Hey Jarroo, that is regarding that particular chart. Why in my view the price went down from there. Here is the chart I made with some examples.
I saw it works a lot of time. So this is a valid level for me to look for a setup too. Like minor pivotal s/r something like this.
Quote:
Originally Posted by Adilius07
Here, the ones that stand out. Sometimes it would not even come close, sometimes it is spot on. Like everything else I guess. But I think knowing this, should help me.
Looks real interesting Adilius. They do look like an area to look for S/R at swing points. But they do seem to fall in line with the simply premise of Support turning into Resistance (and vice versa) once Price breaks through and closes below (or above).
It would explain how a PA setup at a swing point tends to follow through with its Bullish or Bearish indication.
I like it , Adi. . .
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Thank you Jarroo for reply, I think I can use this just as another confluence factor for me... sometimes I eveb think that whole bar (the fractal hi/low) acts as one S/R zone. Like if we have a PB and have our SL behind it the price would often retrace into the PB's range then find its support and shoot from there... so can whole bar be a S/R? if so then it is logical - this level is like a beginning of that S/R bar...
Oh I think I said too much really, lol, I need to spend more time with my charts...
Yeah that may be a bit of stretch . . but I'm not discounting it. lol
I tend to look for the PPZ levels or "Price Flips" . .they carring more weight for me . .for now . .lol
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Will the 1.0000 act as Support since Price broke through Resistance and closed above on the Weekly Usd/Chf? Bullish PA at the 1.0000 would be a good confirmation. We shall see.
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A PPZ that hosts plenty of solid evidences of S/R is a strong one
A PPZ that initiates aggressive bounces/rejections is a strong one
A PPZ that is not frequently visited is a strong one
A PPZ that lines up with round numbers is a strong one
Just a few characteristics of a strong PPZ (from the top of my head).
Obviousness is of course important. What makes a price level worthy of watching is the number of eye balls watching it, and that is directly depending on...
Good stuff here, g. . . . .
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Ladies and gentlemen, screen time and dedication pay out once again: PB and ATC are right. This pinocchio bar is lying big time. As PB noticed it did not close above the PPZ and under the BRN. A very bad sign despite this great bar.
I think I will post some more straightforward examples next time. Those exceptions are important to know but they are not the rule and probably don't build the confidence needed when totally new to this.
I do like these exercises . .they can be very fun and helpful.
But for me, I need to know what's going on . on the higher TFs to get a clearer picture from these setups. (chart)
I do not want to take away from these exercises . . maybe we can show part of the higher time frame that's just above it ?
No close above the 1.6000, no trade . . .good one . . .
Jim
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I agree with Atc on this... but just sticking to the same timeframe. I highlighted the FTA on the chart (I know it's in hindsight, but do you see where price reacted to the .8515 level?). The key point with passing on this trade for me would have been the close. On this BUOB, the close only engulfed 1 bar and price failed to close above the BIG round number .8500
An additional weaknesses to the setup would also be a weak bar size.
I'm not saying this to beat you up Geo, we are all trying to learn here. Avoiding tricky setups like...
Quote:
Originally Posted by jarroo
I didn't mean to ignore them, nov. They are definitely in play here on the Daily BUOB.
The size of the BUOB is not that big and the traffic you showed is a bit heavy. It should be an easy pass.
I do like its location and how Price will react to the .8500-8450 (meaning acting as Support) will be key for me.
Should be fun to watch or demo. .
I was looking to do a followup on this Daily BUOB on the Eur/Gbp but you expressed it perfectly, Danny. Price could not find Support at the .8500-8450 levels, to say the least.
Currently, Price looks to close below the .8450 on the Daily as BEOB continuation play. I would look for the .8450 to act as Resistance.
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Hey Jarroo, got a question for you... Today my tradingsoftware generated on most of the major pairs strong BEOB's, but the positions of these BEOB's were not at swing highs. Normally a BEOB's can be traded as a pullback pattern (@ swing high), breakout pattern (within a range) or as a continuation pattern (@ swing low. How would you classify the BEOB's in the attachements ? And is there a different trading approach between these BEOB's @ different postions ? Why are continuation BEOB's more difficult to trade ? I took all these BEOB's on a demotrade...
One on the reasons we want our Bullish PA at a swing Low and our Bearish PA at a swing High, is the Space they provide at these swing points. Space provides room for our setup to run.
Continuations setups, like an BEOB that is not at a swing High, will tend to have more traffic and have less space to allow our setup to run . . .this translates into risky.
Like Mike has expressed many times, the story of the setup needs to be pretty compelling. He looks to continuation setups to have some other supportive characteristic that agrees with the story that setup is telling.
For example . . a pattern breakout, like a wedge break out, that fits into the story of a BEOB continuation. In other words, continuation setups better have other supportive qualities then just PA at an improper swing point location.
(chart example) Note: this wedge on the Daily Eur/Gbp may not fit Mike's strict criteria for wedge formation.
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ii was just lookin at my chart before i read your post and i also liked the chance of the touch trade this mornin. i like this kind of setup,retest of the TL,with the PPZ at the RN, plenty of momentum..
jon
Nice chart Jon.
