DislikedAnd here another inside bar, on usdcad.
In this case i'd play it only short, because of the important PPZ at 1,30 (look at the daily chart to see it!). There is also a divergence on MACD. But, i see a possible zone of problems in the blue rectangles below.. In case of violation of these level we can see 1,28 again.
Not an A trade in my opinion... How would you qualify this setup? B-/C?Ignored
james16 Chart Thread
- #23,362
- Mar 9, 2009 12:02pm Mar 9, 2009 12:02pm
- Joined Feb 2008 | Status: sucker for punishment | 2,444 Posts
Did'nt get the 4H pin bar on my chart but 8H looks ggggrrrreat!!!
Regards,
Ghous.
PATIENCE... DISCIPLINE
- #23,363
- Mar 9, 2009 12:02pm Mar 9, 2009 12:02pm
Ok, quite boring day for me, so i post a chart of this pair.
Any opinions?
I've also a question about Inside Bar and Bollinger Bands...
Nice one to wait one for on GBP indeed. Like ghous I would feel more comfortable with a short trade here overall.
Last time we dipped below 1.40 in late January price was capped and quite choppy as it gravitated towards 1.35. I would expect something similar to happen here whereby RSI would go retest its low for instance. 1.398 area is historically decent R/S now plus it is about the middle of the 8am GMT 4h bar, which is the 4h bar with the largest absolute net gain so far this year. That could be hard to penetrate back short term imho.
Omnia Vanitas
- #23,365
- Mar 9, 2009 12:29pm Mar 9, 2009 12:29pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Damn! 
Did somebody catch this?
Did somebody catch this?
I believe . . .
- #23,366
- Mar 9, 2009 12:40pm Mar 9, 2009 12:40pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Damn!
Did somebody catch this?
Look at the "brick wall" (quoting Chri's words) fromed by that cluster of bar highs just next to the pin bar. More than anything it's a great opportunity to hide your stops
Regards,
Ghous.
I believe . . .
- #23,367
- Mar 9, 2009 1:06pm Mar 9, 2009 1:06pm
- | Commercial User | Joined Dec 2006 | 1,085 Posts
Damn!
Did somebody catch this?
Hi Ghous
I'm in this too. I like the 125 round number and descending trendline as well as resistance you mentioned.
Are you still looking at Nottingham? Drop me a pm.
cheers
fxp
hallo guys ,
i want to ask you, if someone from you has tried to code an indicator for MT4 that shows the PPZ . I have the idea of making one ,but if someone has already done it ,saves a lot of time and effort
The idea is easy, 2 buffers to save the bars highs and lows for the last 100 bars. and than search the price level (for example the 20 pips level) that include the most highs and lows in this intervall. and than shows the 3 strongest PPZ according to the number of hits in this PZ.
what do you think about it ?
i want to ask you, if someone from you has tried to code an indicator for MT4 that shows the PPZ . I have the idea of making one ,but if someone has already done it ,saves a lot of time and effort
The idea is easy, 2 buffers to save the bars highs and lows for the last 100 bars. and than search the price level (for example the 20 pips level) that include the most highs and lows in this intervall. and than shows the 3 strongest PPZ according to the number of hits in this PZ.
what do you think about it ?
- #23,370
- Mar 9, 2009 2:44pm Mar 9, 2009 2:44pm
- | Commercial User | Joined Dec 2006 | 1,085 Posts
As a regular follower of this thread I am not aware of a PPZ indicator masagor. These areas are not easy to identify in terms of a set pip value but if you start the ball rolling maybe something good will come of this.
The "barry" indicator is the nearest equivalent as far as I know
http://www.forexfactory.com/showpost...73&postcount=1
cheers
fxp
The "barry" indicator is the nearest equivalent as far as I know
http://www.forexfactory.com/showpost...73&postcount=1
cheers
fxp
hallo guys ,
i want to ask you, if someone from you has tried to code an indicator for MT4 that shows the PPZ . I have the idea of making one ,but if someone has already done it ,saves a lot of time and effort
The idea is easy, 2 buffers to save the bars highs and lows for the last 100 bars. and than search the price level (for example the 20 pips level) that include the most highs and lows in this intervall. and than shows the 3 strongest PPZ according to the number of hits in this PZ.
what do you think about it ?
ty fxprocessor, but this bary indicator is a crap.
i dont want to draw a PPZ to the pip. The idea is to find a zone of 20 pips which include the most highs and lows . This is the same what we do manualy actually
i have the idea but dont have the time right now, so i would be glad if someone could help
i dont want to draw a PPZ to the pip. The idea is to find a zone of 20 pips which include the most highs and lows . This is the same what we do manualy actually
i have the idea but dont have the time right now, so i would be glad if someone could help
ty fxprocessor, but this bary indicator is a crap.
i dont want to draw a PPZ to the pip. The idea is to find a zone of 20 pips which include the most highs and lows . This is the same what we do manualy actually
i have the idea but dont have the time right now, so i would be glad if someone could help
Attached is an indicator that I got IYA to make for me a while back however I noticed that there are 2 problems with it :
(i) When it compares OHLC of different bars it is including the OHLC of the same bar. So for example if it finds the close & high of a bar to be the same it is counting it as a hit when it should be comparing the OHLC of DIFFERENT bars.
(ii) It is comparing the OHLC of price bars at each price level rather then comparing them to EACH OTHER. Because of this you can have two price hits that are further apart then what you specified for the pip tolerance.
If these 2 issues can be sorted out then I think it could be a very useful indicator
- #23,377
- Mar 9, 2009 6:44pm Mar 9, 2009 6:44pm
- Joined Oct 2007 | Status: Trader | 1,381 Posts
I may as well mention that this one's a great example to help you guys explain the stop loss strategy I often use.
Look at the "brick wall" (quoting Chri's words) fromed by that cluster of bar highs just next to the pin bar. More than anything it's a great opportunity to hide your stops
Regards,
Ghous.
Pin bar (small), against a large round number 125.00, PPZ area, and MACD divergence.
Oh well, trade on.
- #23,379
- Mar 9, 2009 7:26pm Mar 9, 2009 7:26pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I personally thought this trade look pretty good (small pin bar and against the trend, plus some traffic, so I traded a small amount), but I got stopped out.
Pin bar (small), against a large round number 125.00, PPZ area, and MACD divergence.
Oh well, trade on.
But nothing abt it being an A trade confirms it's success either, so yeah it failed but then these are just some moments that you cannot IMO fight against....it's these moments that can not allow a trader 100% success.
It was nevertheless good for 30 pips, and I really advocate and follow "the moving to BE after X number of pips" The mistake was not that i took this Pb, but it was rather the fact that i took it at a time when i could'nt be around to watch it...
As Unlv said Life goes on....
Regards,
Ghous.
I believe . . .
- #23,380
- Mar 9, 2009 7:29pm Mar 9, 2009 7:29pm
- Joined Oct 2007 | Status: Trader | 1,381 Posts
I still won't think twice to put that into the "A" category.
But nothing abt it being an A trade confirms it's success either, so yeah it failed but then these are just some moments that you cannot IMO fight against....it's these moments that can not allow a trader 100% success.
As Unlv said Life goes on....
Regards,
Ghous.
In fact, I am still going to watch for a trade in the same area to get short on this pair again. If the right PA shows itself.
Best of luck!
T.J.