This pair has being good to me in recent weeks,both long and short,at around the 1.25 level ,but I am going to see how it opens this week,but if it gets upto around 1.30 level I will be hammering the shorts,and hopefully the oil price will pick up which would help the cad,we'll just have to see
james16 Chart Thread
Nothing and absolutely nothing makes that setup tradable IMO.
In a nutshell I can't bet my money on setups like these. Feel free to take it if you still think your approach offsets mine
Regards,
Ghous.
just a quick question if you could please....on this chart you have a PPZ shown at the top..Just wondering isn't the PPZ suppose to be in the middle of a group of prices closing below it and above it like say the 1.24 area?
Adrian
- #22,743
- Mar 1, 2009 8:35am Mar 1, 2009 8:35am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Hi ya Ghous..
just a quick question if you could please....on this chart you have a PPZ shown at the top..Just wondering isn't the PPZ suppose to be in the middle of a group of prices closing below it and above it like say the 1.24 area?
Adrian
A PPZ is the region above and below a responsive price level, now what happens when we have 2 ppzs in quick succesion, you have the effects of the 2 ppzs overlapping each other in an area that then becomes extremely important, look through Jarroo's posts,,, if there is a relatively small gap between 2 ppzs the region between them can well serve the purpose of a major ppz (but one which is'nt around a price level but is bound by two important price levels.)
The USd/cad BUOB by no means looks a valid take considering the fact that it lies just below the lower of the 2 ppzs i.e the 1.275 price level and then would head straight into the ppz zone not to mention the next blow it could recieve around the 1.3...the mediocrity of the setup should jump out really...
Regards,
Ghous.
I believe . . .
- #22,744
- Mar 1, 2009 8:54am Mar 1, 2009 8:54am
Nothing and absolutely nothing makes that setup tradable IMO.
What would would make a BUOB near such a major Swing high (perhaps the most important of all resistance levels for the USD/CAD) along tons of highs and bar closes even close to being a B trade??
If you're coming from Jacko's school of thought and want to hide behind the longer term traders thinking that the big game now is obviously to move the market to 1.3, even then an entry so close to the level to me is ridiculous,
Jlr since you were in early at the breakout of that traingle...
Not to say this will not go for pips and go long, if you believe it is a good trade then take it.
I remember someone posted a chart of a GBPUSD 4HR BUOB or something during the week and I did not go long on it, and I said it was not the best of trades. It went long, and some of you here traded it. And thats totally fine.
If you think it's good then play it !
Hi ya Ghous..
just a quick question if you could please....on this chart you have a PPZ shown at the top..Just wondering isn't the PPZ suppose to be in the middle of a group of prices closing below it and above it like say the 1.24 area?
Adrian
Chart 1 - Look back in time and see how weekly price found both support and resistance here. . .
(Now this is still not to say that it will not go long and absolutely rocket through the 1.30 because it well might do, I have no crystal ball)
I would be prepared to - go long on it AWAY from here (ie if price breaks it to the upside, then comes back down and gives some nice PA)
- go short on it AWAY from here again (ie price goes up, but then gets forced back down and gives us PA)
That is just one of my personal rules when it comes to this stuff, actually it's rule one for Jigsaw
.The location it is currently in and indicating it is going away from, has to be a stronger area than the location it is going to.
Chart 2 - Yeah basically price is pretty sideways here, not that you cannot make money you can still make money in a sideways market with this stuff. Once you stick to trading at the opposite ends of the range.
I know James16 talks about this a lot, "price operating in boxes", and it is something I have heard so much but I have really noticed it moreso lately.
To me, the area it is in, is not as strong as the area it is going to.
Hope that makes sense . . . kinda . . . lol ?
Yeah once again I am nothing special so take anything I say with a grain of salt, I am not raczekfx or anything (
)Regards,
Jig
- #22,745
- Mar 1, 2009 8:56am Mar 1, 2009 8:56am
That's true Aarangio.
A PPZ is the region above and below a responsive price level, now what happens when we have 2 ppzs in quick succesion, you have the effects of the 2 ppzs overlapping each other in an area that then becomes extremely important, look through Jarroo's posts,,, if there is a relatively small gap between 2 ppzs the region between them can well serve the purpose of a major ppz (but one which is'nt around a price level but is bound by two important price levels.)
The USd/cad BUOB by no means looks a valid take considering...
- #22,746
- Mar 1, 2009 9:06am Mar 1, 2009 9:06am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Booooo ! Ghous posted before me !
I am also short biased on the pair, and will look to go short at the first resistance at the first ppz or somewhere in the ppz zone or at 1.3, depends where if atall we get some PA, bullish PA would get attention from me only above the 1.3 (possibly a break and restest of it).
(Oh BTW Jig, checked your pm inbox lately?
)
I believe . . .
- #22,747
- Edited 9:32am Mar 1, 2009 9:20am | Edited 9:32am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
That's true Aarangio.
A PPZ is the region above and below a responsive price level, now what happens when we have 2 ppzs in quick succesion, you have the effects of the 2 ppzs overlapping each other in an area that then becomes extremely important, look through Jarroo's posts,,, if there is a relatively small gap between 2 ppzs the region between them can well serve the purpose of a major ppz (but one which is'nt around a price level but is bound by two important price levels.)
