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  • #381
  • May 12, 2011 4:48am May 12, 2011 4:48am
Quoting the_wizard
I'm confused. What do you mean "now resistance"?

From the look of your chart, the last time it interacted with that level it became support there.
Apologies Tom, probably didn't explain myself very well the first time.

I was looking to go long on the marked PPZ from my original chart, the area in green. I was under the assumption that your comment "SUPPORT last" comment was directed to the area to the left (where I generated my PPZ) not the 0.8720 PPZ which I marked and I think you may be looking.

The PPZ's in the two charts I was looking to go long at are different.

Not to worry. I'll pull my trade and see how this goes. I'm at work now so my explanation may not be as clear as I would like. I'm still finding my feet in this business, so I appreciate your input.
  • #382
  • May 12, 2011 3:57pm May 12, 2011 3:57pm
Quoting MinceMeat
Hi Wiz,

I took this trade today off a recently formed daily S/R. Saw this as a counter trend trade so took full profits at the first area of trouble ... LOL which is pretty much where the bottom fell out and it dropped another 150 pips.

Out of a matter of interest is this a trade you would have considered taking yourself?

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Thx
Dave
Hey Tom,

Any comments on my AU post above?

Cheers,
Dave
  • #383
  • May 12, 2011 4:08pm May 12, 2011 4:08pm
Hey Wiz

Just wondering if I can get a bit more meat regarding your reasons for wanting to buy into previous resistance (and selling into previous support) for your TT's rather than buying into previous support and how this influences your view on a PPZ.

Having a think about it, is it partly to do with this concept making sure it first time back to a level to be traded?

Cheers
  • #384
  • May 13, 2011 1:56am May 13, 2011 1:56am
Hi Wiz- I'm a bit late to the party and I've just finished reading your thread, but better late than never, eh? As a result I haven't attended any of your webinars -- I'll send you my e-mail address if you can fit me in the next one.

Quoting 5.25
Tom, what you said in your previous webinar about finding the previous level of support when your looking for resistance and vice verser in key PPZ, is genious! I'm seeing it everywhere now!
Quoting the_wizard
I am glad you like it :-)

PPZ's are the most important part of my trading but that little trick increases the accuracy of defining the exact turning point.
Since I missed your last webinar would you mind explaining how you accurately identify the PPZs please? You said in an early post that you use an average price to the highs/lows, but I didn't really follow it. Any guidance would be most helpful.

Cheers
Simon
  • #385
  • May 13, 2011 3:38am May 13, 2011 3:38am
Quoting MinceMeat
Hey Tom,

Any comments on my AU post above?

Cheers,
Dave
Dave, I passed on this one as the level was resistance last. I also have it as an hourly level and not a daily level which makes a difference when it is so counter trend.

Tom
  • #386
  • Edited 7:15am May 13, 2011 7:02am | Edited 7:15am
Hi,

mind if I tag along Tom/ T_D ? no worries if not.

Been looking for a decent thread on S&R as NBT thread is asleep.

Anyone looking for eur/jpy to break 115.5?
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  • #387
  • May 13, 2011 12:43pm May 13, 2011 12:43pm
Quoting Scotty2Cues
Hi,

mind if I tag along Tom/ T_D ? no worries if not.

Been looking for a decent thread on S&R as NBT thread is asleep.

Anyone looking for eur/jpy to break 115.5?
i would be interested in his view of this level also.. a great level but it looks a bit washed out to me ??

jon
PATIENCE... DISCIPLINE
  • #388
  • May 13, 2011 1:11pm May 13, 2011 1:11pm
Bit of a lurker here, nice thread wiz Don't forget the G7 is 100% behind the yen.
  • #389
  • May 13, 2011 2:05pm May 13, 2011 2:05pm
I'm not sure I follow what "the mean average" of the highs and lows exactly pertains to.

