I have a question regarding the moving averages as resistance. It is about taking the weekly PB on the EG. If we buy a above the weekly pb high. However, on daily TF, there are 2 moving averages hovering right above the weekly high.
Do you consider this will be the big concern for taking this trade regarding trouble area? Also there is some weekly bar low there too.
Thanks!
PM
I ingore the lower time frames when considering PPZ levels, confluences, targets, FTA, etc., when a setup is presented on a higher time frame.
Meaning I would stay on the same time frame, for all my information, where the setup was given. I believe a lot of confusion and misinformation is seen when people venture down to lower time frames when a setup is presented on a higher time frame.
Those Weekly Lows and the .8900 is definitely some traffic for that PB. They carry a lot more weight than the Daily MAs.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
Wasnt actually demo, I cut it at a loss of about $8.00. No biggie.
But those levels were definately on my mind, had I been awake I would have set the stop to BE.
My big lesson is
1.) Dont go to sleep with an order in place if its not at break even. and 2.) If I fall asleep, wake up when the alarm goes off.
And I think the best way to sum it up would be 3.) Treat your tiny account as if it were a bigger account, because if it were bigger money on the table you wouldnt have taken a nap during a trade!
Something tells me that if that was $8,000 you wouldn't be napping. lol
I know its hard to do but treat your tiny account as if it were a large account because one day it will be, right?
__________________
Indicators show the past. Price Action "Indicates" the future.
I kind of do already, minus the sleep discipline. A typical trade I only risk 0.50% or 0.25% of the small account. I've also done a lot lot lot of studying on trading and price action (3 years worth now). The only thing missing has been chart time and practice.
Most of my chart time has been with a specially coded spreadsheet for backtesting, Ive spent countless hours doing that. Now I'm getting into actual trading, and getting use to waiting for setups.
Once I'm use to this and getting similar results to the spreadsheets, I'll be ready to...
That's excellent Del. Very smart and a very good business plan.
__________________
Indicators show the past. Price Action "Indicates" the future.
I thought I would show this interesting Daily IPB on the Gbp/Usd.
As we know, Bullish IPB, like any other Bullish PA, are best played at swing Lows, at a great location.
That being said, IPB could can also be played as a continuation setup or a break out pull back PA. There is a Monthly PB on the Gbp/Usd, sure the size is nothing to write home about but you gotta love the confluenced location it is sitting on. Monthly PPZ and 61.8 fib / 50% ret levels.
The entry on the Daily IPB is the Close which is 1.5379. The High of the Monthly PB is 1.5381. (FxPro, other feeds are comparable). In demo data feeds that is the same. Coincidence? Maybe It just an observation. A low risk entry on a monthly ride would sure be nice.
What a think ghous.
__________________
Indicators show the past. Price Action "Indicates" the future.
So I'm looking at some charts and noticing that more often than not, if there isnt support and resistance somewhere, price tends to make a violent thrust toward the next S/R area.
It almost looks like price vacuums or something, plotted correctly you almost know exactly where every little stop price will make is.
Am I right (or partially right) about this?
Yes I noticed this too. Especially the Big Round Numbers PPZs.
__________________
Indicators show the past. Price Action "Indicates" the future.
I didn't take this because like you said they are best played at swing lows and major pull backs to up trends. This wasn't quite there for me,
You with all your experience rode a brilliant move.
g.
Yeah I'm having alot of fun with these IPBs. This one was on demo. My IPB demo account is going through the roof. lol.
Being strict in structure, form and location is very important as you have mention. This is making a difference on my IPB demo acc.
Quote:
Originally Posted by ghous
I saw this and this was an easy pass for me. Honest to God I am not even sure why I did this.
As I look at it, I see it nicely sitting at your blue ppz and the tail's long enough...a high higher than the previous bar's high would probably have made it a better sight as Mike suggested.