The USd/cad BUOB by no means looks a valid take considering...
Well here is why...
Like the minority of successful traders we need to have good memory
This BUOb on the AU some weeks ago was IMO far better than the USd/cad weekly BUOB as it was almost at a swing low and was a restest after the breakout of of 0.63 region.
What does it do??
well, the PPZ zone was'nt even required to intervene
Just for ya'll to see the power of "bar highs", we've got quite a few alongside the Usd/Cad BUOB...
Regards,
Ghous.
I believe . . .
- #22,748
- Edited 9:49am Mar 1, 2009 9:48am | Edited 9:49am
- | Joined Dec 2007 | Status: Trader | 2,797 Posts
James & All
J16 is incredible!
Month 1 has mixed profit results as I changes demo brokers mid month so I won't tell profit #'s (MT4 min trade is 10k and on 3k account was over trading (5%) so profit #'s will be skewed for 1st 1/2 of month) but instead will post trade results.
33 positions over 7 different pairs with 7 losers, 78.79% winning trades!
I have been checking the daily charts about 4 times/day for opportunity's has been working well. Exits have taken some time to develop for myself as I don't always have time to have charts open or am working away from my computer. A combination of TP and trailing stops seems to be working so far.
One thing I have noticed in J16, is the number of people from all over the globe and the difference in the charts. A pb might show on some charts but not on others. The chart below might better explain to the how and why of this.
This chart is a daily chart using 2 days of 1 minute data from 1/13/2009 time shifted by 1 hour increments to represent what users would see on close of daily by their time zone around the world and the difference in shape.
Thanks to all for the sharing of their knowledge and input on this thread.
On to month #2.
J16 is incredible!
Month 1 has mixed profit results as I changes demo brokers mid month so I won't tell profit #'s (MT4 min trade is 10k and on 3k account was over trading (5%) so profit #'s will be skewed for 1st 1/2 of month) but instead will post trade results.
33 positions over 7 different pairs with 7 losers, 78.79% winning trades!
I have been checking the daily charts about 4 times/day for opportunity's has been working well. Exits have taken some time to develop for myself as I don't always have time to have charts open or am working away from my computer. A combination of TP and trailing stops seems to be working so far.
One thing I have noticed in J16, is the number of people from all over the globe and the difference in the charts. A pb might show on some charts but not on others. The chart below might better explain to the how and why of this.
This chart is a daily chart using 2 days of 1 minute data from 1/13/2009 time shifted by 1 hour increments to represent what users would see on close of daily by their time zone around the world and the difference in shape.
Thanks to all for the sharing of their knowledge and input on this thread.
On to month #2.
- #22,750
- Mar 1, 2009 11:47am Mar 1, 2009 11:47am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Nah, had no plans to add, and actually I took some profits a few pips below the current price (as you know it is heavy PPZ). You don't think someone could play it as a breakout, and wait for the retest? Or use some other means of PA on shorter timeframe above 1.275 that would lead them to a flip to 1.30? The weekly buob strength, and some good PA, I would think it would be strong enough? It seems like a pretty clean channel, and price could easily be flipped as it historically has been through this level. I could be way off though, still have a...
Regards,
Ghous.
I believe . . .
- #22,751
- Mar 1, 2009 11:48am Mar 1, 2009 11:48am
- | Joined Mar 2008 | Status: Sniper | 1,001 Posts
Money & Pain
Respect the market, protect your capital, be patient
What I am seriously against JLR, is longing that BUOB of a conventional 20 pip break of the high, although I've disclosed my bias on the pair, a great bullish Pin bar on the 4H for instance at a breakout and restest of the 1.275 could net a trade for me which may then probably be set to ride till the 1.3, but that would come only if the setup is A+ including the bar shape and everything. A bearish Pin bar off 1.275 would be just as great.
Regards,
Ghous.
- #22,753
- Mar 1, 2009 12:01pm Mar 1, 2009 12:01pm
- | Joined Nov 2008 | Status: "The Dude abides" | 160 Posts
....a great bullish Pin bar on the 4H for instance at a breakout and restest of the 1.275 could net a trade for me which may then probably be set to ride till the 1.3, but that would come only if the setup is A+ including the bar shape and everything. A bearish Pin bar off 1.275 would be just as great.
Hi guys, i have been reading about the PPZ on many posts and charts. Can someone direct me to the posts/pages where i can find an explanation on its definition and how to find its location on the chart? Thank you in advance.
If you read post #22084 on this thread from Mike
http://www.forexfactory.com/showthre...2331&page=1473 this pretty well explains PPZ as well as other very useful PA information that is needed to be known by people on this thread..
hope that helps..
Adrian
- #22,760
- Mar 1, 2009 2:34pm Mar 1, 2009 2:34pm
I see it more as a triangle to be honest.
Clockwork
I honestly think it's kinda hard for me to view the market in terms of trendlines or triangles. All I ever see is up,down and horizontal lines. Gotta try harder when my exams finish to concentrate on seeing those shapes heh
Thanks for the answer clockwork