james16 Chart Thread
- #54,642
- Feb 11, 2010 2:43am Feb 11, 2010 2:43am
Hallo Guys i need your help to identify correct PPZ....here's my chart on Chf/Jpy....
have i drown them correctly???
Are too much???
Hallo the comments are well appreciated.....
have i drown them correctly???
Are too much???
Hallo the comments are well appreciated.....
Patience is essential
- #54,643
- Feb 11, 2010 2:48am Feb 11, 2010 2:48am
- | Commercial User | Joined Feb 2008 | 4,633 Posts
Another cherry I am still busy 'sucking' on:
Will 7.27 hold? I sure as hell wish it won't, but I am not prepared to take things for granted.
What's SEK BTW?
g.
- #54,645
- Feb 11, 2010 3:00am Feb 11, 2010 3:00am
- Joined May 2009 | Status: LIFE ITSELF | 1,058 Posts
SeekingLight;3452467]Yes, me please.
How is it I only see entries, but no stops and
You see only my entries because I don't fill the box reserved for SL and TP,I leave them empty,but I have a paper where I to the maths,and know were I will exit at any given trade,and with my TP I'm very flexible,well is all part of my plan.
how is it I only see entries, but no setups?
is my fault I should have mentioned were I see a reasonable place for their SL and to identified the first critical points,but sometime you forget that this is so obvious,next time I'll try to not miss them.
Basically I think part of the question is a) what is your risk and /
well I don't risk 2% on every trade I take, with my risk I'm also discretionnaire.I may risk 1%-10% from my account depending on the setup.We are different people so we may have a risk averse approach differently
or b) how could you know your risk this way?
isn't supposed that we know the answer of this question befor to enter on any setup? way you think I don't know,numbers are my job I even participate at maths olympics, so I don't have any problem calculate my risk instantly inside my head
I'm doing this
for 6 months(or even more) on my demo account,and for 2 and 1/2 months on my real account
maybe you think I'm a noob,and don't know what I'm doing when I'm trading ,but probability and statistics ar part of my job, and I know what I'm talking about,as far as I'm concerned.
Someone has said to me that engineer have no chance to succeed in this business,but if this is a rule it must be some exceptions, unless there will be no rule. And I say to him that I'm the exception one.
Another way to put it would be to say "What ARE you doing?".
hmmm....... Just to have some fun,demoing a more aggressively way of trade before to go with them on my live account,trying to learn from others with more experience. you know when you see good traders you whant to stay around them to share with them and learn from them,is a law of attraction good peoples always will try to be around of good peoples.
Also, it is possible that the intention why I'm asking isn't purely in getting an answer.
I'm getting your point here,but befor getting at the bottom of your message I have already knew the answers of your question and I thought what a heck, why not to answer
---
@Mark: TL or MA for the DJI and JPY effect? Just guessing
on the euraud is has nothing to do with that, unless you are referring to others trade that I made on yen crosess
http://www.forexfactory.com/showpost...ostcount=54571
How is it I only see entries, but no stops and
You see only my entries because I don't fill the box reserved for SL and TP,I leave them empty,but I have a paper where I to the maths,and know were I will exit at any given trade,and with my TP I'm very flexible,well is all part of my plan.
how is it I only see entries, but no setups?
is my fault I should have mentioned were I see a reasonable place for their SL and to identified the first critical points,but sometime you forget that this is so obvious,next time I'll try to not miss them.
Basically I think part of the question is a) what is your risk and /
well I don't risk 2% on every trade I take, with my risk I'm also discretionnaire.I may risk 1%-10% from my account depending on the setup.We are different people so we may have a risk averse approach differently
or b) how could you know your risk this way?
isn't supposed that we know the answer of this question befor to enter on any setup? way you think I don't know,numbers are my job I even participate at maths olympics, so I don't have any problem calculate my risk instantly inside my head
I'm doing this
for 6 months(or even more) on my demo account,and for 2 and 1/2 months on my real account maybe you think I'm a noob,and don't know what I'm doing when I'm trading ,but probability and statistics ar part of my job, and I know what I'm talking about,as far as I'm concerned.
Someone has said to me that engineer have no chance to succeed in this business,but if this is a rule it must be some exceptions, unless there will be no rule. And I say to him that I'm the exception one.
Another way to put it would be to say "What ARE you doing?".
hmmm.......
