yeah if price can't trend away from the level it will often turn and take it out

H4 Power

perfect trade... you got it mate.... only thing i would say is im leaning towards EJ perhaps being with trend? in which case you can still watch daily levels, but I tend to shoot for weekly... as a hint always look to see if daily is closing over ...

H4 Power

BRENT H4 move today H4 ENGULF LONG COUNTERTREND M15 ENGULF ENTRY LONG DAILY NEXT S/R FOR COUNTERTREND TP

H4 Power

indeed, highs and lows are the same timeframe s/r.... opens and closes can be too, but in general tend to be weaker.... each bar is a battle between high and low for that given time period, the open close will tell you who won that particular ...

H4 Power

same pattern on brent, h4 failed to trend down from new daily high/s/r then switched and closed over invalidating the top

H4 Power

EJ H4

H4 Power

Also REALLY IMPORTANT....... we're not looking for a key to open the magic win rate box.... we are looking for that hint that the direction is ready to move in one direction until it hits a higher tf s/r... we then take a cheap entry aiming for a ...

H4 Power

here you go, ALPARI and GKFX EU H4, See how the lows (the s/r that stopped the down) are the same, the h4 candles have different patterns but we can read them and get the same message... that is the nature of price action, it can only move in one ...

H4 Power

You will get some variance in opens/closes that's true, but.... if the market is really selling off... you will both get the signal, you may have a different pattern or get the signal at a different time... but over time it make hardly any ...

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Vantage I would go even further and say that trend and support and resistance are the only elements of technical analysis that are real, purely based of price at a specific level. Trend being the flow of price from low to high tf s/r and back down ...

H4 Power

Yeah generally I get one trade a day from an instrument, sometimes two but often one of those is a fake move down to the s/r before reversing. Important to know too... got to have realistic expectations of how you're trading!...

H4 Power

cheers Vantage, knew you would see a lot of parralells with this and your style of trading...great to see you here

H4 Power

So here's how it should of gone on brent... to the rules! H4 engulf, countertrend, switch to m15 take next engulf entry long. H4 is countertrend so tp is next daily s/r simple.

H4 Power

Did not trade well today, Brent long I exited for 10 and it went over 150, USD NOK valid short went +120 and then stopped me out for -100 USD NOK long and was a complete rule break, went +210 and then stopped me out USD SEK closed for +100 .... net ...

H4 Power

go to s/r strike zones and scroll down, theres a description there url

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looks like the direction was right but it wanted to tap down to the daily s/r again... quite a common move that one

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the smart money is on brent long... for now... managed to talk myself out of my long

H4 Power

ummm not exactly what i mean... Ok, this bit is the MOST important part about price action...so don't forget this.. for h4 to change direction (trend) it has to engulf or close over h4 s/r....once we get a h4 engulf then it WILL go to the next ...

H4 Power

derp... someone made a bad call on Brent...

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To be honest, im unsure on EJ, daily closed down but not below s/r so im guessing the weekly up is still in control for now. Best advice I can offer right now... im waiting for a bit more info and clearer direction...

H4 Power