Bocajunior,
Look how the previous highs break and become resistance. It is forming another PPZ. Every thing happen for a reason, no surprises 
ok, I really really donāt mean to say something bad about the NickB method so please donāt get me wrong.
It works because the ton of the orders above and below those lines, right? (someone correct me if Iām wrong).
The thing that I find wrong with this method is that itās more like a system. There are very simple rules, and then itās up to the market to decide if itās a winner or a loser.
I PERSONALLY donāt like it. I prefer using my brain. I know simple tools which Jim is teaching, I know how to use them, and I know the logic behind them. Most of the times I use common sense to manage my trade based on the knowledge I have on how the market tends to move.
Just placing a pending order a few pips above a scalp line and placing 50 pips target each side is not a thing I would like to do.
50 pips each time? And what if there is a strong PPZ 30 pips further that ,most likely the price will reserve a few pips before it reaches it? I think it is smarter to decide where will be my entries and exits according to what the market shows me currently, and not automatically 50 pips each direction.
Take note thatās just my opinion. I am still a newbie as well
Hope that helps,
Ben
You are right on both countsā¦ The idea behind the scalp line is that if it breaks through there should be enough people watching it ready to enter the market or with pending orders placed that the momentum should push the trade in your direction, at least by 50 pips.
Your other point about there being support or resistance that could upset your trade is answered in nickbs pdf at the start of the thread, donāt trade into support or resistance, if the scalp line is too near to a strong support or resistance level then donāt take the trade.
Nickb has 2 basic methods, when price nears strong s or r look for price action to give you an entry. When price bounces at a level inbetween the s and r lines then trade the breakout of that level.
RD
Well I am happy to hear that cause it makes sense. I probably forgot or didnāt pay much attention to it when I have read his PDF. Thanks for mentioning it
I have just noticed nowā¦I have plotted the weekly and daily pivot points with the indicator and it seems that the weekly pivot is exactly on my PPZ line (where my SL was) and the daily in near the last one I have showed (itās more like a zone IMO, so itās ok).
But I am glad I found those lines without any indicator. Itās a good sign for me.
Ben
ok heres where i hate dealbook. there is such a great setup on the cadchf weekly but i cannot take a picture of my screen 
anyway any of you who have this particular pair it is looking like one hell of an awesome setup and I will certainly be trading it. it is a huge pinbar and it has found resistance with the 150ema and a nice round number and a trendline bounce and 38% fib off the big swing from aug 2007. and divergence with macd.
for me this looks like the once a month or even once a year a+ setup
keep in mind i am new to the j16 material and i might just be overly excited 
hey ben did you ever see the matrix? your like neo in the end where all he saw was numbers lol!!!
you really are getting good at this stuff. i would even say you have a natural born talent for it and i hope you go all the way to superstardom
This was the best I could do. None of my MT demos, nor Oanda had the pair so I went to FXStreetā¦ Couldnāt place any S/R lines, but the setup is in pretty plain sight huh 
Weekly chart:
holy large charts batman lol!!! is that the weekly timeframe coz im not seeing my setup 
cadchf weekly.PDF (122 KB)
Yeah, sorry about that. Itās a bit too big.
Time frame is daily
If youād like I can replace with a smaller dimension chart.
Edit: tada, more manageable size, now weekly chart
no its fine. i edited my last post to include a pdf of the weekly chart so you guys can see what a juicy looking pb that is on the weekly it should produce some nice pippage
Yes, itās very juicy and Iād really like to trade it. Grrr that Oanda lacks this pair, Iāll have to try to figure out the math to trade it through USDCAD and USDCHF. I can already feel the headache coming.
Time for some sweet dreams now.
Thank you very much for sharing Johnny!
LOL
Thank you John, I am just really have desire to succeed in this plus I love doing it
You have a really good eye. I will help you with the pic 
Also remember we are on a large downtrend, so if price will break through the big sideways market we had lastly it can be a real winner!!
Here:
Ben
Hey, I have just noticed a weekly pivot point at 0.980417, that will be 30-40 pips below the nose, so IMO opinion it will pay off waiting to see if it will break as well before entering the trade. That line can make trouble.
Ben
There is a pin bar forming on the weekly EURCAD.
There is confluence of three fib rets.
There is also a nice bounce from the 365ema which is good in acting as a strong SR in swings.
Ohh and a mini PPZ as well.
The thing that bothers me is the lower highs and lower lows the price makesā¦in other words trading against the trend. But most likely itās time for a reserve, so I can take the train to the next lower low.
I am still confided that the 365ema will give it a nice bounce.
What do you think?
Ben
Benji,
Thanks for taking the time to explain the PPZ and your stop loss position. Good trade that one.
Johnny,
Google āMWsnapā for the best screen capture free software around. Install it on your pc and screen capture to your hearts content:D
Cheers
Boca
Btw, I saw that youāre on the hunt for a new broker/charting tool.
I saw somewhere that Ninjatrader software apparently is free for use with some broker feeds. Worth checking out maybe if you havenāt already.
This is a zoomed out daily chart where Iāve placed a S/R line, currently itās acting as resistance and price is just below it. On Friday price pushed above it but ended up failing to close above.
Damn those charts become big! Sorry about the scrolling guys.
Maybe we should wait for a daily close above before entering?
What do you guys think?
Johnny,
Google āMWsnapā for the best screen capture free software around. Install it on your pc and screen capture to your hearts content
hey thanks boca ill check it out.
Btw, I saw that youāre on the hunt for a new broker/charting tool.
I saw somewhere that Ninjatrader software apparently is free for use with some broker feeds. Worth checking out maybe if you havenāt already.
hey thanks mcgyver btw whats your real name anyway? or your ficticious online name lol!!!
hey ben nice charts thanks!!!
As for the eurcad i see the lower lows to also i have noticed this last week the cadusd dropped like a ton of bricks and i wouldnt get in front of that coz its like tryign to catch a falling knife but if pa gets me into the trade then i say why not. ill just wait for what the charts tell me to do.
talk to you guys later, john