If I really dig myself deep I think what held me from the trade was the fact that the IPB did not form at a decent pull back to the recent down trend. I love them at 50 and 61.8 fibs when they line up with MA's and BRNs, such a region is close by on the pair and...
On the Eur/Gbp Daily IPB that we talked about (post above) I did take this one. A lot of good things going for it but it didn't work out . What was the loss . . . -12 pips!! lol No hanging on to long drawn out draw downs on these IPBs.
On the Daily Gbp/Usd IPB:
Notice the retrace/retest to the entry on the 4 hour. This not only confirms the entry for me but more importantly that the IPB is a legitamite Price Action formation in my book. I would rather have it break or move in my direction without looking back, of course.
__________________
Indicators show the past. Price Action "Indicates" the future.
yes in hindsight i could have closed up a bit of the AUDUSD trade, but I just find it silly to close a portion of trade when you're only in 19 pips of profit lol.... I think trading a daily chart means avoiding scalping . I like the long TF trades because I can gain more pips with less work.
GBPJPY, are you suggesting I could have closed up 1/3 @ the 150 EMA?
Remember my new method of getting stops to B/E as well, that is what I have been following on these trades. That is the reason the stops weren't at B/E. I was really hoping the AUDUSD...
Its not so much the 150 ema but what the 150 ema was confluencing with; a Daily PPZ level. Long term MAs will have more strengh when they confluence with PPZ levels, Fib levels, 50% ret. levels, etc., than they will by themselves. So this level in blue would have been a good obvious target.
Yeah, I saw your stop loss method and it looks good. Now if you can incorporate that S/L method with a 1st target, 2nd target, etc., and let run strategy then your on to something. In reviewing your link on your S/L method, it doesn't mention targets or taking profits.
Your looking good Dano. I like that . . . let Price or your charts decide what your suppose to do.
Edit: I think you do have this strategy down . . .1/3 off at 1st Target then S/L mehtod?
__________________
Indicators show the past. Price Action "Indicates" the future.
you tend to always point out ppzs that I just don't catch.... Although that one confluenced with the 150 should have been obvious!
You were asking about profit taking+that manual trail method to get stop to B/E, yes I do scale out, even if the stop is not yet at B/E. I just didn't see it necessary to scale out in the case of G/J (although I should have closed 1/3 there). I did, however, scale out of the AUDNZD trade before my stop was at B/E.
I'm going to post the developments on this live account trade I took, the first 1/3 of my position was...
Very nice Dano. Your signtaure serves you well. Many people don't even have a plan and then wonder why things aren't working out.
I agree, the Gbp/Chf is at a good level right now. Price bouncing about the PPZ levels, isn't that always the case. lol.
Managing and reducing risk is good thing my friend.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
Triple Inside Bar on Gold and Double Inside Bar on the Euro. Dale would be loving these and I can't blame him.
Location is always important with a Price Action setup, but with Double (or Triple) Inside Bars they seem to give a robust break in any direction, enough at least for a nice profit and/or to protect yourself. I like them with the short term trend but I've seen them reverse the trend. You gotta like their low risk structure.
__________________
Indicators show the past. Price Action "Indicates" the future.
BEOB
BRN ABOVE 1.5500
Swing High
little traffic ?
shorted the break of1.5450 area
into 1st target support area and RN 1.5410 area
Daily(not Shown) 365 ma above price bar
Quote:
Originally Posted by supremeChaos
what do u want us to say?
decent-sized BEOB.
just noticed this trade already moved in your favor...
i was supposed to say that be aware of possible traffic from Last Tuesday's highs. as u know, (BEOB broke hard/) price moved past through it with momentum, & that's what we want to happen!
now, it's all about trade management.
u can exit some at 1.5400 & leave some positions open.
manage it as best as u can
Quote:
Originally Posted by smikester
It's a nice reversal bar but we would like to see these in the context of a continuation of a down trend of a swing high. This particular bar will probably continue downwards in my opinion but there are lots of potential support areas e.g. 1.5380 daily support which will make it a choppy trade. Given that we usually place our stop loss above these bearish bars this gives us a poor risk reward ratio and therefore lots of worry. A better trade would have been to see daily pivot point R1 and the confluence of 1.55 and take a short trade off that figure...
