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Mike
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedThank Steve Yes a BUOB needs to have a low lower than the previous bars low a high higher than the previous bars high and a close near the upper portion of the bar. I prefer a stronger close above the previous bar high much like the DBLHC. Here is a DBHLC I am currently in(yes been quite active in stocks). Classic j16 stuff on this one {image}Ignored
DislikedThank Steve Yes a BUOB needs to have a low lower than the previous bars low a high higher than the previous bars high and a close near the upper portion of the bar. I prefer a stronger close above the previous bar high much like the DBLHC. Here is a DBHLC I am currently in(yes been quite active in stocks). Classic j16 stuff on this one {image}Ignored
DislikedGlad I asked. thank's Mike and pin. So Technically this isn't a buob because it does not break the high of the previous bar, right? A lot of times I see bars workout that break the high of the previous bar but close within its ranger and above its close. I wasn't aware we accepted these as buob's. I think nison teaches it like this also.Ignored
DislikedInteresting... So you would enter on the break of the PA and the TL? I had in mind a close below the TL in this case would have given more weight... no PA on PB either? In short, you consider a bearish PA that, when broken, will also break an ascending TL, as a classic pattern BO... makes sense... guess sometimes I overcomplicate simple things... I really have to work on that stuff...Ignored
DislikedHmm I think I might be misunderstanding. Are you asking if the bar that is marked isn't a buob cause it doesn't have a higher higher than the previous bar? It looks like on that feed it may have just missed. On my feed it is a buob. Let me know if I misunderstood though MikeIgnored
Dislikedhere was a breakout trade I just closed BEOB on breakout of a nice clean wedge Moved my stop aboev the pullback area when I was in about half bar drawndown. Respected this area as we might expect(also good for a retrace entry for those that like that) {image}Ignored
DislikedHey P In this case I really don't consider it a breakout trade. Rather more so the SIZE of teh DBHLC , also engulfing the previous range and this bar is WAY bigger than just about any bars on this chart for a few years. Then as price breaks and triggers our DBHLC it's ALSO breaking the TL as added confluence. So that part of it is a breakout in a sense. Then I use that TL to help me manage the trade. I got my stops reduced above the next bar , then above this weeks. It's quite a simple trade in my book in this case. I like to keep it fairly simple...Ignored
DislikedThanks Mark It's just keeping it simple, find great locations, wait for great stories, wait for great bars The single hardest part? WAITING. Here is another chart I will watch and wait patiently Mike {image}Ignored
Dislikedhi Mike it sure does! I 'll have to remove a few lines from my charts to keep things clean and simple.... thanks !!Ignored
DislikedI hear that! Here's one I took earlier. Not a problem if one takes calculated risk when trading into trouble areas and pivot zones. {image}Ignored
Dislikednice mark! Notice the left eye holds on the retrace. This is VERY important and useful information. Some like to touch trade that left eye with a tight stop. But we can then reduce a lot of our risk quick and look for a hard break like you got. Well done MikeIgnored
DislikedThanks! Thought it might retrace a bit more coming off that 1h pivot zone but never happened.. Love these Friday opportunities when they come along.. {image}Ignored