It may be the third touch of the trendline . .but its the 1st touch of the Resistance confluence that was previous Support. . .
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Yeah a bit for me Jim. Not that I don't agree we are wedging up cause we are. But to pull the trigger on. I still actually think that the area is good enough that if it closed down below the lows, price has no where to go in this situation.
Just my way of being picky of course :P
Mike
That looks much better . .clearer. The squeezy could be on.
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Yes I see, so looking at the posted chart of the E-C, the triangle would then complete the story of the BEOB-continuation setup.
I would put that more at a Weekly Two Bar Low, Resistance breakout type trade. The triangle or wedge you drawn is not symmetrical and a bit form fitted. Checkout Mike's posts on these pattern breakouts, he's got alot of them in here .. . good stuff.
I was looking to do a followup on this Daily BUOB on the Eur/Gbp but you expressed it perfectly, Danny. Price could not find Support at the .8500-8450 levels, to say the least.
Currently, Price looks to close below the .8450 on the Daily as BEOB continuation play. I would look for the .8450 to act as Resistance.
That worked out nice. A touch trade like this may go beyond the basic PA study of this thread, but I will say, many . . if not all of my touch trades are base on PA in one form or another.
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if you zoom into the 4 hour TF, the chart shows how price was nicely rejected
Yeah I see a bit of rejection there. I would prefer more of a Kaboom type rejection like a Rac-man trade. Probably due to the choppiness of the bar Lows.
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This trade is really going my way, I sold the N-J last week on a pullback of a 4H-BEOB via a 30m-BEOB. Look how we started with a 4H-BEOB, then price gave us a daily BEOB and finally price gave us last week a weekly BEOB That 30m-BEOB gave me the most optimal entry point for this shorttrade, no or a very small drawdown that's what I prefer. Today price broke below the weekly BEOB and is heading for RNB @ 6200. Currently 271 pips profit on my remaining 1/2 position and closed first 1/2 position for a 175 pips of profit. SL currently @ the low of...
I do like this appraoch xmz. Playing smaller TF PA in confluence with a Higher TF PA . . .both of course, being bearish or bullish. The key is always the qualilty of the higher TF PA your're confluencing with. . .and the Nzd/Jpy 4 Hour BEOB fits; big size, BRN (65.00), etc.
I like how the 4 Hour BEOB cuts through a couple of Daily Highs (make that Weekly Highs) (purple lines). . .and when the Hourly and 30min BEOB forms off those Daily/Weekly highs as well . .what can I say . .it makes for a pretty good story.
PA Rules! . . .and so do Big Bars.
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Price has hit my buy limit @ 6200 and closed my remaining position. At 6200 there's some support confluence via a up-TL, 50% retracement and 150 SMA also previous consolidation could also provide some support.
Looks like its heading for the 61.50. Nice strong PPZ level there.
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Be careful with these. That bar is very small in relation to the strong bearish bars. Price hit the BRN of 1.55 and has "stalled" this is forming what looks like a pin by definition but the size would have me thinking of it as a small stall rather then true buying. These often do make the FTA(previous bar high) but will get quickly run back over by the sheer momentum of the downside
Best
Mike
I'm starting to think those small poodle PB at the end of a big move (in this case a bullish PB) as a sell signal . .lol . . be it at the low of the poodle or at its small target, if one is there.
But the 1.5500 BRN PPZ level will get some respect.
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I know this is serious counter trend but, I am looking at it as a study of support and resistance of even a bar at a swing high.
I am not going to take this but, I am wondering if even a bar like this having a good location as in this case, being off the monthly PPZ, the open and close being above parity, can make it to the FTA which is where I am going to be looking for bearish PA.
Yes I would consider the 1.0000 now support, Pb . .we are on the same page.
Quote:
Originally Posted by jarroo
Will the 1.0000 act as Support since Price broke through Resistance and closed above on the Weekly Usd/Chf? Bullish PA at the 1.0000 would be a good confirmation. We shall see.
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Did you notice anything not so good about this pinbar.
Just confirming if i am thinking right.
1. It did not retrace till left eye,so my order did not got triggered.
2. It almost was 10 hours since i place my order so i canceled it,may be no euro session.
So my question without any doubt i know this was not having much room to go,but if it would have retraced till the left eye it was good.
Good for 100 Pips.
My reasons for it being good were plenty.
Fibs and Monthly PPZ
And BRN.
What do you say was it good enough for Pinbar,again...
It looks good Taz.
My only concern is, as you said, the traffic its running into. But the same old Support turning into Resistance is in play here at the 1.5620. Can this PB be enough to turn it back to Support? That's the question.
So we have to see if Price can close above the 1.5620 to show Support. We can do this by looking to the lower time frames to see if we can get a close above on the Hourly or 4 Hour.
It does look good . .but for many the traffic is too much and a pass would be taken . .even if it hits its targets.
Just some thoughts,
Jim
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My only concern is, as you said, the traffic its running into. But the same old Support turning into Resistance is in play here at the 1.5620. Can this PB be enough to turn it back to Support? That's the question.
