Forex Price Levels – Way Better Off Without Them
Forex price levels, or even worse, Forex psychological levels get mentioned on Twitter every time price is approaching one.
jobalertshop
April 15, 2024
jobalertshop
April 15, 2024
jobalertshop
April 15, 2024
jobalertshop
April 15, 2024
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37 Comments
@danstone3673
April 15, 2024 - 12:27 pmPrice levels…man, I remember this from awhile back when every mentor/expert/trainer/guru would extoll the virtue of the "PRICE LEVEL", like it was some holy shit not be screwed with. "Lookit here Scout…it's gonna hit 1.30 and bounce…unless it doesn't and breaks through." WTF? Thanks for nothing, Sparky. I once made the mistake of questioning the man behind the curtain by asking him why price would respect any particular spot in front of a crowd. Why not here? Why not there? I was channeling George Carlin or maybe Dr. Seuss, so of course I kept needling him about it when he finally pointed a finger at me and asked that I refrain from asking further questions. Pretty soon, others were asking the same thing. Maybe it wasn't a mistake. I got my money back from him and was politely asked not to sign up for any more of his courses. I guess there was truth to why it never made sense to me….thanks for validating that notion, VP.
@albertsaxen8309
April 15, 2024 - 12:27 pmI like you taking ICTβs stuff and using what works ..Thereβs smth that never really sat right with (that) but the proof is in the pudding; so many at my firm left nβ right are getting funded..be it what he teaches, or just repackaged different how he talks but separate from what works/what it is doing that ..results, man. Results are in the tests.
I donβt give a shit why it does it :D; if it works I use it; ..
What we have to understand is institutions usually buy at round nmbrs; stocks; for their clients; dunno in forex, but, honestly, βcos they can't be bothered ..Theyβre lazy. ..
Well, hell, yeah; price hit it (1.19) and came/got pushed right down ..ofc there are price lvls that have gotten tested only once. Why? ..price hasn't returned there yet ..
Another thing to take into consideration take Livermore (Reminiscences) he writes: βIt has been my experience that whenever a stock
crosses 100 or 200 or 300 for the first time, it nearly always keeps going up for 30 to 50 points, and after 300 faster than after 100 or 200. It is an old trading principle.β
That was such an amateur move ..price went beyond; yeah; and then reversed ..
I mean if we are to shoot for 20% shit Peter Brandt makes 45% pa. on average with classical charting ..This just is my path..so; before we knock just saying ..
I think we're looking at price lvls wrong..I've used them as a trendfollower..nobody I've nvr heard anyone use them for reversals; like Dow 20,000 or 1,000 in 1974 or $100 oil was a thing ..psychologically..not how you trade; and like Jesse β right . You use them for breakouts they're entry points ..
..indicators are derived from price ..
@albertsaxen8309
April 15, 2024 - 12:27 pmWhat about my mentor who belonged to the Golden Circle at Merrill Top10 brokers internationally? Take the JulyβNovember 2004 soybean spread. After the spread crossed 100, it never looked back. If you entered the spread on the first cross of 100 (or even on the first close above 100) and risked to a close below, you would never have been in trouble. The minimum profit objective of a 15% to 30% move was easily attained. In fact, the spread traded above 200 that year.
After he was armed with this historical knowledge, he was ready to trade the 2007 spread because we knew what to look for when it was trading properly. That year, the spread first broke and closed above 100 on November 29, with the close at a 103 premium for the July contractβa buy signal.
However, the next day, it broke and closed under par at 96, indicating that this was a false signal.
The proper action at this time was to take the loss of approximately 5Β’.
The spread remained below par until December 10, when it once again crossed and closed aboveβa new buy signal. The correct play was to reenter, and this time the profit objective zone was quickly and easily reached and, ultimately, exceeded. However, note that the profit should have been locked in at the first sign of a trend reversal. If it wasnβt turned into real cash, the profit eventually evaporated because the spread collapsed after it crossed back under 100 in January. Actually, this theory works both ways. You can play a cross under 100 just as effectively as a cross above: Just reverse the rules and always pay attention to money management.