Very nice guys.
__________________
Indicators show the past. Price Action "Indicates" the future.
My name's Andrew and I have been following this thread for quite some time in the undercover mode. I've finally decided to register because I want to thank all of you (and later hopefully contribute as well) for making this thread what it is - the best thread about trading I've ever come across.
I've got a little question for those who are, or have at some point been, part of the Private Forum. Would you consider it to be worth it to join the PF for someone for whom 130 USD monthly is currently quite a lot of money (I'm...
I don't how long you been lurking but alot of great info is right here in the Thread. The PF has a ton more videos and webinars that will help you greatly in your learning curve. I know it did for me. Plus alot of other PA and trading related material that you don't get too much of on this thread.
Technically speaking you are correct, but then the fact that the close was above (only very slightly) the previous bar's high wasn't a trade breaker IMHO.
Although I would have personally liked a deeper pull back...say to the 1.57, and divergence to support our trade I don't have a problem with anybody going for this trade.
It's just that I haven't relaxed my trade criteria for IPBs just yet...which means I pass on them quite easily.
Nice ride on the bar, those who took it.
g.
Nice Ghous.
I would also add that on bearish IPBs we would like to have the Close lower than the Open. (on bullish IPB the Close higher then the Open). But much like PBs they are not a trade breaker.
Notice the bearish PB in yellow. Ideally the Close would be lower then the Open on a bearish PB.
Being strict (picky) with IPBs and PBs, this type of structure deficiency in form can make the difference to either take or pass on a setup.
__________________
Indicators show the past. Price Action "Indicates" the future.
PB and previous smaller PB
Rejection off 61.8 Fib
Rejection off BRN .8800
1st tgt .8750
next tgt has room to move? 8700 area maybe ?
Very nice Atc. Good eye and good target.
Technically its a BEOB that looks like a PB. Don't get me wrong, BEOB (or BUOB) that look like a PB are very powerful, of course at a great location.
It reminds me of the A+++ Pin Bar looking BEOB on the Eur/Aud (July 2009) that I missed last year (darn it). Probably the only A+++ setup on that pair last year and probably since then. Would be nice to still be in that one, 3,300 pips.
__________________
Indicators show the past. Price Action "Indicates" the future.
Hey, jarroo, sorry about this since its of the way. Ive been a lurker on this thread for some time, the posts by all the seniors are awesome. Pls where can I get Jim photograph
on this thread? I want to make a poster of it and his post of his journey to succesdom
This i will hang in front of my PC, so that every morning I sit at my desk and look at
I can visualize his frustrations and now his success. I psyche myself up that if he can do it, I too can achieve success if I follow in his footpath.
Thanks
wole
All I have is this one.
I know there's some in the PF, but I think there's some on this thread somewhere or in the Member's Lounge.
__________________
Indicators show the past. Price Action "Indicates" the future.
Thank you for your comments...and the chart of 2009....I guess that is one signal that is hard to forget.....but nonetheless great memory on your part!
Have a good memory of A++ trades on your mind is a good thing to have when your searching for them. But they usually stand out in a crowd.
Reviewing charts often from James16, Mike and some of my own, helps keep that imprint of A+ trades in front of my mind.
__________________
Indicators show the past. Price Action "Indicates" the future.
AUD/USD appears to have worked out well---More powerfully on Daily....wish it was around a BRN, but was at high area
Technically the Signal Bar looks correct IMO...but am picky and location, location, location was not good enough for me "picky" and need more experience with these bars.
That big red gappish bar thing, that made a previous bar high ruin the setup for me. Yet, it still worked out rather nicely. They are a very tradable formation.
