GBP/NZD
messy sideways market
...this one broke the TL with a H4 BEOB, before we saw a pin and a doji
messy sideways market
...this one broke the TL with a H4 BEOB, before we saw a pin and a doji 
james16 Chart Thread
- #121,381
- Dec 4, 2012 1:57am Dec 4, 2012 1:57am
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts
- #121,382
- Dec 4, 2012 2:08am Dec 4, 2012 2:08am
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts
GBP/AUD
i`ve missed this one...the BEOB engulfed three candles, nice shape, good for 70 Pips
i`ve missed this one...the BEOB engulfed three candles, nice shape, good for 70 Pips
- #121,383
- Edited 2:26am Dec 4, 2012 2:10am | Edited 2:26am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
- #121,384
- Dec 4, 2012 3:16am Dec 4, 2012 3:16am
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts
EUR/TRY
strong resistance area, good lookin pin so far, failed on RN...
strong resistance area, good lookin pin so far, failed on RN...
- #121,385
- Dec 4, 2012 4:07am Dec 4, 2012 4:07am
- Joined Jun 2012 | Status: Signed In | 5,309 Posts
GBP/AUD
i`ve missed this one...the BEOB engulfed three candles, nice shape, good for 70 Pips
Attachment
Although we should get a reaction back around here at this level.
- #121,389
- Dec 4, 2012 5:06am Dec 4, 2012 5:06am
USING PIVOT POINT
Is this how we should use pivot points?
(we take as an example-its tuesday today)
1. note the high, low and close of monday.
2.to calculatre PP=(high+low+close)/3
R1=(2*pp)-low
S1=(2*pp)-high
R2=PP+(high+Low)
S2=PP-(high-low)
R3=High+2(PP-low)
S3=Low-2(high-pp)
3.put a horizontal line on all these levels and wait for Price action on these levels.
4. next day again note high,low and close of TUESDAY??
and...
Don't know if you're aware of that, but there are two different things:
1. mathematically calculated pivots:
this is what you're talking about.
If you come back to the early posts of this thread, calculated pivots have been used as area to monitor PA nearby.
Habbeeb used to post an indy that does the calculation for you, here it comes.
2. Price pivot zones, aka PPZ:
these are not calculated zones, and these are ZONES, not exact prices (well, beside Jarroo's "to the pip" (c) used on PTBCA/B).
They are area were price react, which shift from resistance to support or from support to resistance.
You can look at weekly charts to identify strong S/R area that could match RN/BRN, and then move to daily to assess price movement nearby these area.
Take care
Slow & steady
- #121,390
- Dec 4, 2012 5:26am Dec 4, 2012 5:26am
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts
Should get a bounce around here so taking 60 pips off this.
but i am not sure about your trading style. Do you combine the supply/demand stuff with j16 material?
- #121,391
- Dec 4, 2012 5:32am Dec 4, 2012 5:32am
- Joined Jun 2012 | Status: Signed In | 5,309 Posts
good stuff C-12
but i am not sure about your trading style. Do you combine the supply/demand stuff with j16 material?
I am trying to develop more into swing trading off the higher time frames.
- #121,392
- Dec 4, 2012 6:04am Dec 4, 2012 6:04am
- Joined Jun 2012 | Status: Signed In | 5,309 Posts
good stuff C-12
but i am not sure about your trading style. Do you combine the supply/demand stuff with j16 material?
It's not so easy to make a profitable system out of it. The higher time frames can be tricky, hard to pin point the exact levels but the lower timeframes work beautifully.
Here's one of my open scalp trades. Risk was 3 pips, took 6 and at BE. Anyway.. this is a bit off topic.
- #121,396
- Dec 4, 2012 7:38am Dec 4, 2012 7:38am
thanks for the detaild explaination and the indicator too!
well so you mean i shoulf be focusing on PivotPoint Zones? and wait for price action to happen! well PPZ is the one which all these traders use ovr here on thred or it is mathimatical one?
thanks!
PPZ = price pivot zone, support <-> resistance transition, identified "by eye"
Price Pivot = mathematical calculation, exact price that changes every day (see the indicator).
PPZ are widely used in this thread. J16, and his followers, considers PPZ as area to monitor, because price is likely to change its behavior nearby PPZ. The idea is to wait for price to reach PPZ, and then wait for PA signal to develop nearby the PPZ to open a position in the direction shown by PA.
Example: price approaches from above (down trend) an area that has already been tested as both support and resistance. Price may either bounce back up, or break through.
If a bullish price action setup develops nearby the PPZ, it is likely that price would move up.
If it break through, then pulls back and a bearish PA setup forms at the PB, it is likely that price would move down.
The second option is to use calculated price pivot instead of PPZ.
Then the thought process remains the same: you wait for price action setup to develop at/nearby calculated price pivot.
So yes indeed, all you have to do is wait
One last thing. I wouldn't be waiting for daily PA setup to develop on daily calculated price pivots, since they change every day.
And since we, new to J16 and/or trading, are very encouraged to stick to daily / weekly TF, I would rather use PPZ instead of calculated price pivots. Just my opinion of course.
EDIT: Oups, sorry forgot to add that in any case James, Mike, and any other person here will strongly recommend to add confluence (location location location mantra) to price action. Check any senior member chart to further dig this question
Slow & steady
Yes I do. I combine support resistance, bar and chart patterns with S&D. I mostly scalp M1 & M5 since I have a psychological problem holding onto trades and premature evacuation.
I am trying to develop more into swing trading off the higher time frames.
