Speaking for myself only, I'm just enjoying the education. Many thanks! Regarding this pair, it seems we've broken through that recent R that was formerly a strong S. Is this the type of thing you're looking for the bars to close over the figure to ...

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Thanks. It did overshoot a bit trying to bust through 165, and then dropped about 40 pips, but just shot right back up and through 165, so there goes that lol.

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Yeah, I've been stumbling my way through this learning process. This thread has me hooked though, and I thinking I'm beginning to get it. This trade seems to be working out well so far. I'm targeting the 164.20-164.25 area for TP, and then maybe to ...

No Brainer Trades

I'm looking at the EUR/JPY, and think I see a good place to short. p.s. Would these novice observations be better some place else? I really enjoy this thread, and don't want to dilute it. Thanks!

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Cool. That's what I was figuring. Interest rates seem to have no regard for S/R. EDIT: Shouldn't this have a pretty decent retrace though with no rate cut and only dovish language?

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Billy Ray, did you take the NZD long at 7724 after the rate announcement? Just wondering because you said you try to stay out at big news events, but this one seemed to take the price right down to your target, and it's hanging around there right ...

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Absolutely, and thank you. I'm just trying to observe and learn how to distinguish which S/R levels I should be targeting. Such a simple idea can be turned into something confusing by a new trader like me.

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I'm still very new to trading, but this type of trading strategy really appeals to me. At least it makes the most sense to my ignorance. Thanks Billy Ray! Can you tell me what you think about this Long setup that I think I see for CAD/JPY at 103.81?

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