So we have to see if Price can close above the 1.5620 to show Support. We can do this by looking to the lower time frames to see if we can get a close above on the Hourly or 4 Hour.
It does look good . .but for many the traffic is too much and a pass would be taken . .even if it hits its targets.
Just some...
Like I said Taz . .it does look good. Now lets see if it will hold as Support.
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Yes, I agree but I think it will be interesting to watch how it reacts at that double low. Will it break through it or will it bounce and take off in the direction of that PB?
Yes . . left eyes usually do hold generally (in this case) as Support.
If the close of that PB was above the 2.1000 then . . .now we're talking.
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hi Dave, jus a word of warning to clear things up, someone (sorry i cant find the post to quote your name)pointed out i had mistaken the hidden bullish divergence i marked..it is infact hidden BEARISH divergence!! derr! sorry for the confusion.
cheers Jarroo, good to see you still around and workin hard!
jon
Thanks jon . .good to see back for awhile.
James16 and Raczekfx talk about the first time back on many different types of setups.
I'm searching out Rac's post that mentioned that. I remember Rac and ghous talking about it way back when . .something like . .1st time back; good . .2nd time; OK . .3rd time, so-so. . .4th time, no way. . . something like that.
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gb/yen, nice sized pin bar at the 130.00 PPZ and the 50% fib confluence. took the retracement of the pin bar near the RN 130.00 (had my eye on that price) running into traffic so will be watching carefully.
gb/chf daily pin bar, not bad shape but decent location. taken the standard way with my stop below the pin and my entry 10 pips plus spread above the pins high. as Jarroo has pointed out, its also running into traffic so one to manage tightly also.
lets see what happens?
Like I said , jon . . good to see you back . . .nice . . .
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thanx,
yeah, i remember a post from James16 about the retest of the 365 MA after price has crossed it. will also search some out, i like that sort of setup.
Yeah, the first time back on the long term emas.
But to your post that I mentiond that .. where Price turned from Support to Resistance (or vice versa) with added confluences like the trendline confluence you had . . .the 1st time back is where the famous "KaBoom" type setups that Rac keys on.
Have you seen Rac's thread?
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you could have thrown in a fib for good measure also,lol. i saw the thread , iv read most of it and its in my favourites. not gonna miss that lol Racs a mean dude!!
Yeah . .right at the 50 retracement. Classic Kaboom.
The Rac-man Rocks. . lol
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Thanx for the feedback J, yes this trade was a perfect example of the power of multi-timeframe analysis. That whole downward movement was triggered by that pullback 30m-BEOB, although 30m-TF is shorter term, moves that occur in the higher TF or long term require shorter term momentum to start.
May the force be with you.
Yes, this maybe true xmz . . . but do you see that the whole story of the 30min BEOB had to be told or seen. . the Higher time BEOB, the Daily/Weekly Highs and how they came into play, etc. Much better to understand then just a random BEOB on a 30min chart.
You told the story very well, xmz . . I just pointed out some other chapters (weekly highs) of the story . . .
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Not only him, a lot of the other guys who used to post here when I joined this thread in august seem to have stopped visiting this thread, maybe they all have become succesfull traders now thanx to this thread
Yeah I guess some of them just move on . .but I think a lot of them lurk in the background.
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Yeah there are a few different phenomenons that I see over and over again around these BRNs after watching them so long. Love it
Look where price went no surprises right guys?
Mike
That poodle target was not a bad, low risk sell entry . . good for a nice amount of pips.
I guess I would rather have people looking at these poodles (in this case bullish poodle PB) as a possible selling opportunity rather than having people buy into them.
Just some thoughts.
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I'am putting my money on the N-J, price found solid support as anticipated. On the 1H-TF we see multiple support confluences. If price closes on the daily as a BUOB (or DBLHC) I'll be looking for a long via a pullback entry as usual ......
There you go xmz . .
BUOB on the Daily with a retracement level Hourly BUOB.
Notice the retracement to the previous bar high on both the Daily and Hourly BUOBs. The 63.00 RN and Daily 365 ema was a nice added touch of confluence.
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But if my experience is typical the answer is that we still lurk and occasionally post.
Now I don't use the J16 method exclusively, but it does form a major part of my trading and I shall be eternally grateful to all the guys(I won't name them all bcos I'm bound to miss someone) on this thread for their help over the past few years, although they probly didn't realise they were helping at the time.
It's taken me about 5+ years to get here and it's bloody hard but I think I'm a slow learner lol....
Great post stewrigh . . .we know you're out there . . . .it's go to see guys still looking in now and then, either to post a chart or just to say "Hey".
All good things, my friend.
Jim
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wow thanks for pointing that out jarroo i was kinda busy with the exams...again and didnt see it
This is the setup you talked about when i posted the NZDUSD trade right?
On the GU was a similar situation-twice, and i missed both of them...again LoL looks like im missing all the action... gotta look at the charts more often. if i only had more spare time....
Nice chart ppfx . . .The Rac-man is still rolling.