Livermoreβs timeless observation that breaking par often results in a quick and significant followthrough is a powerful concept.
@12jmlnv7
April 15, 2024 - 12:27 pmI developed my own algo that generates price levels. It has nothing to do with the dollar amount or other conventional methods. And it takes weeks to set up. Its meant to catch reversals after a long trend. From a ton of developing,analyzing, and bactesting, I can say that there will never be an indicator or system to exactly pinpoint reversals consistently. With my system, there are times when price turns on a dime.There are times whe price barely nib at my first level before reversimg.there are times when price consolidate at my levels. Sometimes but rarely it continues through but when it does, it usually bounces back up and if it dont bounce, that just tells me that there is still some work to do before reversing. I agree that the way most people use levels are bs because they are all using the same methods.Even if you craft the perfect system to call reversals, you can be right overall, but you're timing can be off because price may intend to reverse, just not at that exact level.
@moshemo613
April 15, 2024 - 12:27 pmThe tutorials I've seen take a different approach on price level. They don't argue that EVERY potential price level is worth considering, but rather try to find the TEMPORARY price level at THIS PARTICULAR MOMENT. In your example, there was one level that price was bouncing around a few times. Yes, it went a little higher and a little lower, but the bounce is there.
The real question is where we can then use this DISCOVERED price level to help us get in our out of profitable trades. Maybe yes, maybe no. But that doesn't change the fact that the price level in your example was discoverable.
@morenalephoto5492
April 15, 2024 - 12:27 pm.hey man William here from south africa so ive started to put in the work and im getting there
@theanomalysubliminals5008
April 15, 2024 - 12:27 pmDoes this include quarter pip theory?
@HardKillaz
April 15, 2024 - 12:27 pmWhat I realized from this video is
The lines that do work don't even get you into a long trend…..
@fishertheadore6095
April 15, 2024 - 12:27 pmAlso known as KEY LEVELS.
@jeez998
April 15, 2024 - 12:27 pm1 down more to go
@chris8534
April 15, 2024 - 12:27 pmThis was better than the big banks video – talking about what they are doing with the stop losses was great
@AC-pn4tk
April 15, 2024 - 12:27 pmPrice levels always seemed made up to me. I liked indicators the best so I was stoked when I found this channel. The best by far πThanks VP!
@SSEnrich
April 15, 2024 - 12:27 pmEven if it did work. I would never use price levels. Too stupid.
@hunter4243
April 15, 2024 - 12:27 pmA lot of banks and companies with big pockets conduct business at these price points. The institutions who have the money to move price will disrupt price at these levels when they are doing their business whether that is buying or selling. This doesnβt mean you should short or long the level. You can use it for projections of the daily high/low or profit targets etc. If price trades to it and rejects you could wait for further confirmation and then enter a trade. If you are blindly longing and shorting price at these levels of course it isnβt going to βworkβ. Also you are on a daily chart which is a little bit ridiculous when looking for reactions at these points.
@sackude
April 15, 2024 - 12:27 pmprice action and indicators are the same thing
it all depends how you use them
@fish4everguy
April 15, 2024 - 12:27 pmPrice levels… for me another line in the sand of a reversal or support/resistance that makes no sense with currencies. Now sitting at 9 pages of notes, screen shots, bullet points, and my short list of indicators. This is the trading education I wish I had gotten 20 years ago when I first started trading stocks and realized I was way better at investing long term than short term trading. If I had only learned the value of good indicators and how to find them, money management and learned to control emotions and psychology back then….well water under the bridge. Back at it now with FX and soaking up VP's advice and teaching from experience. He makes so much intuitive sense if you just come at this with an open mind and stop holding on to methods that never worked that well in the first place and are willing to put in some effort to build your own system. This is the way!
@einsenhorewinquist1894
April 15, 2024 - 12:27 pmVery good point. I love all your videos!
I think these price levels make more sense in other markets, don't they? Like, BTC reaching $100,000 per coin would be much more significant than EUR/USD at 1.20 would (especially after a massive bull run).