__________________
Indicators show the past. Price Action "Indicates" the future.
I'm full of emotions right now and I don't know who else I can share them with that could understand me as well as you all can. Feel free to pay no attention to what I say, I just need to write it down to cool off.
So after two months of lurking around here I decided to get the forex tester and start applying some of the knowledge I've gained here. Well, as I should have expected - I failed horribly. I traded on the daily time frame, trying to follow all the rules - max 2% per trade, trying to take only the best pins, trying to...
Sure post a chart or two of any of these trades? Or give the pair and Date?
__________________
Indicators show the past. Price Action "Indicates" the future.
heres a couple of classic pinbar trades that worked out well. 1h TF,not for everyone. i have noted on the chart my views on this trade. the great thing about getting a nice run like this is that you get the chance to turn your scalp into a longer term trade fairly easily.
jon
Great posts jon. Just for the fact that if one wanted to trade on the Hourly, it all starts on the Daily/Weekly. This info alone from your posts is Gold.
__________________
Indicators show the past. Price Action "Indicates" the future.
I have read about pinbar at swing high/low, but I have found out that the consideration of swing high/low position has no predictive power, because the fact that swing high/low is a swing high/low can only be known in hindsight.
Let me explain the point with the following figures. In Figure 0, we see a pinbar, but is it a swing high/low, it cannot be told yet. Price after the pinbar can go up and can down. If it goes up, you can then see it is a swing low (Figure 1), and the fortune teller now tell you their prediction works out. If the price...
It didn't work? It looks like it worked out just as expected. A successful Pin Bar in my book.
__________________
Indicators show the past. Price Action "Indicates" the future.
I do not take partial profits as I don't believe in it really. Reason being I used to and was profitable, then I decided to go back all my old trades and if I simply took Full profit at the first area I was taking half off i would have done better with that alone. This really was eye opening for me that I may have been over complicating(which I felt I was) and from that day forward it was all or none. Too me it simplified things even more so and it is what makes sense. You certainly can do it both or many...
I'm realizing this too, Mike. My data is showing the same thing. Sure, you can catch a runner with a partial every now and then, but in terms of profitability it does make sense.
__________________
Indicators show the past. Price Action "Indicates" the future.
on my more recent trades, I have been noticing this too................................ ................................... ....... everyone on board for trying something new?
seriously though, are we?
Don't get me wrong, I still like protecting myself and reducing my risk, via half off, move to B/E, free trading, etc. Some setups just makes sense to take a full profit like countertrend trades, the dreaded so-so setups, etc. What it comes down to is picking the best setups, it sure make trading alot easier.
__________________
Indicators show the past. Price Action "Indicates" the future.
all my shotgun demo trades would have been better to take full, my chfjpy would have been better to take full, my GBPCHF would have been better to take full.... instead I only got 1/3 on most of those, the rest @ b/e
Just sayin'
Good point Dan. Nothing wrong with taking a full profit at the 1st target. It makes sense.
__________________
Indicators show the past. Price Action "Indicates" the future.
Anyone considering this BUOB on U/C weekly? Off of BRN and at a swing low. PPz not far away but some potential for partial profits at first trouble area?
Got my eye on this one too, bert. Size could be bigger, but it has potential. PPZ level forms right on the High of the BUOB. Almost a good spot to go short back at the 1.0000 or short at 1.0200, considering the current down trend we're in. More confirming PA is needed for me, like a breakout pullback with some decent bullish PA.
__________________
Indicators show the past. Price Action "Indicates" the future.
u avoid going crazy by being sane.
what i mean is be sane by following the advices/rules mentioned here (reading post #1 etc)
if u become crazy from all these, then u are not fit to trade, u are not good enough.
believe me, i bet i have the worst personal situation (no job, self-taught, family problems, stress/depression, blahblah etc) & yet i skirted the chance of literally getting crazy. with my situation, im sure most people wouldnt think twice of attempting suicide or the likes. my situation is that difficult.
im very sure u are luckier...
