I see that the EUR/USD broke 1.45 overnight. Still hasn't decidedly done it yet. Will be interesting to see what happens during the US session, as Americans only know to sell the Dollar. If it can't get above there and hold during the session......one has to wonder if it even can at this point.
Targets Hit
Yes, mainly because it all means the same thing. In a sense, time isn't real. Think of it this way: Time is man-made, and as a result - it is only a convenient way to measure what happens. The reality is that if price fails at a certain area, there is only one thing that matters: price couldn't break over the level, and the resistance has held.
If price can't get above that level, why should it matter that it happens in one hour, two hours, or forty-five hours?
Chris
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Thanks Chris, it seems we think the same with regards to this issue
True. Like you say - there is a lot that you have to look at when you see a candle sometimes. For example, was it a knee-jerk reaction? There are times I have watched very rapid moves during the Asian session that turned out to be nothing more than a reaction to rumors of intervention. The resulting 4 hour bar gets skewed because of it. One of the most important things that I use as a "filter" of sorts is to make sure I am trading at a weekly support and resistance area......I know it isn't perfect, but at least I am at a supply/demand area that...
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With regards to OB patterns I like to watch price consolidate near the a strong level (like the weekly) and collapse fast.
See the AUDCHF 1H chart. we can see price consolidate around the major level of 0.87 RN (Green box). Then, price tries to go higher and finally collapse (Orange box). you can see that the Orange box covers the Green box, that's how we got a 17H OB pattern
