Price making Lower Lows and Lower Highs.
A hard break would be interesting.
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A hard break would be interesting.
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Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedHey Proletary,
The 4H PB you are talking about is not tradable cause of Space above and also the shape is not good ( @ IBFX ).
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DislikedAlthough i took a 2H PB and it did not failed. It did hit it's FTA @ 1.1500.
The current setup i am discussing is a valid J16 trade. BEOB's and BUOB's are discussed in this thread.
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DislikedYes, I referred to it as PB because shape on my feed looks much better.
Yes I see the BEOB clearly on your chart. Somehow I worked under the misconception that any of those J16 setups are valid only for one bar. Getting back to our example I thought that the BEOB setup lost it's power because of the very strong bounce form the S/R line on the following bar. As a result i dismissed the whole BEOB, and thought you were basing your trade solely on the broken S/R.
Thank you for clearing this up for me.Ignored
DislikedYes, I referred to it as PB because shape on my feed looks much better.
Yes I see the BEOB clearly on your chart. Somehow I worked under the misconception that any of those J16 setups are valid only for one bar. Getting back to our example I thought that the BEOB setup lost it's power because of the very strong bounce form the S/R line on the following bar. As a result i dismissed the whole BEOB, and thought you were basing your trade solely on the broken S/R.
Thank you for clearing this up for me.Ignored
QuoteDislikedGetting back to our example I thought that the BEOB setup lost it's power because of the very strong bounce form the S/R line on the following bar. As a result i dismissed the whole BEOB, and thought you were basing your trade solely on the broken S/R.
DislikedA setup is valid until price does't break the the other side. It's different for different people, Some people want their PA setups to break early cause are not comfortable with hanging there (like the current setup). Others don't see a problem in it they would wait for the price to hit either the TP or SL.
You'r saying it lost it's power
and i think it's gathering some momentum / storing some power for a hard break down (looking at the space below).
See it's different for different people and there is no problem in it.
P.S...Ignored
Disliked
You'r saying it lost it's power
and i think it's gathering some momentum / storing some power for a hard break down (looking at the space below).
See it's different for different people and there is no problem in it.
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QuoteDislikedP.S that 150ema is making things tricky here. lol
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DislikedI think you are right...I was told by someone who I forgot, that a setup bar is only valid for the next bar.
But, Nasir also has an inside bar setp on the next candle so there appears to still be a setup in play.Ignored
DislikedThat I didn't see. Thanks for the hint. I went through a lot of charts recently, trained my eye to spot those PB (easy) and BEOB/BUOB making it almost automatic. The other day I noticed that the first thing I do when opening any chart, is to scan it for a PB, lol! I think it's time to broaden my focus.Ignored
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Intuitively, it seems that waiting for a retrace on the pin would seem more conservative (better price, smaller SL). Can someone please post a chart showing why the retrace entry is more aggressive? Why is waiting for the retrace on the break out more conservative...Ignored
QuoteDisliked...and waiting for the retrace on the pin more aggressive?
DislikedBearish PB at gold's highest point yet and rejected at 1250. Looking at 1220, 1210 and 1200 as possible targets but the uptrend is really strong. Looking for more reasons to short.
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NZD/CHF has made a bullish PB at 0.76, which looks very strong as a resistance that has turned support, and now reinforced by the 150EMA directly beneath it. Looking at 0.78,0.79 and 0.8 as possible targets. Possible swing low in a range. Will take this over gold with 3 lots.
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Disliked1.45 support breached by the BEOB and yesterday's bar didn't make it although it try to. Confluences are slight divergence, fib, bearish TL. Low risk entry above 1.45, with a couple of targets based on the traffic, 1.43 is could be strong enough to hold it though. The only thing keeping me from entering is the giant BUOB in monthly...
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Anyone seeing this as well?Ignored
DislikedYeah, now we have to spot the Prime arear for PA, PPZ & FTA and we are in business. Let's both keep at it!Ignored
DislikedThat I didn't see. Thanks for the hint. I went through a lot of charts recently, trained my eye to spot those PB (easy) and BEOB/BUOB making it almost automatic. The other day I noticed that the first thing I do when opening any chart, is to scan it for a PB, lol! I think it's time to broaden my focus.Ignored
DislikedThe proximity of the EMA makes the S/R stronger, is that what you mean?Ignored
DislikedYes and
scroll back your charts a little to see how price reacts near 150ema and 365ema.
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DislikedIMHO, it will help to keep you out of fake breakouts. If it breaks, pulls back and the pattern provides support/resistance, then it would suggest that it will resume. On the other hand, if you take the initial break you may find yourself in drawdown quite quickly if it is a fake break and moves back into the pattern.
The advantage of placing your entry ahead of your PB is that the trade will only trigger if the market moves in your direction. If you enter somewhere within the range of the PB, you lose that advantage - not all pinbars go the...Ignored
DislikedNasir
Hope this really makes a hard break for you.
Looking at the weekly, we can see the PB off the PPZ area at 1.1425.
Is this also what is holding it up.Ignored
DislikedHi guys, quick newb question. Mike advocates waiting for the break of the pin and placing a SL behind/in front of the high/low of the pin.
When he plays a breakout (I hope I've got this correct) he waits for price to breakout, retrace/pull back to confluence for confirmation and then breakout again.
I've read that waiting for the retrace on the pin to enter is more risky and aggressive. I realise that the bars are formed differently for the pin and the breakout (breakout having consolidatating bars and the pin being at a swing high/swing/low.)...Ignored