Action! — Hi folks I am planning to get stuck into my charts this afternoon after a couple of days off so I will put anything up that I find interesting. If there's any levels of note that have appeared on the radar let me know.

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There are no fixed rules.... Three touches are certainly better than two, but if you want to get in early... Trend lines are classed by many on here as ambiguous, however they can also be very significant, some TL's once breached are redundant ...

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EURJPY has just gone to session lows so you might be ok. What factors determined your entry point?

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Any more thoughts on USDJPY following on from my post on the previous page? Or the consolidation In USDCAD, bearing in mind CAD Unemployment figures come out before USD NonFarm and oil hit record low last night.

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Is 'The Day Traders Bible' the most useful Wyckoff book to begin with?

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First impressions to me suggest it will be most useful for pinpointing an entry and reducing risk, thanks for bringing this up GW.

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The calm before the storm a bit like a pennant. Thanks Libb that's very helpful, I must expand my reading list again. I've had a quick look around and there are plenty of inside bars on yesterdays moves. Like you say combined with s/r it can be ...

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Thanks for the clarification. How often is this seen?

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You are definitely in the right area, Guerillawar hit the nail on the head with a safe 12750 but that was an exit point from a sell.

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As smittens says it is certainly oversold but is finding support on a 4H TL for now. I will be looking to see if it breaches the TL, the psycological 9200 and the support at 9189 hopefully then we could see a run to 9090 and a retrace? That would be ...

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It's heading into open water in terms of s/r, if it breaks 9200 it could fall all the way to 9090.

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I understand what I am seeing but can you clarify 'inside bar'? Thanks GW.

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GW I missed the EURUSD as my platform crashed but I am in USDCHF long from 11982, and like you targeting a conservative 12050/38.2 Fib. It is tempting to go to the pip with your limits but so often being shy 10-12 pips significantly increases the ...

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As GW says it is a bit ambitious perhaps considering current volatility, however it is simply the proximity of a 1H s/r with a 38.2 Fib retracement of that last rally. Most of the other retracements of rallys this afternoon get as far as 38.2% and ...

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Eur could go as low as 12734/6.

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I agree concensus was for 100bp but I think there were some speculators hoping for more after RiksBank. I did say normal rules apply today, and I should have added "for the BOE announcement" to be specific. Whether the market rewards or punishes the ...

Cable Update (GBPUSD)

With expectations between 100-150bp cut the market priced in 125 therefore 150bp would have seen sterling take a further hit. Last months reaction was received positively but that was an exception, and we have seen little economic improvement as a ...

Cable Update (GBPUSD)

Good point to make ady, this is obvious to me as I'm in the UK but perhaps not to those elsewhere. Today's moral is, 'State the obvious - it's certain to help someone.'

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Interesting to see that it is clearly visible on a 1H chart as well. I guess this is the whole point, if most people can see it then most will trade it. My problem isn't spotting the s/r lines, as you can see I put plenty on my charts, it's working ...

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No problem at all. It began on a 4H chart at the end of Oct/start of Nov and hit several times including a 50% Fib on 21/11 (Short brown line) You'll definitely need to expand this attachment!

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