Where we place our PPZ's seems to be fairly crucial....if we are off by 20-30 pips on the daily, which is very easy to do, a legitimate one touch could appear not to touch if we are off by a few pips on our levels.

Any examples of how/where to put our levels or PPZ's? I understand it for the most part....look for area's where R becomes S and vice versa but I think I'm missing something, or maybe not.
  • #390
  • May 13, 2011 3:30pm May 13, 2011 3:30pm
Quoting g_j_hook@yah
i would be interested in his view of this level also.. a great level but it looks a bit washed out to me ??

jon
Hi. You mean washed out as in hit a few times so looking for a breakout?

Price is far way now but I was looking for a breakout especially after better than expected eurozone gdp numbers so I didn't sell when it hit the level.
Looks like carry trade is taking a breather at the moment...
  • #391
  • May 13, 2011 5:08pm May 13, 2011 5:08pm
Quoting daft
I'm not sure I follow what "the mean average" of the highs and lows exactly pertains to.

Where we place our PPZ's seems to be fairly crucial....if we are off by 20-30 pips on the daily, which is very easy to do, a legitimate one touch could appear not to touch if we are off by a few pips on our levels.

Any examples of how/where to put our levels or PPZ's? I understand it for the most part....look for area's where R becomes S and vice versa but I think I'm missing something, or maybe not.
I'm also a bit in the dark on this one, but here's my best guess...

If you have 3 highs and 2 lows forming together to create a PPZ, you're looking for the mean price of the highs/lows i.e. you add the prices at the lows/highs together then divide the result by 5 and draw your PPZ line at that level.

But this it really just my best guess, so let's wait for Wiz to return, or someone who attended the webinar where he discussed it to chime in, and he/they can set us straight.

Simon
  • #392
  • May 13, 2011 10:28pm May 13, 2011 10:28pm
could you add me to the webinar list pls. My email is gza979 AT gmail.com. nthanks for all the great material.
  • #393
  • May 14, 2011 12:31am May 14, 2011 12:31am
Quoting Scotty2Cues
Hi. You mean washed out as in hit a few times so looking for a breakout?

Price is far way now but I was looking for a breakout especially after better than expected eurozone gdp numbers so I didn't sell when it hit the level.
Looks like carry trade is taking a breather at the moment...
yeah to me it just seems its been hit too many times and price didnt respect it closley enough making the level a bit vague, one time 20 pips higher next time 20 pips lower etc. for that reason i lost interst in it. i personally think there are better levels on other charts to look for a trade..??
Lets see what Wiz says...

jon

check out this chart for e.g. ...
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PATIENCE... DISCIPLINE
  • #394
  • May 14, 2011 7:35pm May 14, 2011 7:35pm
1.3415 area looked like it worked for a short (purple arrow)

lookin to sell 1.35, 2nd lot at 1.3518

Any comments
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  • #395
  • May 14, 2011 7:40pm May 14, 2011 7:40pm
watching 1.2725 for short
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  • #396
  • May 14, 2011 7:51pm May 14, 2011 7:51pm
?
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  • #397
  • May 14, 2011 7:56pm May 14, 2011 7:56pm
I think this is what you have been trying to teach us Tom
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  • #398
  • May 15, 2011 9:24am May 15, 2011 9:24am
Can anyone confirm the time of the webinar for me? I'm in the US, will it be Noon est (new york time) or 1pm est ?
  • #399
  • Edited 1:15pm May 15, 2011 10:15am | Edited 1:15pm
Quoting daft
Can anyone confirm the time of the webinar for me? I'm in the US, will it be Noon est (new york time) or 1pm est ?
Hey Wiz - if you're running a webinar would you mind adding me to the list please? ****@*****.com

Thanks
Simon
  • #400
  • May 15, 2011 11:02am May 15, 2011 11:02am
Quoting Atc
I think this is what you have been trying to teach us Tom
It is exactly that.

Note how it goes through the PPZ's until it finds the one at which price last found SUPPORT.

It is at that point at which it turns.
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