure it out .
Quoting Danger-Mouse
{quote} Hmm..I'm guessing this has something to do with using ADRs. Well...Wednesday was actually the high of the week at 151.82ish. Wait a minute...are u talking about 3 bar fractals?
Because Wed was still high of the week at that point
  • #54
  • Mar 22, 2024 5:53am Mar 22, 2024 5:53am
Quoting zalzil123
Let's have yesterday chart for usdjpy I repeat the answer is in the candles Actually everything is in the candles setup. {image}
bec 151.8 is a psychological level that was broken and candles have never closed or open above the level from H1 and above timeframe?
  • #55
  • Mar 22, 2024 5:55am Mar 22, 2024 5:55am
my reading.
maybe during new york open.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #56
  • Mar 22, 2024 5:56am Mar 22, 2024 5:56am
Remember I told you the followings

highs & lows are like high voltage cables if you dare to touch them you will be thrown meters away from it.

Say the high as I told you was 1.5170

After that candle we had another 4 candles and we managed to reach 1.5160 nearly at the close of the day

So do you think 15 points only after 4 hours qualify for high of the week?

Can you see today's chart

After the green candle hit 1.5185

Immediately the next bearish candle range was 40 points that's the first hour after touching 1.5185

Also we continued falling to 1.5125 which is around 60 points before we reverse back

Pay attention to the 1.5125 level

Hope you got the point .
  • #57
  • Mar 22, 2024 6:05am Mar 22, 2024 6:05am
N.B

Yesterday we came down from the high of the day only around 15 points

The reason behind that because it was seeking the the high of the week

So we came down not a lot clearing all buying stops and heading towards the 1.5185 level

Hope when I have time I will explain what exactly happened at that level
  • #58
  • Mar 22, 2024 6:09am Mar 22, 2024 6:09am
In the box

Thx

Which level we are going to reverse today and why

Is it the 65 70 or 75 or 80 level

I meant 1.5165 70 75 80
  • #59
  • Mar 22, 2024 6:31am Mar 22, 2024 6:31am
Also keep in mind

High and of the day range say 20 to 30 points

week range say 70 to 90 points

month range say 140 to 170

Yearly range say 1000 to 1200 points

Hope you understand what I am trying to highlight to you
  • #60
  • Mar 22, 2024 6:57am Mar 22, 2024 6:57am
Quoting zalzil123
Let's have yesterday chart for usdjpy I repeat the answer is in the candles Actually everything is in the candles setup. {image}
Is the answer in the 1H chart; or do we also need the higher TF's?
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