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Was a bit touch and go (pun intended) putting it below the 63.00 RN but somehow it felt right at the time.
I'm in EUR/USD as well now as of 1.3130 - hope I'm not over trading
Has anyone else UK based applied for the new turtle traders experiment? I've applied and joined the facebook group - it's quite lively!
The Daily BUOB close was above the 63.00 (FxPro was 63.02 not the best) this would give you a bit more confidence in your 62.90 preivous bar high entry.
A better situation would be if the BUOB's close was . .say 63.35 and the previous bar High was 63.00 . .if you know what I mean.
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I am long based on that poodle pin bar at the moment, holding tight with SL at 9945
The one on the Daily? The size of that one is not that bad, but the location is a poodle . .better to have that at swing low.
As a continuation bullish PB, it was running into a good looking PPZ level at the 1.0070ish not to mention the previous bar Highs. Price did make it to that level/ zone off that PB. A tough trade unless you played a retracement off the 1.0000 (chart 1)
Price broke through the 1.0000 that was acting as Support. Fib retracement levels are lining up with these previous Support level which I will look for them to turn into Resistance with confirming bearish PA, of course. (chart 2)
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The one on the Daily? The size of that one is not that bad, but the location is a poodle . .better to have that at swing low.
As a continuation bullish PB, it was running into a good looking PPZ level at the 1.0070ish not to mention the previous bar Highs. Price did make it to that level/ zone off that PB. A tough trade unless you played a retracement off the 1.0000 (chart 1)
Price broke through the 1.0000 that was acting as Support. Fib retracement levels are lining up with these previous Support level which I will look for them to turn into...
Yes, it is also a 2 day BEOB. Although its not at a swing high but in consolidation it has good potential.
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Hey Jarroo, how about this 4H-BUOB @ 8400 of E-G ? Entry on a pullback, a nice BUOB on the 10m-TF at previous bar low was my buy trigger. Closed 1/2 position at the important PPZ @ 8450, lets see if she is able to crack the 8450 ......
Not bad xmz. You got to like those previous bar highs on BUOB ( or those previous bar lows on BEOB).
One thing I like about your trades zmx, is that once your target is reached, you don't mess around . .you take some sort of action to manage your trade. Be it 1/2 off, or B/E or full position, etc. This is key to the trade management of what James16 teaches. . . good for you . .
You got to like the confluence of the 61.8 and BRN .8500.
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It had some good confluences going for it . .Divergence, 150 ema, a bit of the 61.8 fib, 132.00 RN . . it had a some Space but some traffic to contend with. . .The size was its only problem.
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Was watching that and liked this also...I'm just screwing off demoing the 1H sideways trading channels...practice...practice ...practicing for game day....if I get positive results.
Hey Bill.
If that was just a bit bigger and/or at the 1.3425, which was a previous Daily Support level, 61.80 fib, 150 ema, . . I would have been all over it.
It had a nice hard break . .if I were to take it . .it better break like this or I'm out. I find its better to wait for my location . . .which I'm sure you agree.
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Im sure your looking forward to the Christmas holidays, Mike. You've been on fire with both this thread and the PF all year(s) long . .non-stop. . . you're a freaking machine.
I don't know what both places would be without you. Your'e the Man of the Year.
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I entered on the break of the BOUB, plus buffer and spread. Was there a better entry? Was my stop close?
Quote:
Originally Posted by ghous
Nothing wrong with the entry for sure,
g.
Quote:
Originally Posted by ghous
I'd recommend staying on the same time frame to manage trades just to keep things simple.
g.
Quote:
Originally Posted by Atc
Most importantly this is just my opinion
First the day is not done.
Bill
Hey Spookie.
Ghous and Atc summed it up nicely. The only thing I can add or emphasizes is that the setup would be "A" quality if it had more Space, like the Daily BUOB Nzd/Usd ( I know its not technically a BEOB because of its low is not lower than the previous bar's low by a few pips. .so call it a 2 Day PB).
It does have a good chance of hitting its target, much like the Daily BUOB on the Aud/Usd which is a similar setup but had a hard break which I like to see.
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yup, that would be the flip side of the coin I failed to address.
Nothing wrong of course if you have a proven method where you consistently go in with tight stops and it works for your trade management strategies and mindset. Hell that's what Jarroo does day in day out.
Spookie mentioned he tightened the stop on that very trade primarily to improve his position size which got me going,
Thnx for clarifying Mike.
g.
That's the key point g . . consistency with the same trade management with the same setup you choose that fits your style. There are different setups that I choose that require different trade management styles. I don't change them in mid stream or when they are in play. If they meet my criteria, I stick to the trade management that fits that setup.
Now there are some setups that can be played in multiple ways like the A+ setup . .many ways to skin that cat. But the consistancy of how you manage a trade for a given setup can keep the second guessing at bay.
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Yeah sometimes it is hard to catch up in this thread.
And i am talking about myself here.
lol
It was a small tiny breakout trade but i leveraged it, got 4 mini lots.
Would have easliy made a lot in one trade.
But still was a winner.
Sorry for late response sir.
