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  • #3,001
  • May 3, 2013 8:50am May 3, 2013 8:50am
Quoting Seneca pilot
Looking for 3085.
Why 3085? Just curious as I can't figure out the importance of that area.
  • #3,002
  • May 3, 2013 8:51am May 3, 2013 8:51am
Quoting TantumVerum
{quote} Yes, I am. Entry at break of IB up. Current TP is right below monthly open, but watching PA closely. ISM coming out could kill my position, or keep me in. 3100 option barrier could also be in play currently so keeping a close eye on it as well. {image}
They are going to pin it to 3100 and wait for the news Tantum.
  • #3,003
  • May 3, 2013 8:52am May 3, 2013 8:52am
Quoting threei
{quote} Why 3085? Just curious as I can't figure out the importance of that area.
It was the area of the previous month high and the fifty retrace of the move down. If it was going to turn it would have been there. I am conservative with targets.

The actual number was 30875.
  • #3,004
  • May 3, 2013 8:55am May 3, 2013 8:55am
US numbers and ECB rate cut should equal a down move unless we are back to risk on/risk off with the euro. Luckily I am well aware that should and trading do not mix and I almost never use the two words in a sentence together.
  • #3,005
  • May 3, 2013 8:57am May 3, 2013 8:57am
Quoting Seneca pilot
{quote} It was the area of the previous month high and the fifty retrace of the move down. If it was going to turn it would have been there. I am conservative with targets.
I have April high as 1.3199. And there is absolutely nothing wrong with being conservative.
  • #3,006
  • May 3, 2013 8:58am May 3, 2013 8:58am
The stupid question of the day .... what means IB , break of IB .....?? i feel green for this question ....
Logic will take you from A to B Imagination will take you anywhere (A.E)
  • #3,007
  • May 3, 2013 9:00am May 3, 2013 9:00am
Quoting landsat
The stupid question of the day .... what means IB , break of IB .....?? i feel green for this question ....
inside bar
  • #3,008
  • May 3, 2013 9:00am May 3, 2013 9:00am
thanks ....
Logic will take you from A to B Imagination will take you anywhere (A.E)
  • #3,009
  • May 3, 2013 9:01am May 3, 2013 9:01am
Quoting threei
{quote} I have April high as 1.3199. And there is absolutely nothing wrong with being conservative.
Its 3092 on my feed. Close enough. The fifty of the move was 3085 I split the difference and took 30875.
  • #3,010
  • May 3, 2013 9:02am May 3, 2013 9:02am
JONNY, LANDSAT

The news trading by SP has nothing to do with the regular strategy...

It is explained in post#1190 (and also somwhere else) but this is a nice round number to remember.

(Interestingly it's on page 80 while the ORB method is explained in post#80
"Always be yourself " Batman
  • #3,011
  • May 3, 2013 9:14am May 3, 2013 9:14am
OK its Friday. Its a beautiful day. I worked from 9:06 until 09:31. It was a grueling day at the office so now I will go away and wish I had stayed in. Sometimes the market makes no sense to me. I am so glad I don't trade on fundamentals because I would be lost. I got + 1.6% for the week. Not too bad for three days of trading.
  • #3,012
  • May 3, 2013 9:45am May 3, 2013 9:45am
Quoting Seneca pilot
OK its Friday. Its a beautiful day. I worked from 9:06 until 09:31. It was a grueling day at the office so now I will go away and wish I had stayed in. Sometimes the market makes no sense to me. I am so glad I don't trade on fundamentals because I would be lost. I got + 1.6% for the week. Not too bad for three days of trading.
. Nice weekend Chris !
  • #3,013
  • Edited 10:23am May 3, 2013 10:14am | Edited 10:23am
It was mentioned a few dozen pages ago - price reacting to PP or PPP daily levels - and here we have the latest high within a pip of Wed DL as I'm sure you all can see, with a 50pip bounce down. Coincidence? Possibly. This level was overnight support 30th/1st so maybe has a bit more significance than a daily level hanging in the middle of nowhere. 5th visit to it since it was overnight support though.

And then there is the ecb news spike down yesterday - stopped within 1.3 pips of Mondays daily high. (PPP DH)
  • #3,014
  • May 3, 2013 10:23am May 3, 2013 10:23am
Quoting Seneca pilot
OK its Friday. Its a beautiful day. I worked from 9:06 until 09:31. It was a grueling day at the office so now I will go away and wish I had stayed in. Sometimes the market makes no sense to me. I am so glad I don't trade on fundamentals because I would be lost. I got + 1.6% for the week. Not too bad for three days of trading.
If that is 25min and not 12hrs and 25mins then at .95% I've just worked out roughly what you are on per hour. It's not bad to be honest. Could be better, but not bad. Have a good one.
  • #3,015
  • May 3, 2013 10:25am May 3, 2013 10:25am
it's may be end of the week , late afternoon im may be tired but could you explain what is the meaning of PP or PPPdaily levels ??? pivots points and previous pivots points ??
Logic will take you from A to B Imagination will take you anywhere (A.E)
  • #3,016
  • May 3, 2013 10:26am May 3, 2013 10:26am
Quoting Seneca pilot
{quote} It was the area of the previous month high and the fifty retrace of the move down. If it was going to turn it would have been there. I am conservative with targets. The actual number was 30875.
I know why this was confusing now. I meant to say the prior WEEK high and said month instead. I was trading to the week high.
  • #3,017
  • May 3, 2013 10:33am May 3, 2013 10:33am
Quoting landsat
it's may be end of the week , late afternoon im may be tired but could you explain what is the meaning of PP or PPPdaily levels ??? pivots points and previous pivots points ??
no probs -
pdh - previous daily high
ppdh - previous previous daily high
pppdh - previous previous previous daily high
ppppdh - previous previous previous previous daily high

I could go on?

So in essence then, todays pp daily high would be Wednesdays daily high.

edit - btw if you set up a levels indicator to show the PDH/PDL then you can always have them on the chart only for each day so you don't have lots of horizon to horizon lines messing up chart. Know what I mean?
  • #3,018
  • May 3, 2013 10:37am May 3, 2013 10:37am
Great news method Chris. I was out with my family, but was able to trade the IB on my iPhone. I also exited at the previous week high which I remembered from this morning -55 pips . Just proves you can trade on numbers alone (or at least exit in this case).

Your method has brought such a level of clarity to my trading. I have spent time looking back at past wins and loses in the light of the levels. And no surprising my wins happened to be entries around significant levels, and the majority of the killer loses where in no mans land.

Have a great weekend.
  • #3,019
  • May 3, 2013 10:40am May 3, 2013 10:40am
stevexyg ok clear Thank's
Logic will take you from A to B Imagination will take you anywhere (A.E)
  • #3,020
  • May 3, 2013 10:48am May 3, 2013 10:48am
Quoting landsat
stevexyg ok clear Thank's
These pppp daily levels are not going to be as reliable as simply the PD levels. Usually the previous daily levels are being returned to for the first time so that is why a price reaction can occur there - because orders are waiting to be filled when price hits the level for the first or second time. But with a ppp level price may already have been back there a few times over the last few days so most orders may have been filled already.

You shouldn't consider making any trading decisions on these ppp levels unless you have studied them yourself to see how reliable they are. I haven't done the study just observing at the moment. It may be a case that they are reliable but not often enough to trade them successfully. PDH/PDL we know are reliable enough to make use of them.
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