Geez sChaos, hang in there, buddy.
You're smart guy with good energy. You're Perseverance will lead you to success. I'm sure you know that already.
__________________
Indicators show the past. Price Action "Indicates" the future.
There's no doubt, that starting out, it's much easier to do it the take-part-profit/set-rest-to-BE way. I have no trouble recommending it. It works!! I still do it on about a quarter of my trades. Keeps me sane.
When you get more experienced, you realise you are making great calls on the final targets for the move more and more often, and there's no point strangling your profits "just to be safe" anymore. Besides, on most trades you can still minimize the stop as the trade moves...
You nailed bundy, absolutely.
My confidence to the 1st target was grown through time, patience and guys like you on this thread. Its my confidence to the 2nd target and beyond that is, as you said, "strangling" my profits. lol
My theory of Price Action fullfillment, with is an "A" setup will hits is target then after that its anybody's game, is proving itself time and time again. There is always exceptions to this theory, of course.
But Jim's (James16) approach is making more and more sense the more times I see it. Or should I say . . the more confidence I am with it.
Thanks mate.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
Anyone considering this BUOB on U/C weekly? Off of BRN and at a swing low. PPz not far away but some potential for partial profits at first trouble area?
I like your targets, the Highs before the 1.0300, but getting through 1.0200 with be a good confirmation.
You got to love the textbook structure of this BUOB. One rule one thumb with Outside Bars (when they're acting right), is that they will retrace to their previous bar High on BUOB, (previous bar Low with BEOBs). Call it the left eye of OBs. (left eye reference to PBs). This previous bar High is the 1.0100. I wouldn't mind some bullish PA at this level, if it retraces before or after the break.
__________________
Indicators show the past. Price Action "Indicates" the future.
when you say you would like some retrace then bullish PA on this UC weekly BUOB, do you mean going down to the smaller TFs or waiting for some PA to develop on the weekly? If the weekly then presumably this could take some time to develop?
Yeah, if the Cad is turnover to a uptrend movement, the Weekly BUOB may or may not be the turning point. Who knows? Since the Weekly BUOB broke and is now tracing from its break. Could it be retesting or building a consolidation around the 1.0000/1.0100 to form a base or box to have some support to move it upward.
If strong bullish PA (meaning big and bold PA) is presented around the 1.0100 PPZ or the 1.0 on the Daily or 4 hour it may show that an uptrend is likely with Weekly BUOB to back it up or support it.
Yes, this deveolpment could take time. Patience my friend.
__________________
Indicators show the past. Price Action "Indicates" the future.
And the good thing about it is, you don't have to work at it. You just naturally get better at it all with experience. We've all learnt from each other here. Even James has said the same.
Speaking of, he must be due to drop in here again soon. lol
True . . . True.
He should be droping in soon. You know those Type A personalities, probably over filling his Life's plate. lol
__________________
Indicators show the past. Price Action "Indicates" the future.
Yes bar#3 is an IB to the range of the previous two bars and then bar #4 is an IB to bar #3.
K.I.S.S.
Interesting Kiss-man. Looks cool. Much like the Dale Double, it is a type of squeeze play. I would like to hear what Dale thinks. Dale, you out there buddy?
Thanks Roger.
__________________
Indicators show the past. Price Action "Indicates" the future.
wanted to trade the aud/usd but wasnt sure about the gap. can i take it as a pin or is it risky?
thx
Not sure of the gap you speak of on the aud/usd.
Risky PB? or better said . . is it an A+ setup? Not A+, too much traffic. But the big size at a strong PPZ level was a no brainer to me. Classic J16. Tight S/L under the 0.9220.
__________________
Indicators show the past. Price Action "Indicates" the future.
I skip this because the PB open and close is not within the previous bar low (left eye).