There is nothing so damn good in my thread i learnt from masters what should be the outcome.
A good human being and a better trader.
I think its pretty damn good Taz . .
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This one is for Jarroo (although all thoughts are of course welcome):
Jarroo, I notice that when you draw PPZ lines you tend to do so based on the open/close of candles, as opposed to the high/low of bars. Do I have that right? If so, can you say a bit more about the importance of the open/close in determining PPZ location, and why you prefer that to the bar extremes?
Thanks, and if I've misunderstood your style, please do correct me!
--Dave
Hey Oldice.
I initially look for PPZ levels on the Higher TFs at these extreme of Highs and Lows and will then catagorize the Level as either Support or Resistance by how Price Closes.
For example on the Nzd/Jpy Weekly, notice the candle I've marked in yellow. Even though it was a very bearish candle with a long wick, it still closed above the 65.00 BRN PPZ level.
You can see the 65.00 PPZ still offered Support with bullish movement by the next candle in blue, albeit short lived.
On the Daily Nzd/Jpy, the 63.00ish PPZ level is still offering Support by how the candles close.
So I do still look at High/Low extremes for PPZ level, but how Price closes once it interacts with these levels helps determine if the PPZ level is acting as Support or Resistance.
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Thanks very much, Jarroo; I'll study this. I think I get it... but not sure. If I were to try drawing a "Jarroo chart" or two would you mind telling me if I'm understanding?
--Dave
Sure thing, Dave . .
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Unfortunately for me, I entered at the break of that pin and took a full bar loss when that big red bar occurred the daily.
I am very new to the trading but i don't personally think demo account will work for me. So at the moment I am using a very little amount with a live account, as it gives me exposure to the emotional side of the trading.
I have done quite a bit of reading on the pinbar, so trying to lookout for them and play them if appropriate.
Hey decentchap.
It is best to look for these Bullish PBs at swing lows (and Bearish PB at swing highs), especailly in the beginning of learning this material . .and trust me . .even after you've learned the material for some time.
Looking for them is a good practise; . . are they big in size, are they structured correctly, etc. But more importantly is their location of where they're formed; . .swinging down to PPZ levels, BRN or both . .bullish PB. Swinging up to a PPZ level, BRN or both . . bearish PB. . . .etc.
Keep practising on Demo . .you'll get use to it.
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I am also looking at this PB but the Monthly BEOB is not really good sign here.
It is not triggerred yet.. but it is still valid since the high is not broken yet.
As Jarroo points , Most of the time, BUOB/BEOB retraces (either before break or after break) to the previous high/low or obvious PPZ before going in the direction of BEOB/BUOB.
So I am not sure, how this PB has to be treated.
May be, trade this only weekly time frame ( if PB is "A" setup) without considering monthly BEOB.. I guess this is what Mike generaly does.. he...
Hey cprao. I've read Mike's comments as well.
PA setups are best played on the time frame they are presented on. The Weekly PB and the Monthly BEOB are definitely in play here and should be traded separately.
The Weekly PB looks real good . .its what we look for in my book . . .
If Price can break through Weekly PB and find Support at its break we'll be looking good. I still see Price retracing a bit more into the PB before it breaks . say at the 1.3300.
On the Monthly BEOB, a retrace to the previous bar Low , as you said, would not surprise me.
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Hello Jarroo, I'm still not sure how to handle BRNs in terms of my trade mgmt. Considering you take this trade. How would you trade and manage it? Would you enter above the BRN/PPZ or just move to BE soon enough? Would you enter at the retrace or at the 2nd break?
I know it is the whole story and it depends on many factors (last not least my own experience). But I lately got a little anxious trading bars like these into BRNs. I'm just trying to find out if I'm over analyzing.
The 135.00 is an important BRN, but I don't view it as being that strong compared to these other levels on the weekly; 1.3450-40, 1.3300. I would like to see Price break through the 1.3443ish and the 1.3500 and have these levels act as Support.
If I take the break of the PB I would manage it tight and move to break even quickly. I like the retrace to the 1.3300 and/or the left eye, some nice bullish PA on the Daily at these levels would help the confirm the weekly bullish PB's potential.
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i like the other side also, us/chf has a weekly BEOB coming off strong PPZs
it is running into pretty strong resistance though but could have potential in my view?
Nice charts jon. I like your .9600 level potential. We may get a retrace back up to previous Support. We may have to make sure that its now Resistance . .. . .we'll see.
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Ah, trading the support after a breakthrough or a retrace makes very much sense to me. Thank you, Jarroo.
I forgot to mention and its why I mark that earlier Weekly PB in yellow. We can see that the current one is much bigger, but as we saw before, Support turning into Resistance can be a powerful thing.
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Hey Pinbar,
Great Charts.
hey do you know why jarroo hasnt arrived for help yet.
Man it has been a lot of time,where is he.
I need help,we need help and, his guidance.
Hey Jarroo please, take the pain to answer the very last question i put for you.
I am desperate to learn from you.
Regards
Taz
Hey Taz ..lol . .I had a long weekend . .what can I say.
