james16 Chart Thread | Page 423 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #8,441
  • Edited 11:02am Dec 29, 2007 9:29am | Edited 11:02am
The eaisist way to avoid a false PB is simply not to trade it until there is a break of the PB... of coarse nothing is completely perfect....

Quoting qiuhd
Hi guys,

Did anybody have thought of using some kind of filter to avoid false pin bar? Or something similar already been discussed in this thread?

I think res/supp is a little subjective on low timeframe ( 1h, 4h ).

Thanks.

Qiu
  • #8,442
  • Dec 29, 2007 10:12am Dec 29, 2007 10:12am
Quoting Tiki Trader
WOW... and now I make my chart just with green bars... and the PPZ's just POP out at you... !!! And now I have a good idea ( or a better idea ) of target for my GBP/USD Trade !!!!!!!!!!!!!!!!!!

I can't read each candle so well... but now the s/r zones are way more clear !!! Beautiful !!!!
Good for you Tiki, looks like you just acquired one of the high end trading tools for Christmass! Unfortunately they don't come with too many manuals, but play around with it a bit and you will figure it out.
  • #8,443
  • Dec 29, 2007 10:25am Dec 29, 2007 10:25am
Here is a PPZ I have for daily.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.jpg Size: 103 KB
  • #8,444
  • Dec 29, 2007 11:00am Dec 29, 2007 11:00am
You know I just haven't looked at plain green bars in ages and ages... and this time when I put them up just to look at PPZs... it just blew me away...!! The PPZs just stood out so nicely...


Quoting HipsterPipster
Good for you Tiki, looks like you just acquired one of the high end trading tools for Christmass! Unfortunately they don't come with too many manuals, but play around with it a bit and you will figure it out.
  • #8,445
  • Dec 29, 2007 12:31pm Dec 29, 2007 12:31pm
Price down... then retrace to resistance / PPZ... SHORT... and for those of us who forgot to short at PPZ... next best chance to short again... after convincing close below 221... ??? Target 213 ??
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.gif Size: 9 KB
  • #8,446
  • Dec 29, 2007 11:16pm Dec 29, 2007 11:16pm
Quoting Tiki Trader
Price down... then retrace to resistance / PPZ... SHORT... and for those of us who forgot to short at PPZ... next best chance to short again... after convincing close below 221... ??? Target 213 ??
Hi Tiki,
Thanks for the answer.
What PPZ do you use, It looks like monthly pivot point R1, right?
  • #8,447
  • Edited 11:35pm Dec 29, 2007 11:31pm | Edited 11:35pm
Hello Giuhd,
PPZ are price pivot zones not daily, weekly, monthly pivots or their R1, S1, etc. It is zones where support becomes resistance and visa versa. Just look at the charts you see areas where the price will be turned back and later will be turned back from the opposite direction. Support becomes resistance, resistance becomes support. Put PPZ in the search engine on the left of the Forex Factory forum pages.
Hope this helps,
Roy

You need to type out price pivot zones to get a hit, 83 currently.
  • #8,448
  • Dec 29, 2007 11:53pm Dec 29, 2007 11:53pm
Thanks Roy
How do you think about the GU's daily pin bar, looks like some resistances on the down direction.

Qiu
Attached Image
  • #8,449
  • Dec 30, 2007 10:04am Dec 30, 2007 10:04am
ooo.... don't ask me about pivot points ro R1s etc.... I don't know or use them... I just drew a line on a chart.... the first EASY place I could see to draw the line... !!! If you catch my drift...

Quoting qiuhd
Hi Tiki,
Thanks for the answer.
What PPZ do you use, It looks like monthly pivot point R1, right?
  • #8,450
  • Dec 30, 2007 10:06am Dec 30, 2007 10:06am
Mine does not show a daily Pin... fortunately... or you would have me scared...

Quoting qiuhd
Thanks Roy
How do you think about the GU's daily pin bar, looks like some resistances on the down direction.

Qiu
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 9 KB
  • #8,451
  • Dec 30, 2007 12:42pm Dec 30, 2007 12:42pm
Three falls now... two retraces to 61 fib... which happened also to be PPZs... third time now back to 61 fib too... ??? which once again would be a PPZ...???
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 12 KB
  • #8,452
  • Dec 30, 2007 2:02pm Dec 30, 2007 2:02pm
Quoting qiuhd
Thanks Roy
How do you think about the GU's daily pin bar, looks like some resistances on the down direction.

Qiu
PPZ areas are determined at areas where price has clearly and repeatedly found S/R. They are not pivot points, although you may find them in similiar areas. I would not count this as a PPZ in your chart. Also, I would encourage you to go through this thread and read past posts. Many of your questions will be answered, and pay attention to James16's posts. Good pips.
  • #8,453
  • Dec 30, 2007 4:06pm Dec 30, 2007 4:06pm
Mike,

This is the one I was talking about.
Entered on green line with SL at Red line.