Just to have some fun,demoing a more aggressively way of trade before to go with them on my live account,trying to learn from others with more experience. you know when you see good traders you whant to stay around them to share with them and learn from them,is a law of attraction good peoples always will try to be around of good peoples.Also, it is possible that the intention why I'm asking isn't purely in getting an answer.
I'm getting your point here,but befor getting at the bottom of your message I have already knew the answers of your question and I thought what a heck, why not to answer
---
@Mark: TL or MA for the DJI and JPY effect? Just guessing
on the euraud is has nothing to do with that, unless you are referring to others trade that I made on yen crosess
http://www.forexfactory.com/showpost...ostcount=54571
- #54,646
- Feb 11, 2010 3:03am Feb 11, 2010 3:03am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #54,648
- Feb 11, 2010 3:06am Feb 11, 2010 3:06am
Hallo Guys i need your help to identify correct PPZ....here's my chart on Chf/Jpy....
have i drown them correctly???
Are too much???
Hallo the comments are well appreciated.....
Sometimes I have the same problem drawing PPZ since it appears that you can always justify a line to be one since you can always find prices bouncing off it from either side. Sorry I could not help you here. Just my input better to hear from our seniors
CY
- #54,650
- Feb 11, 2010 3:18am Feb 11, 2010 3:18am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Hallo Guys i need your help to identify correct PPZ....here's my chart on Chf/Jpy....
have i drown them correctly???
Are too much???
Hallo the comments are well appreciated.....
They look good benem.
I like to start on the Weekly time frame, that way you can get some past history on them too. Then they really standout on the Daily.
I would also fine tune them to round numbers and with this pair the .50 i.e, 82.50, 84.50.
Jim
Indicators show the past. Price Action "Indicates" the future.
- #54,651
- Feb 11, 2010 3:28am Feb 11, 2010 3:28am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #54,652
- Feb 11, 2010 3:34am Feb 11, 2010 3:34am
Just to evaluate my grasp on the concept of what constitutes a high probability location, I've added the chart below.
If we ignore for a moment the M30 timeframe (which I know is too low), and focus on the price action itself, I should think that apart from the round number not lining up with the 50 or the 62, but with the 38 fib retracement, the situation as shown below would be a good example of a location to look for price action. We've got a clear ppz, with historic significance to boot, we've got fib confluence, and finally round number confluence....
When price did eventually reach the ppz, it did what one would have expected it to do. Act as resistance. Did not take this trade myself btw, since I was asleep at the time. On the M30 chart, which is the timeframe I used before to show the setup, there was a pin that first signalled a reversal. Had you placed your stop above this candle, you would have had a few hairy moments, as the next candle did trigger your short, but came back up. Fortunately, your position would not have been taken out, but it did come close. Had you missed the pin, you were offered a second chance to enter. The third candle after the pin is a bearish outside candle, and with the pin formed a nice double top.
You could also limit sell the ppz itself. Though strictly speaking not a method discussed here, and certainly not a method to use without proper demo testing first, finding the high probability locations to take this kind of trades does involve looking for the same criteria as discussed here. Where could one place a stoploss if one were to play the level? A stoploss is placed at the price that says you were wrong about the trade. Where would that price be for me? I would have placed the S/L above the 50% retracement. This is above the highs and lows that surround the ppz, and to me would indicate that the ppz would not have held as resistance.
Either way, this would have been a profitable trade, whether you would have traded the PA or the ppz.
Boy
It's not about how much you make, it's about how much you don't lose.
- #54,654
- Feb 11, 2010 3:42am Feb 11, 2010 3:42am
I didn't originally want to post this pending limit order on this forum, but I'm going to do it anyway. I placed this order a LONG time ago and have been waiting and waiting for price to get here.
breakout trendline + STRONG PPZ @ .8850 + 61.8% FIB + 50% FIB + 150 EMA... and I dunno... I guess trend?
EDIT: this is EURGBP DAILY CHART
Thanks!
Boy
It's not about how much you make, it's about how much you don't lose.
- #54,657
- Feb 11, 2010 3:45am Feb 11, 2010 3:45am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #54,658
- Feb 11, 2010 3:47am Feb 11, 2010 3:47am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #54,660
- Feb 11, 2010 3:53am Feb 11, 2010 3:53am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.