Your charts are looking good .. . .
Quote:
Originally Posted by 666Doom
Hey there Guys,
My Chart.
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Keeping it simple is best. I'm probably going to post way too many charts in a row, but I've been watching EG and that weekly bar form. Sometimes I think it's good just to look at the peaks and troughs on a line chart, identify the trend, and decide do you want to trade countertrend.
What I personally don't like about that weekly PB is the close right at the BRN, FTA is pretty close, and that it is only at minor swing low to me. It is a tempting bar for sure though. I could see almost equal chances of the bar being pushed up or further rejection...
Nice charts and analysis D . .
Your 4 hour chart looks real good. I would like a bit more Kaboom, maybe london will bring it.
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There are heaps of trading systems, money management concepts and trade management ideas that work. As traders the task we have at hand is to develop a combination of strategies that best suit our needs and mentalities. You don't to that by introspection. You get to that point with a lot of trial and error and practice i.e you learn to walk only when you trip over enough times.
Let me see if I get your dilemma right. At one end you want your trading to be really simple based on a few things "that work for you" but at...
I think you nailed it ghous. Its hard to get around an individual's mind set when we analyze our different charts. Only time will tell but keeping things simple and obvious is right way to go and I may have been getting away from that in my recent posts in the scope of this thread.
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Here are my thoughts on the two setups you mentioned. If EG breaks long I think hitting 86000 would be Job well done. If Eu breaks long a hard break should see 1.37
That's all there is going through my mind about the two. Trust me if you will Bar shape (strong vs weak look) Space to FTA and a visual idea of where the bar is at is what decides my trades 98% of the times.
(not recommending anything, just letting you know what normally goes through my mind when I trade)
Had it not been December, Eu...
I like the Weekly Euro PB and the Eur/Gbp Weekly PB may lack strength due to its size and weak close but its Support level (location) may make up for it. . .we shall see.
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Lol That is Cool.
But Jarroo is like 50 right,i bet he is more of charmer even in this age.
But on second thought running after women is a great job on its own.
I did not say that anyone cannot answer this.
I genuinely need help,so anyone is welcome.
Ghous,Jarroo,Pinbar,Mike,Rac anyone.
And a lot of great names.
If you did not find my question i will guide what it was.
Help is Help,i will be greatly obliged with any efforts on anyones part.
Thank You.
Taz
You guys are hilarious. . . . lol
What was the question . .again?
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Hello Jarroo, how are you? Whole weekend I was reading both threads original "No free lunch..." by Bemac and then yours "DIBS no free lunch continued".
I have to say that is one amazing approach to trade the market. Not just IB's but the way to hold the winners and to cut lossers short. I think we can have the same kind of approach with any other J16 PA setup, some winners will run for months and years really (I just look at some PB, BUOBS) that reversed trend for long term.
[u]Just wanted to ask if you still trade original method on 1HR...
I don't trade the DIBS method that much any more due to the time of day. I'm mainly trading the higher times frame. But the DIBS method works very well when I do use it. . .like on the 4 hour or even the 8 hour TF.
See Dale's Double Inside Bar setup . . its very good. (Dale is his username.)
I will apply the same "free trade" approach on some PA setups. Its a good way to cover your risk, then just moving to break even while jumping on trend.
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Going to check Dale's IB in a minute.
When you trade 4 and 8HR, you look for the setup to be above/below WEEKLY close?
Yes, that can be one confluence but also on the Weekly close itself inrelation to PPZ levels . . .meaning did the Weekly close as Support or Resistance to that PPZ level. . . again another confluence.
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Let me present the question here.
There is a lot less chance that a monthly high will be exactly matching with the bars of lower TF.
Say this month actually made a high and then never made it back to that place but still it will be seen that when price reaches that area it will stop,irrespective of the confluence.
Which means that area was important(ie monthly high/lows are important).
But what if the high is in common with a weekly cluster (several) highs.
Then don't you think that area is enhanced.
I...
Yes if you could show a chart that would be helpful.
Monthly and Weekly Highs and Lows are very good levels on their own. They will appear as strong S/R levels on their lower TFs. Rac will use other confluence (fib, 50% ret, trendlines, etc) on the lower time frames with these Higher time frame S/R levels.
This Rac post illustrates that . .before the fact.
Quote:
Originally Posted by raczekfx
NJ - daily pin,
...retrace, price pivot, 50fib ret, pin on 1hr off of ppz....Kaboom ... up?
.
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Hope you had a great weekend, chasing women as TAZ suggested. LoL
I have just realized that PPZ drawing on the TF I am looking at is best, then moving to the weekly or even Monthly to check and adjust as neccesary is much easier than starting on the weekly.
Let's see how it goes.
I will not be able to fulfill my 5 H4 trades that I mentioned yesterday, had to go out and when I thought about it, why would I want to make 5 trades in a day anyway, there may not be any setups....
Ooopps sorry about that.
Good decision Pb.
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i thought i would throw this up for comment..
us/yen weekly BEOB coming off some quite good res.
this is how i see it..