The last Bitcoin ATH during 2017 bull market was at $20,000 by the way.
@jordancarson885
April 15, 2024 - 12:27 pmI really respect how you use live charts and not "cherry picked" ones, that's what I'm looking for
@Iam_Kingvix
April 15, 2024 - 12:27 pmHow do I add these price levels onto my chart
@hodltkes8034
April 15, 2024 - 12:27 pmThe more I watch the more I learn. #Binge
@edgarvergara6017
April 15, 2024 - 12:27 pmThank you for your time and effort to give such great lectures about money management and how to look things from different perspective by doing what we do but removing so many noises that led to losses. Well done
@alzachary789
April 15, 2024 - 12:27 pmNoted on this VP! Thank you!
@victorkyaruzi2159
April 15, 2024 - 12:27 pmIt is just so sad to hear someone pay $250 for a forex course, $200 for live sessions and $10 per month for signals that resulted from price levels and S&R lines
@ranadesilva9432
April 15, 2024 - 12:27 pmSo, It seems to me that Forex is nothing but Casino for big banks. These fundamentals are a complete smokescreen to keep us in dark, Isn't it?
@RidersSxciety
April 15, 2024 - 12:27 pmwatching all your videos. discovered your channel 5 days ago, and I just wanted to say that youre the best. π
@leewilliams6058
April 15, 2024 - 12:27 pmπ
@sirsweet3022
April 15, 2024 - 12:27 pmYoutube Land Magic!
@sparcx86channel42
April 15, 2024 - 12:27 pmI always knew that didn't make sense but still watched the video because there are something to be listened here. I just confirmed that this thing never works.
@ValwithaVee
April 15, 2024 - 12:27 pmYour channel is like an online course. It's so educative and motivational.
@DJGOULDING
April 15, 2024 - 12:27 pmVP: "they don't work".
Me: "But… they do?"
My strategy on the 2 levels you drew would have done 7/9 success (7% return). And you don't usually draw them all, only the ones that are currently relevant. This can vary from trader to trader but that is okay as long as there is a valid reason to pick them (not just because it has 2 zeros at the end). What levels are relevant changes on any given time too, it adapts to what is going on now. I'm guessing you simply didn't learn to use them the right way VP? maybe it's because you're style is so different π
@adammmaforex1540
April 15, 2024 - 12:27 pmThis is how I once blew my account trusting a sacred price level (also very, very bad money management), thanks for another great video, Dennis ππ½
@Devon1_
April 15, 2024 - 12:27 pmYou do realise price wont respect all and u would have to wait for price to react anyways u wouldnt blindly enter a trade because its at a price level u wait for maybe a lower high for sn uptrend reversal and then maybe one other confirmation ur making it seem like ppl talk about as if its the holy grail which it is traders know price wont just react when it hits a price level u have to wait for it to do so
@stanbrinkhuis1053
April 15, 2024 - 12:27 pmI'am a simple man, if Vp says "don't use it" I don't use it.
@florinchimichanga1314
April 15, 2024 - 12:27 pmhow could someone disagree with you when you present facts with logic, best channnel tho
@Babalooch
April 15, 2024 - 12:27 pmHey VP, I am the new guy catching up with your channel. I am having a bit on an issue with reading your video relevant blogs, everytime I try to access one it gives the following error
"You have been banned from this site. If you think there has been a mistake, please contact the administrator via proxy server." Can you please help? I have tried with with Firefox, MS Edge, Crome, Safari, Opera, IE but no luck. HELP HELP HELP!!!!
@maxrobinson1140
April 15, 2024 - 12:27 pmSuperb channel. About 50% through and it so refreshing.
Top videos (for me) would be RISK , BIG BANKs and money management series
I've not actually seen anything about big and mid price Trading and video convinced me to ignore anyway.
However, to be honest more metals than FX , but how significant is the impact of market level perceived significant price levels eg (at time of writing) gold $1500 level?
@thomasneit880
April 15, 2024 - 12:27 pmOMG my like is 666 I should quit crypto now π
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