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""Amat victoria curam""
james16 Chart Thread
- #102,382
- Edited 1:43am Sep 29, 2011 1:15am | Edited 1:43am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
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Let's take the Daily Nzd/Usd PB setup . .
My first thinking was that this baby is going to the .8000 . .strong PPZ level to strong PPZ level, Big Round Number.
But, as James16 teaches, we have to define our targets on our PA setup and respect them. . .what are the targets? . . . . the immediate Daily previous High(s) and Low(s) .in blue.
What I want to see is Price reach our targets so that we can reduce our risk, move to BE, take profits, or parital profits, etc. And/or we want to see Price close above our targets (in this case) to move our stop loss.
I usually use the 4 Hour TF (or Hourly) to watch Price close above our Daily targets then move my S/L. (4 Hour Chart).
You can use the Daily close of Price, it is after all a Daily setup.
On the Daily Chart, I show what I would have liked to have seen Price do to move my S/L.
Notice that Price didn't hit the .8000, so if I was dead set on Price hitting the .8000, I would have been very disappointed. I just followed the close as they relate to the targets on the 4 Hour.
Indicators show the past. Price Action "Indicates" the future.
- #102,383
- Sep 29, 2011 1:34am Sep 29, 2011 1:34am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Hello, I am learning to choose the ideal set-ups. At the moment like this and work out.
I would be happy to criticism and instruction.
http://i017.radikal.ru/1109/e7/7a30173f1162t.jpg
The BUOB is at a current retracement level on the 4 Hour. . .would liked to have seen the close of that BUOB above the .7800 which is a higher time frame PPZ level.
But I would like to see the BUOB at the deepest point of a Swing Low and be much bigger in size.
Indicators show the past. Price Action "Indicates" the future.
As discussed in prior posts, this Daily PB on the Nzd/Usd was at a strong Weekly and Daily confluenced level. It was the level that had most of the strength . .the PB itself was pretty small. ....
daily trade setup the minimum profit I should get around is 150-200pips. I dont know from where this got stuck in my head. So I calculated and said 50% ret of weekly looks good.
I was also under the assumption that the 1st target should be the opposite swing high/swing low. is it correct?
please tell me this: if we are trading a daily timeframe, how come a high of previous bar become our 1st target and Also a 2nd target is low of previous recent bar? Price has not stalled there to make it a strong SR? is it right?
I was under the impression that a strong SR is a location where price has acted as both support and resistance. so I neglected both of your tp values.
I must honestly admit that I didnt give any significance to the Round number but I will from now on.
So here are the things we use for confluence. PA + SR at swing high/swing low &
1. Hisotric SR levels
2. Fib Retracement
3. Round Numbers
4. 150 and 365 EMA's
I spend most of the time these days reading about James16's posts. I must admit my mentally is changing. In my life I have always beleived in surrounding yourself with talented people and even if you are not ...you will make an effort to get there. Thats what I am trying to do now.
Earlier because of my Indian mentality of not looking stupid by asking simple questions I would avoid asking simple questions but after coming here to US to my Masters in Computers my whole attitude is changed. You always ask questions no matter how stupid they are unless you get it...ok Enough talking
Once again thanks Jarroo
Regards,
Amar
Not to bad master p. and Welcome . .
The BUOB is at a current retracement level on the 4 Hour. . .would liked to have seen the close of that BUOB above the .7800 which is a higher time frame PPZ level.
But I would like to see the BUOB at the deepest point of a Swing Low and be much bigger in size.
true thoughts below? (with poor English grammar so do not kick if I write wry
)http://s50.radikal.ru/i128/1109/d0/d801afcf7e1ct.jpg
_______________________________
""Amat victoria curam""
- #102,386
- Sep 29, 2011 2:37am Sep 29, 2011 2:37am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Great explanation Jarroo. I just started to traded daily again after blowing an account trading 5mins chart.
Regards,
Amar
please tell me this: if we are trading a daily timeframe, how come a high of previous bar become our 1st target and Also a 2nd target is low of previous recent bar? The 2nd target could have be another previous bar High, but there wasn't one. Both previous bar Highs and Lows are of equal value as targets.
Price has not stalled there to make it a strong SR? is it right? Are you asking why Price may or may not stall at these targets? . . because Price dropped pretty strong from the 2nd target. Or, Price reacts to these targets (Highs/Lows) because they have potential to be strong S/R levels. because that's what S/R levels are made up from : Highs and Lows.