(daily chart is a bit busy..sos)
jon
EDIT: would have liked to have seen a higher high also to really test that area
Looks like that 83.00 is acting as strong Resistance.
Nice charts jono.
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Nice charts jon. I like your .9600 level potential. We may get a retrace back up to previous Support. We may have to make sure that its now Resistance . .. . .we'll see.
Quote:
Originally Posted by ppfx
another example of the break-retest type of trade...
Very nice ppfx. I got a few PMs on this one and I thought I would use your post to jump from.
There is so many PA setups that went on with this pair (Usd/Chf) today it would make even James16's head spin . .(ok . .maybe not. . .lol).
But if we break it down to individual time frames and look at them independently, it would cut down on the some of the confusion.
Also, it will show that knowing what's going on .. on the higher TFs can help your decision making on a lower TF setup.
On the Weekly, we have a BEOB at a Resistance level. I see and understand the 1.0000 BRN, but I'm just going off the Support/Resistance that the chart is telling me.
The swing high of the Weekly BEOB could be a lot higher . .its actually at a swing low, but its of good size..
(darn it ) I'll be right back . .
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As I have mentioned before, Price tends to retrace back to its previous bar High or Low on Outside bars. Mainly this is due to what we talk about all the time, Support turning into Resistance once Price breaks through and closes below. (and vice versa) Weekly chart.
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As I have mentioned before, Price tends to retrace back to its previous bar High or Low on Outside bars. Mainly this is due to what we talk about all the time, Support turning into Resistance once Price breaks through and closes below. (and vice versa) Weekly chart.
The Daily had no obvious PA on it but the 2 Day TF showed a nice BEOB engulfing a couple of other 2 Day bars. Price is showed breaking through the .9850 of previous Support . . much like the Weekly TF did.
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The Daily had no obvious PA on it but the 2 Day TF showed a nice BEOB engulfing a couple of other 2 Day bars. Price is showed breaking through the .9850 of previous Support . . much like the Weekly TF did.
On the 4 Hour Time frame, we have a BUOB . .
At a swing Low, good Space, good Size, little traffic, at 61.8 fib retracement level, above a RN, .9800, nice hard break . . its what we look for .
Target(s) . previous bar High/Lows. Knowing what we know on the higher TFs, the .9850 looks like a pretty good target, wouldn't you say?
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At a swing Low, good Space, little traffic, at 61.8 fib retracement level, above a RN, .9800, nice hard break . . its what we look for .
Target(s) . previous bar High/Lows. Knowing what we know on the higher TFs, the .9850 looks like a pretty good target, wouldn't you say?
On the Hourly TF, I look for strong PPZ levels on the Higher time frames.
Once located, what is that PPZ level currently act as? . meaning, is it acting as Support or Resistance because of how Price broke through it and how it closed.
We know from the Weekly and 2 Day charts that .9850 is a PPZ level currently looking to act as Resistance because Price broke through it as previous Support.
We now wait it see if Price can make it back or retrace to this .9850 level and see if any bearish PA can confirm it as acting as Resistance.
Price reaches the .9850 level . . and a hourly BEOB at this level is presented. Mike's words rings so true about the size of PA . .the bigger, the better especailly on the Hourly.
The size may not be huge but its not bad size-wise. Also, we have a confluence with the 50%-61.8 fib at this level, we're with the down trend and we have some Space available.
Knowing that BEOBs will retrace to its previous bar Low (and we know why it does), the .9850 is a perfect entry.
I hope I answered most of the questions concerning these setups on the Usd/Chf, for those that asked.
I believe this is a good example of trading TFs indepentently yet knowing what's going on . .on the higher TFs is important.
Jim
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Interesting USD/CHF post and the retracement of a BEOB to the previous bar low you are talking about, fits in perfectly with this post I made to XMZ asking about the Monthly BEOB and the weekly PB on EU.
I am thinking that because of the nature of price retracing to test the Previous bar low of the BEOB on monthly, even though it is a bearish PA signal on the monthly TF, the weekly bullish PB does not really conflict with it because we can still expect a retest of the BEOB previous bar low.
Any chance you could comment on...
Yes I saw your post on the Eur/usd.
Absolutely . .we can have mixed signals on different TFs and all of them can work out as expected. Just be sure that the setup on that given TF has all the making of a quality setup. . .meaning Size, Space, PPZ levels, Confluences, etc.
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cheers,yeah,price has been huggin that area all day. wonder which way it brakes?? oscillators have are bottoming out quickly which is usually a fairly bullish sign in my experience but we will soon see!
i took a 1h BEOB on the eu/yen last night which turned out good. banked half and have my SL in profit.
Very nice jon . .the 111.00 was a higher TF PPZ looking to act as Resistance . . .classic . .
What's an oscillator??? . . . (jk...)
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Awesome explanation Jim From charts like this i have learned most of what i know now (not that i know much, but i have learned a lot from them). Switching between different timeframes is great-you see the whole story. I remember when i started trading, i traded the 5m-1h timeframes (if think about it now it was pretty limited) using only trendline trading with no clue about what PA,PPZ,RN, meansSurprisingly i didnt blow that many demo accounts that i think i should, if i think about it now,... LoL
Thanks ppfx . ..yeah I started on the 15min -5min way back when. Thank God I found this thread.