Quote:
Originally Posted by Scotty2Cues
need to read about these pbs by proxy. everything looked great except the open of the pb but isnt it just because of broker hours, so why is it that relevant?
You are right. It was not structurally correct on many feeds. But if you look at other feeds Price went as low as .9200 over the weekend so this incomplete data on other feeds would show that the PB was within the previous bar.
__________________
Indicators show the past. Price Action "Indicates" the future.
Is it very risky to assume that without looking at other feeds, i sort of justified it (hoped it, willed it) to be, i mean what would be the worst case
Structure is very important to a picky J16 trader, as well it should be. Search out "PBs by proxy" on this thread, its just a way to justify this type of situation with the Open or Close of a PB. But it is not a end-all
be-all type of thing. Other more important factors must be in play like size, location, confluences, etc.
__________________
Indicators show the past. Price Action "Indicates" the future.
My USDCAD scalp trade has missed the TP just for 2 pips...so I've closed manually with +16 pips (TP was +24)....i don't want to risk a drawdown.
I know that for many people these little trades with a few pips are not worth... but let me tell you that with a decent account these are "gold trades", the first trouble area is hit more than 90% of the time, and if you manage to move the stop to BE (or BE+1) when price is near to your TP, you can have a very good hit rate and a very good R:R.
But it's just me...applying the basics...
Well done and well said Chris B.
__________________
Indicators show the past. Price Action "Indicates" the future.
I always hear Jim's words echoing in the back of my head... Never let a winner turn into a loser. I'm always very happy to get 20-30ps rather than have it miss my target and settle in towards a BE. The market doesn't know who I am or what my self-imposed Take-Profit level is.
Regards,
Eric.
Very nice . . . . Eric.
(who was that masked man . . .)
__________________
Indicators show the past. Price Action "Indicates" the future.
But i got another question on usdcad, i see quite a number of ppl choose 1.0100 as FTA. so is it because of RN or is it because the bar high of April 8 (fx pro chart). And btw, is the chart for FXCM time zone same as fx pro?
Thanks,
skin
Not only because its a RN but its also a PPZ level on the Daily. Is it exactly 1.0100, no because it an area or zone that's why like to put the "ish" at end of these areas; 1.0100ish.
Bundy will like this PPZ level on the line chart at the Close, as I did.
No, the time zone is different than Fxpro, I think they are a bit later.
__________________
Indicators show the past. Price Action "Indicates" the future.
Nice analysis jarroo, I like your clean and simple charts too. I'm in with you on AUD/USD. Not an A+++ setup, but great location with confluence. That pb is off a solid PPZ, the back of a descending TL, and 3rd bounce of a rising TL. If it breaks 9400 I think we have good chance of seeing 9850.
Ross
Nice touch with the trendline confluences or wedge breakout-pullback PA.
There was a lot of things supporting this setup. Although the traffic was a bit much, it was clearly definable or visable.
__________________
Indicators show the past. Price Action "Indicates" the future.
please help lol. 3rd demo trade and the second time its happened. in profit, hit at BE now watching it fall without me. sell order was 1.01290 looking to hit blue rectangle.
maybe i should have moved it just above BE
You did nothing wrong. James16 teaches this approach and it work very well. Yes, you will have trades that once you're stopped out at break even, WITH A ZERO LOSS TRADE, it will sometimes turn into a runner. But what if Price went the other way, you would look like a hero right now.
Another approach is the "free trade". This is where you split the trade into
two parts that off set each other.
Example Cad Daily PB.
Once the FTA is hit, you take half off in profit and place the other half the same distance away from your entry, off setting your position. Which will net you a zero pip trade or a "free trade".
The Daily does not give a clear picuture of the true story. It looks like you would have been stop out on a free trade.
The 4 Hour charts show a better picture of what happened. Once Price hit the FTA for +29 pips, the free trade is placed with the 2nd half -29 pips away. Your worst case scenario is a net ZERO LOSS, your best case scenario unlimited . . well to a point unlimited.
