DislikedNo problem Mike & ts63. Chart patterns I know well, the rest of this trading larks a mystery
Is the IPB of the 5th Aug on NZD/USD creating a valid DBHLC formation do you think?
Thanks, OllieIgnored
Thanks
Mike
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedNo problem Mike & ts63. Chart patterns I know well, the rest of this trading larks a mystery
Is the IPB of the 5th Aug on NZD/USD creating a valid DBHLC formation do you think?
Thanks, OllieIgnored
Dislikedcould you post a chart, I am not seeing anything like that
Thanks
MikeIgnored
DislikedFor me, yes and no.
Zoopy, thanks for pointing out Jarroo's post. I thought I was getting it until Jarroo said that the 108.39-109.09 range is too large.
I originally thought that 108.39 was a PPZ. Should PA start in the 108.30-108.50 range? Or should it just end in that range? Or should it extend throughout that range?Ignored
DislikedCertainly Mike - it's the same as before...
I figured if I sold the break below that bar on the 5th it equates to the same as a DBHLC setup, although on the day the bar wasn't massively bearish.
Actually there are 3 bar highs in a row, not sure that alters it any.
Hope I make some sense.
edit: thanks ts63, you beat me to it!
ThanksIgnored
Disliked...I would have liked to see an overall bigger bar setup even if it did close lower then the previous bar low(to really show strength and a break "out" of the formation
Best
MikeIgnored
DislikedHere's an example of a PB at a PPZ level on the GU. Notice that the PB is at and through the PPZ level, the 1.6700ish. Also notice that PB closed below this level.
Do you see another example on this chart?Ignored
DislikedThink of a PPZ level as a "live electrical wire" and Price as a "squirrel". When Price (the squirrel) hits the PPZ level (the live electrical wire) that Price is going to jump one way or the other.Ignored
DislikedHey Novak
Welcome to the thread.
I am sure you are as I am, extremely glad you found it.
You seem to be a quick learner, good for you.Ignored
Dislikedah ok well I don't think this one will close as a LC(remb the DBHLC must have a closer lower then the previous bars low. If the overall pattern did it would be more interesting closing outside of your wedge shape. It may end up that pinbar from a week back carries us lower. I would have liked to see an overall bigger bar setup even if it did close lower then the previous bar low(to really show strength and a break "out" of the formation
Best
MikeIgnored
DislikedHey Mike,
I've a remark on the kiwi. According to me this pair is consolidating at the moment on the daily between two BRN, range-support at about 7200 and range-resistance at about 7400. After its movement upwards the pair isn't making any new highs. As this pair is ranging it is better not to trade this pair, at least on the daily TF, one could of course trade the range on the lower TF. If price breaks the 7200, the trend will reverse and price could drop to the 6800 area where a weekly PPZ is situated. If price breaks the 7400 and subsequently...Ignored
DislikedOk... I think I'm even more confused now haha
On your chart you have two levels marked off. Are you saying they are two separate zones? I'm asking because in your link you said "The area between the Sup and Res levels is the PPZ". I thought that means the area between 109.09 and 108.39 is the area where I would look for PA? That make sense? Something tells me I still have it wrong lol...Ignored
DislikedHere's an updated chart of my trade. I'm going short and it's a 4 hour view. Let me know what you guys think. Did I do good, would you guys do the trade on this type of setup, or based off of what my chart shows? Thanks.
AttachmentIgnored
DislikedZoopy.
Many thanks for bringing this up and pointing us to that chart of Jarroo's.
Many times I have found myself drawing PPZ but, when I go back and look at the chart, I realize that often I have really only being drawing either the support or the resistance. Then thinking about this, sometimes I could not see the difference between S&R & PPZ. This post you made with Jarroo explaining it, greatly clears things up.
Now, I can look at the chart sort of like this and not get so confused.
EDIT: This concept really helps me look at PPZ as areas...Ignored
DislikedHi Pinbar
I was doing exactly what you were doing. I was using just lines but then I saw that post because I was trying to find more information on PPZs. It would be very helpful I think if that post was mentioned in post #1Ignored