Hello Mike
What you say about j, u take too long or it is in no close to 77 BN
Sorry for my bad English
What you say about j, u take too long or it is in no close to 77 BN
Sorry for my bad English
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedJaroo and Mike et al mentioned the story of price (and the importance) a few pages back.... this story is progressing nicely.... hoping it continues and ends happily ever after
Chapter 1.
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Chapter 2.
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Many more chapters to unfold no doubt... hoping it makes it where i want.... we'll see.Ignored
DislikedHello Mike
What you say about j, u take too long or it is in no close to 77 BN
Sorry for my bad EnglishIgnored
DislikedAs for your questions
1. For a lower close price must close completely lower then the previous bars low/high. For a DBHLC that means price closes under the previous bars low. For a DBLHC price closes above the previous bars high.Ignored
QuoteDisliked2. All price bars are not valid until the high/low breaks. So for a DBLHC a break of the high of the 2 bars that make up the setup would validate the setup. Thus for this reason many of us(including myself) will buy a break of the high. THis means the next bar(or however many after you are willing to wait) must simply cross the high to be considered valid. Of course there are other alternatives(retrace, entry on the close, entry perhaps on a close above as you said as well). That takes some fine tuning and practice to decide what might work best for you
QuoteDislikedHope this helps and again we're glad to have another new face pop in and ask questions
Mike
DislikedI appreciate the welcome. I'm planning on making this my home over the coming months.
This clears things up., thanks.
I think I'm clear on this. So any break of the DBLHC/DBHLC is a valid setup, but the actual entry is up to the trader's preference or based on nearby levels.
I'm watching the AUSUSD Daily and it's looking like a possible short setup to me based on a forming Pinocchio bar coupled with bearish divergence. However we're still holding above some seemingly significant Fib levels. What Price Action confirms the Pinocchio bar?
Thoughts?
Thanks...Ignored
DislikedHi Mike,
What do you think about the BEOB on EURCAD 4HR chart touching the long Downward TL @1.2976 and then moving down?
On the 1HR EURCAD, this area 1.2976 ~ 73 is also @ the 38.2% Fib
Thanks
vykyIgnored
DislikedHey Vyky
I would be reluctant to want to short this far down on just a beob alone. The TL is a long and good one but remember we do want to look for beobs traditionally at swing high points as James shows us. This is a deep swing low. So you have to be very careful with continuation bars. I always suggest learning them the way James presents them initially before trying to attempt continuation bars too. I prefer to watch the 1.3 area more then anything myself.
Best
MikeIgnored
Dislikedgood trade but u can see how resistance is being respected. should it close above this resistance, the next level should be around 1.07540 area.Ignored
DislikedThanks Mike for your valuable input. I was also waiting for the BEOB around 1.3000 area, but I thought the BEOB from 1.2976 was the very closest BEOB that could happen. I was very much tempeted to take this BEOB. With your advice, I am going to stay away from this BEOB and start looking for them at Swing High locations.
Mike, i just want to say Thanks for all your help and advice for newbies like me.
Also want to thank James 16 for offering this material for free, so that everybody can learn to trade with forex.
Thanks
VykyIgnored
DislikedHey DT
No burden at all
The actual pinbar itself would be your confirming bar(if it qualifies for you all things aside just focusing here on the basics). So after the pinbar if you choose to trade it, it then becomes part one of what you said on how you want to enter. But for a pinbar to be valid like the other bar setups it must break the bar. So if we are looking to short a pinbar, until the low is broken its not technically a pinbar.
So for 2 of the most common used entries here are some of the +s and -'s
Enter on a break - confirms...Ignored
DislikedNo surprise at how Price reacted . again . . to the Monthly Lowest Close of Support (LCS) level on the JPY .. .These are big story levels in my book . .. the Weekly levels are great too.
Focusing on just these levels and waiting for Price to get there, is the way to go for several reasons .
1. There are not that many of them, so we don't have a ton of lines on our charts.
2. There is usually big Space and/or little traffic if they breakout of these levels . .meaning if HCR/LCS levels are formed by a big consolidation area there will be...Ignored
Dislikedso so...just to confirm..we must first look for good S/R levels and then PA forming there, correct? and not the other way around. I mean we must not look for PA first and then S/R.Ignored
DislikedYeah, you got it!
When, we start learning PA, first we can not find any, then we see it all over the place and finally, we understand that the PA must have a logical reason to form. Meaning, it is these deep Swing Highs & Swing Lows, bar highs and bar lows, that cause the PA to be born. The S&R is the cradle, the PA, the baby, that can either crawl or run, depending on where its feet are.
Good job....I think your post will help a great many people.Ignored
DislikedHey zamfir,
Bullish PA at swing Lows and Bearish PA at swing Highs allows for a higher probability of success. . .alll other things being considered such a Size, Space, etc.
Continuation PA needs to have more of a story behind it then just a BUOB in an uptrend. Search out many many of Mike's posts and charts where he shows "stories" of Price Patterens breaking out where PA does not appear at a Swing Highs or Low but part of a bigger story unfolding.
This BUOB, as you say, " . . what does a BUOB mean when it occurs between a uptrend?"...Ignored
Dislikedsee the easy part is spotting the good areas right Pin?
the hard part is sitting on our hands. At least I think that's how it goesIgnored
DislikedGreat levels on the Gbp/Nzd, Pinbar . . not too many to look at, is there.
That .9450ish PPZ level should have had a stronger reaction of Support there . .what does that tell you about the down momentum of Price. . pretty strong.
I would look for that PPZ level to now act as Resistance . .which it almost did on the Daily.
JimIgnored