Thanks,
TradeStar
Attached Image(s) (click to enlarge)
Click to Enlarge Name: jpy weekly.gif Size: 16 KB
Click to Enlarge Name: jpy 4hr.gif Size: 13 KB
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #8,454
  • Dec 30, 2007 4:27pm Dec 30, 2007 4:27pm
Quoting TradeStar
Mike,

This is the one I was talking about.
Entered on green line with SL at Red line.

Thanks,
TradeStar
Even with me not being Mike, I just wanted to murmur quietly to myself:
As a general rule I wouldn't even consider a trendline broken until price has closed outside of it (and even then in the next bar moved on as well perhaps).

"Piercing" a trendline extremely common(and I've seen a few close outside on one daily bar only to make the next day close right back above, hence the mention of moving on before).
Ideally price "loses" the TL and either fiercely moves on or "retests" and "confirms" the TL as broken with another bearish setup at the TL.
(There are tons of examples around. Some were also posted here I think and it's a reoccuring thing in my journal)

Another problem is which points to view as really "valid" for originating and connecting trendlines, as there are some people that'd advocate only allowing points that stand out, i.e. have at least 1 or 2 "neighbors" to each side with lower/higher highs/lows. Haven't read too much about it, but it was one of the discussion points in the DeMark/Mouteki threads and I also have read about/from someone else who has found his own salvation in TLs using that logic.

TLs are tricky.
Trust price. Know yourself.
  • #8,455
  • Dec 30, 2007 4:33pm Dec 30, 2007 4:33pm
I think another thing about trend lines, and this is something I know I still do and catch myself doing time after time... is just connecting a line to two points... that does not make it a trend line... when you can connect three points... then perhaps it is a trend line..

You can join two points with a line anytime... and I have been guilty of that... even just today !!! And the most likely time you may find yourself doing that is right when the bar... or time frame closes...
Quoting SeekingLight
Even with me not being Mike, I just wanted to murmur quietly to myself:
As a general rule I wouldn't even consider a trendline broken until price has closed outside of it (and even then in the next bar moved on as well perhaps).

"Piercing" a trendline extremely common(and I've seen a few close outside on one daily bar only to make the next day close right back above, hence the mention of moving on before).
Ideally price "loses" the TL and either fiercely moves on or "retests" and "confirms" the TL as broken with another bearish setup at the TL.
(There are tons of examples around. Some were also posted here I think and it's a reoccuring thing in my journal)

Another problem is which points to view as really "valid" for originating and connecting trendlines, as there are some people that'd advocate only allowing points that stand out, i.e. have at least 1 or 2 "neighbors" to each side with lower/higher highs/lows. Haven't read too much about it, but it was one of the discussion points in the DeMark/Mouteki threads and I also have read about/from someone else who has found his own salvation in TLs using that logic.

TLs are tricky.
  • #8,456
  • Dec 30, 2007 4:57pm Dec 30, 2007 4:57pm
Quoting SeekingLight
TLs are tricky.
It's ALL Tricky !!!
  • #8,457
  • Dec 30, 2007 5:18pm Dec 30, 2007 5:18pm
Quoting HipsterPipster
PPZ areas are determined at areas where price has clearly and repeatedly found S/R. They are not pivot points, although you may find them in similiar areas. I would not count this as a PPZ in your chart. Also, I would encourage you to go through this thread and read past posts. Many of your questions will be answered, and pay attention to James16's posts. Good pips.
So what exactly is the difference between a ppz and s/r point?
  • #8,458
  • Dec 30, 2007 5:20pm Dec 30, 2007 5:20pm
Quoting saskgui
So what exactly is the difference between a ppz and s/r point?
A PPZ is a "zone" that acts as BOTH support and resistance.



Mike
  • #8,459
  • Dec 30, 2007 5:22pm Dec 30, 2007 5:22pm
Nothing !!!!!!!!!!!!!!!! Though PPZ may refer more to a zone rather than an exact point... or line..

Quoting saskgui
So what exactly is the difference between a ppz and s/r point?
  • #8,460
  • Dec 30, 2007 5:35pm Dec 30, 2007 5:35pm
Quoting Tiki Trader
I think another thing about trend lines, and this is something I know I still do and catch myself doing time after time... is just connecting a line to two points... that does not make it a trend line... when you can connect three points... then perhaps it is a trend line..

You can join two points with a line anytime... and I have been guilty of that... even just today !!! And the most likely time you may find yourself doing that is right when the bar... or time frame closes...
Dunno imho (and according to the wave principle) it's fine to connect two points as obviously the third interconnecting point has to come from somewhere..again the question is which points to connect(again, neighbors and real "points" etc) and why as opposed to randomly and what you use the TL for etc.
Trust price. Know yourself.
61 traders viewing now