I was under the impression that a strong SR is a location where price has acted as both support and resistance. so I neglected both of your tp values. Yes that's correct . .both Support and Resistance make up a PPZ level. They can be targets just like High/Lows as targets. . .but we can't neglect Highs and Lows because they are potential PPZ levels.
I must honestly admit that I didnt give any significance to the Round number but I will from now on. I can see Mike (mbqb11) smiling right now . .
check out Mike's posts on BRNs . .you'll be glad you did. So here are the things we use for confluence. PA + SR at swing high/swing low &
1. Hisotric SR levels
2. Fib Retracement
3. Round Numbers
4. 150 and 365 EMA's
Yes, trendlines and divegence too.
I spend most of the time these days reading about James16's posts. I must admit my mentally is changing. In my life I have always beleived in surrounding yourself with talented people and even if you are not ...you will make an effort to get there. Thats what I am trying to do now.
Earlier because of my Indian mentality of not looking stupid by asking simple questions I would avoid asking simple questions but after coming here to US to my Masters in Computers my whole attitude is changed. You always ask questions no matter how stupid they are unless you get it...ok Enough talking
There is no such thing as a stupid question here. . many great traders and people here to help . .its what the James16 Chart Thread is all about.
Jim
Indicators show the past. Price Action "Indicates" the future.
- #102,392
- Sep 29, 2011 4:53am Sep 29, 2011 4:53am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
- #102,396
- Sep 29, 2011 6:05am Sep 29, 2011 6:05am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
- #102,398
- Sep 29, 2011 6:27am Sep 29, 2011 6:27am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
- #102,400
- Sep 29, 2011 6:36am Sep 29, 2011 6:36am
Afternoon everybody.
Great little setup for me this morning on the 60m cable chart. Beautiful pin bar formed on the high of day with a decent 20 point 1st target down to the high of the previous spinning top bar.
Half off there, and stop initially to BE.
A few other areas that make this interesting. The 2 purple lines on the chart represent the Asian session high and low from yesterday, which I know were very good areas of S&R yesterday from watching what price did there, and the notes I made as it went along. Also the Asian high lines up quite nicely with today's 38% fib retrace from low to high.
With the half I have live, now that price hit the top purple line, I have moved my stop down to the low of the next bar after the pin bar which is at 5660. Will look to manage the stop further IF price reaches the lower purple line. Which also quite nicely lines up with todays 50% fib and the low of the DBLHC bar combination. IF price goes back up, I've locked in a further 9 pips on the remaining half.
Some very nice little daily confluences today on this GBPUSD 60m setup. Makes me really like it a lot.
NOTE: Nice BEOB off the days high on EUROUSD also just triggered. 1st target of 13pips which lines up very nicely with a 50% daily fib, low of a DBLHC bar combo, and the RN of 36.
Trick is to not get greedy with these 60m setups. If the PA is telling you the most likely area for a 1st target is only 5 or 8 pips, then that's what it is. Don't get suckered in to looking at PA 40 or 50 pips away when there's all sorts in between it that could stop it getting there.
Great little setup for me this morning on the 60m cable chart. Beautiful pin bar formed on the high of day with a decent 20 point 1st target down to the high of the previous spinning top bar.
Half off there, and stop initially to BE.
A few other areas that make this interesting. The 2 purple lines on the chart represent the Asian session high and low from yesterday, which I know were very good areas of S&R yesterday from watching what price did there, and the notes I made as it went along. Also the Asian high lines up quite nicely with today's 38% fib retrace from low to high.
With the half I have live, now that price hit the top purple line, I have moved my stop down to the low of the next bar after the pin bar which is at 5660. Will look to manage the stop further IF price reaches the lower purple line. Which also quite nicely lines up with todays 50% fib and the low of the DBLHC bar combination. IF price goes back up, I've locked in a further 9 pips on the remaining half.
Some very nice little daily confluences today on this GBPUSD 60m setup. Makes me really like it a lot.
NOTE: Nice BEOB off the days high on EUROUSD also just triggered. 1st target of 13pips which lines up very nicely with a 50% daily fib, low of a DBLHC bar combo, and the RN of 36.
Trick is to not get greedy with these 60m setups. If the PA is telling you the most likely area for a 1st target is only 5 or 8 pips, then that's what it is. Don't get suckered in to looking at PA 40 or 50 pips away when there's all sorts in between it that could stop it getting there.