__________________
Indicators show the past. Price Action "Indicates" the future.
You did nothing wrong. James16 teaches this approach and it work very well. Yes, you will have trades that once you're stop out at break even, WITH A ZERO LOSS TRADE, it will sometimes turn into a runner. But what if Price went the other way, you would look like a hero right now.
Another approach is the "free trade". This is where you split the trade into
two parts that off set each other.
Example Cad Daily PB.
Once the FTA is hit, you take half off in profit and place the other half the same distance away from your entry,...
Better picture on the Hourly.
__________________
Indicators show the past. Price Action "Indicates" the future.
Hey jon, i'm not sure what i'm doing wrong.. I have tried some things and it doesn't work.. Can you post a chart showing how it is suppouse to be done if you can please
What demo broker are you using? can you post a chart?
__________________
Indicators show the past. Price Action "Indicates" the future.
One thing I don't understand with the way you guys trade here. It is always take profit at the first trouble area. But why? Why not dial down onto the 1 hour or 15 minute and look for candle confirmations of a reversal. Rarely does price just head back up without some sort of pinbar, dblhc, etc on the lower time frames. I've seen it very often where people here have take profits set at trouble areas and the price just continues right through. Just a thought.
I think this is where people get into trouble when they take a Daily PA setup and look to lower time frame PA to get out.
The lower time frame reversal may infact work out but more often than not they are short lived.
If I understand you correctly.
__________________
Indicators show the past. Price Action "Indicates" the future.
at the moment i'm using the demo of www.forex.com because they have a web/java version for forex.. i'm at work right now so i can not post a chart but what i do is when you select the ema there is an option label as parameters.. under that there is Value 1, Value 2, Value 3, Value 4... the standard for them is 20 and 40.. I type 365 in the 20 or 40 ones but do not work.. Then i just set all the values to 0 except for value 1 that is 365 but nothing happens either..
I'm not familar with that Plat. I'll check it out though.
__________________
Indicators show the past. Price Action "Indicates" the future.
at the moment i'm using the demo of www.forex.com because they have a web/java version for forex.. i'm at work right now so i can not post a chart but what i do is when you select the ema there is an option label as parameters.. under that there is Value 1, Value 2, Value 3, Value 4... the standard for them is 20 and 40.. I type 365 in the 20 or 40 ones but do not work.. Then i just set all the values to 0 except for value 1 that is 365 but nothing happens either..
Once you set the parameters in ema1, then you click on the EMA button on the workstation. That should do it. You can have different settings at ema2, ema3, ema 4 and ema 5.
(Cheers jon. )
__________________
Indicators show the past. Price Action "Indicates" the future.
I was basically just referring to guys setting TP's at the first trouble area and leaving it like that without any sign of a reversal... Just seemed like what most people do here, but I could be wrong.
I see your point and its a valid one.
Example Usd/Chf weekly bullish PB (Jan.2010) Not a bad PB, could be better.
Price hits its targets and then continues upwards.
Moving to the Daily charts we see a bearish PB, would it be wrong to exit the weekly bullish PB based on the Daily bearish PB. Absolutely not, this is your point, correct?
But as we see the Daily PB hits its own target and then continues upward.
This is just from the weekly to the daily, not a bad way to go. But from the Daily to the 15M or Hourly you can see that PA management may not tell the true story.
__________________
Indicators show the past. Price Action "Indicates" the future.
Bundy,
Can either you or Jarroo elaborate a little bit on this (how and when you use that tool?) or point me to some part of the thread where the concept is explained, please? Thanks.
Another way of looking at PPZ levels is using the line chart at the Close. PPZ levels are best at the High/Lows, but the line chart can give a different look that can add a bit more strength to level. Add also some confluences to the mix and the level looks even stronger. The two lines represent the Closes where they meet very closely, the closer the better.
__________________
Indicators show the past. Price Action "Indicates" the future.