AUD/CAD moved up eventually! 8hr BUOVB off 0.98000 too. XAU/USD H1 PB. Call me late, but onboard this freight train. Happy to have 100 pips profit locked in, but looking to TP at Weekly PPZ around 1231.00 area. {image}
james16 Chart Thread
- #138,521
- Feb 10, 2016 7:55pm Feb 10, 2016 7:55pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
- #138,523
- Feb 11, 2016 12:41am Feb 11, 2016 12:41am
- Joined May 2011 | Status: Trader | 1,265 Posts
'Fail to plan, plan to fail'
- #138,532
- Feb 11, 2016 2:41pm Feb 11, 2016 2:41pm
- Joined May 2011 | Status: Trader | 1,265 Posts
Where is price going? (WIPG?)
CAD/JPY H1 BUOVB.
CAD/JPY H1 BUOVB.
'Fail to plan, plan to fail'
- #138,533
- Feb 11, 2016 3:02pm Feb 11, 2016 3:02pm
{quote} Hi Bill, please can you tell me where I can download the PPZ indicator and what settings you run it on please. Thank you.
I don't know if a price pivot zone (PPZ) indicator exists, i very much doubt it, but the good news is you don't need one. They're easy to spot. If you can't spot one then it probably means it's not one - or at least it's a weak/unreliable one.
It's simply an area of (horizontal) support and resistance, or as Jim sometimes says a "price flip." My chart below which was a recent trade of mine shows one marked with the grey box. From left to right you can see price flipping in and around an area (PPZ) from support to resistance to resistance to resistance to more resistance then breaking through upward, coming back down to same area now as support, support, support, resistance, resistance and so on. These prices aren't hitting an exact line to the pip but more of a tight area. Sorry if you know all this but i'm assuming nothing here
So based on, to me at least, an established PPZ, i saw a beeeeuwdiful 12h BEOB (red arrows) closing below the PPZ. SWEET!! I don't have the trade details at hand but i'm assuming i waited for a retrace to near the PPZ before placing a sell order and then exited (chickened out) at the first trouble area.
A couple of things you need to know:
1. My trades at the moment are largely intraday.
2. I'm no expert.
3. I'm no expert.
However, what i have seen, experienced and believe at this moment in time is that if i see the following criteria on a chart then i have a very good chance of making money:
1. A strong PPZ coupled with a big round number (BRN) at my back.
2. Price moving with the trend.
3. Price action - a J16 bar as final confluence (BEOB's, BUOB's etc).
4. Look at the pre-ceeding bars. That BEOB you have just identified that has closed just below your PPZ and looks sweet could very well be a retrace of a previous bigger, better, stronger BUOB. Then it becomes confusing, messy, dangerous.
5. If it's the 4h you're looking at, zoom out, look at D1, W1 and look at the bigger picture. You may just find a bigger, stronger PPZ just below your BEOB and you don't want to be trading into a potential wall.
6. How much room has price got to move in. In other words, if price goes your way where is the first trouble area where price is likely to stumble or potentially bounce or reverse. If it's 15 pips away, is it really worth risking 75 pips to make 15?
These are my experiences.
PPZ's are everywhere, from the 1min charts to the monthly. Example, don't trade your price action bars from a daily chart based on a PPZ from the 1h.
Hope i have helped. Let me know if i can help further.
Happy trading!
Bill
- #138,536
- Edited 11:07pm Feb 11, 2016 10:55pm | Edited 11:07pm
- Joined May 2011 | Status: Trader | 1,265 Posts
Where is price going? (WIPG?) CAD/JPY H1 BUOVB. {image}
Now, what do I do now price has hit my FTA? BE? Take profit?
Welcome Davey. I know Jonothan's stuff well. J16 has a lot more to offer, in that we have a few more ways to extract money from the market, and I like that idea. All the best.
'Fail to plan, plan to fail'
- #138,539
- Feb 12, 2016 4:41am Feb 12, 2016 4:41am
{quote} Hey Bill, Nice trades you've been sharing lastly. to echo your quote as well as Lamer Trader's last post as well, I have to admit I totally shifted my way of screening for trades lately: even when trading on H1 / H4 charts, I monitor price movement on W1, sometimes D1 charts. It really helps me looking at the bigger picture. If I see price moving towards a W1/D1 region of interest then I will drill down to the H1/H4 and look for PA bars. Take care
Thanks for the kind words. Hope these changes you have made lately are helping BOTH your bank balance and your psychology
As Lamer Trader wisely points out, psychology is the most crucial factor for long term success so that is my main learning focus for next week. It's all about the trade plan i believe - i need to get better at planning out my entire trade, especially stop losses/trade management and then trusting in that plan. And then trusting in that plan. And then trusting in that plan.
Make it more mechanical.
Have a great weekend!
Bill
Still just the 1 trade today. Not finding it easy to get past the 0.66500 RN but if it can, should be a free ride to the 0.66000/TP.
- #138,540
- Feb 12, 2016 7:06am Feb 12, 2016 7:06am
{quote} Hey there patapouer, Thanks for the kind words. Hope these changes you have made lately are helping BOTH your bank balance and your psychology
Turns out, a little +5% since Feb 1st - and 1 loss, which was a trade uniquely based on H4
Slow & steady