Thanks for clearing this up, ghous. That's what I'm doing lately: Just watching charts with as few lines on it as possible. And with that I become more interested in what is really behind these different setups. But I guess you are right: One cannot ...

james16 Chart Thread

I think this is one of the most important pre-conditions for success: Being patient enough to watch yourself failing and being confused. If you hang in there and keep going beyond you will finally master whatever it is you want to master.

james16 Chart Thread

I'm sorry I forgot to mention: This bar happened on the December 29th 2008. I must have missed this point. Skipping through my notes I found this quote by Jarroo (as an answer to one of my questions ): Thanks for your help. image

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What a great analysis, PB. You took it a step further. Maybe we should make this a new exercise: Someone posts a chart and the others try to explain what happened with price. I totally understand that. I had to take a few weeks off of trading lately ...

james16 Chart Thread

I know, even high probability setups fail now and then or don't break out of various reasons. But while practicing my chart reading skills I found this PB on 4h GU and wondered if it would be possible to forecast it's failing simply by looking at ...

james16 Chart Thread

If I would have to add a PPZ on the daily (which I'm not sure that I would do) it would be the blue line on my chart. But everything else would be more or less redundant I think. I love bot ideas. If no one minds we can keep it in this thread. As ...

james16 Chart Thread

Is it anywhere here one the thread or at the PF? I also always admired this excellence. But it becomes clearer with everyday here on this thread. Great idea! Maybe we should make it a J16 gym for doing all kinds of exercises: Spotting PPZ and PA, ...

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That looks great, PB. And now I know where this is all going. Thx for your help! Will post my weekly in a sec... Basic exercises like these really give me a whole new perspective and a better judgment for what goes on with those ups and downs.

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Here is my 3rd monthly and daily. I drew 4 lines in case price breaks above 1.4000. All of them are near BRNs (I did not cheat by looking at the dial ). I marked all the spots were price was rejected/supported - sometimes more, sometimes ...

james16 Chart Thread

Here we go. I will post my third chart after lunch.

james16 Chart Thread

That looks good. If you put it a little bit higher you would include the big two-month-IPB from Dec2008 and Jan2009.

james16 Chart Thread

I stuck two charts together to show some more reference points (S/R) in the past. I would also love to see it.

james16 Chart Thread

So, here is mine... I marked some major and minor spots where price was rejected by the PPZ (=support/resistance). After I put the line on the chart I also found it to be near the VBRN 1.4000. For me it is the most relevant monthly PPZ because price ...

james16 Chart Thread

Hey PB, inspired by your learning and progress I decided to spend more time with practicing the basics like spotting S/R, watching how price behaves there etc. You just mentioned that you practice finding higher time frame PPZs (e.g. weekly & ...

james16 Chart Thread

Thanks for your kind explanation, ghous. I'll demo them extensively before trading them with real $$$.

james16 Chart Thread

Jarroo, I just read Ghous' explanation on the psychology behind IPB but still I don't fully understand. Would you mind explaining it to me? Looking at the IPB you just posted I'd intuitively say that bears are taking over. How come one should expect ...

james16 Chart Thread

I think you can see PPZs as ranges of probability where price is likely to show a reaction. The clearer the PPZ stands out, the more people will recognize it, the higher the probability that we see good and reliable PA. As long as you can't see the ...

james16 Chart Thread

What may be confusing in the beginning is the fact that PPZ are more like ranges not like exact lines. That's why I favor drawing them with the rectangle tool. Maybe it helps you to break it down to the basics: Open a fresh chart without any lines ...

james16 Chart Thread

Thanks for pointing that out. You know what? I didn't even recognize it was a 1hr chart. Because it's my default screen setup I thought I was operating on a daily chart. All the better, it gives me even more confidence!

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This time I marked where price is likely to go (in my opinion; turquoise). Of course it is easier to see what price did with hindsight. But I begin to understand why Jim and other fellow traders don't even care too much about trendlines and stuff. ...

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