The Gbp/Usd had some nice PPZ action around th 1.5650. Very clear price flips at this level on the Daily TF.
The 50% retracement offered some good confluence but no clear, strong PA was presented on the 4 Hour and Hourly. Although a tight S/L, touch trade could have taken . .
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Trying out the support turning into resistance touch trade. Let's see how it turns out. I'm doing this to show how hard it is to pull the trigger when you see such a nice big bulish bar.
Hey Mikeb,
Touch trades can be real tough especailly when Price is on a tear. Even with a confluenced level, which the 83.50 level had with the 61.8 fib (so-so), once Price start building momenum (more buyers, in this case) its tough to stop even with a good looking PPZ.
To put it in a different way . . . Your 83.50 is good PPZ level mikeb, what does that tell you about the strength of Price when it went through it?
The level is strong too, but Price was stronger. It doesn't take away that the 83.50 is a good one. I would look for it to act as Support. Much like the 83.00 acted as Resistance once Price tore through that level.
Touch trades at strong confluenced levels are one thing . . . , by "strong confluence", I mean many of them at the same level: PPZ, BRN, Fib ret. or 50% ret., trendline, planetary alignment, the kitchen sink, etc., . .
. . .but nothing beats a nice big PA formation at these levels to confirm . .and strengthen . .the setup to pull the trigger. No clear bearish PA at the 83.50 on any TF.
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if what your doing is not simple, repeatable, refinable and in my humble opinion non indicator based then its a long brutal road.
its why i started this thread all those years ago.
Quote:
Originally Posted by james16
please new folks dont do this until you have proven yourself first on longer time frames.
Nice trade on the 10min, Jim . . .It reminded me of a trade I took about a year ago.
Looks about the same . . but the Time frame . .10min . .Weekly . . . . . . .
Quote:
Originally Posted by jarroo
Anyone in on this Usd/Chf Weekly PB? Nice hard Break above the 1.0300. (James16: "This is Critical") . Nothing on the Lower time frames showed me anything great prior to the break. Blue areas are my targets.
PA Rules!
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Really starting to enjoy trading higher time frames. Haven't looked at intraday charts in over a month.
Here is my take on USD/JPY. We have a 2 month pin bar that just closed. I took a retrace to a well defined PPZ. Hopefully it will close as a BUOB.
Where is it going? I don't know, but my stop is at BE. My eye is on the 87.00 - 88.00 zone.
Happy B-day Mike. Are you 30 yet? We need some company.
-- Danny
How's that trade working for you Danny? . .man . .that was sweet.
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Hi gurus,
How could I have talked myself out of taking this trade?
Strong points were
- Weekly timeframe ( higher the better)
- Bearish outside bar
- with the weekly trend
- Next weekly bar broke out ( some momentum)
what are those weak points those I missed.
In case you took the trade anyway, how would you have managed it to minimize loss ( not full weekly bar loss).
Appreciate if you can share your thoughts.
Hey Imphil . . .no gurus here . . .just some folks that has been doing this for a bit longer.
Its not too bad . . the swing High could have been higher .. ideally up by the 88.00. But you were trading right into a Weekly PPZ level. . .around the 82.35, the 1st target got hit.
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Really starting to enjoy trading higher time frames. Haven't looked at intraday charts in over a month.
Here is my take on USD/JPY. We have a 2 month pin bar that just closed. I took a retrace to a well defined PPZ. Hopefully it will close as a BUOB.
Where is it going? I don't know, but my stop is at BE. My eye is on the 87.00 - 88.00 zone.
Happy B-day Mike. Are you 30 yet? We need some company.
-- Danny
Hey that was your entry (or just about), Danny . . .double sweet . .
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Thanks Jaroo !! I think I am still not that good with ppz. I can see them in hindsight but can not find them otherwise. I really need to learn this well. After 1 year of paper trade, feels like still back to basic.
cheers
If you look at bluetrader's post (Danny) I believe he looked at this PPZ level (82.35) on the Daily Time frame, but it was there too on the Weekly.
Quote:
Originally Posted by bluetrader
Really starting to enjoy trading higher time frames. Haven't looked at intraday charts in over a month.
Here is my take on USD/JPY. We have a 2 month pin bar that just closed. I took a retrace to a well defined PPZ. Hopefully it will close as a BUOB.
Where is it going? I don't know, but my stop is at BE. My eye is on the 87.00 - 88.00 zone.
-- Danny
His was more of a touch trade, I believe. . .seeing that the 82.35 was going to act as Support since Price broke through and closed above the previous Resistance level.
Have you seen any of my post on PPZ levels? Where Price turns from Support to Resistance once Price breaks through and closes above or below (and vice versa)?
Your chart looks good on how you drew PPZ levels . .
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Yes, it was...I watched the H4 candle close above the BRN, the first candle to do so in over a year. The next candle open was above the RN, it tested the area and took off.
I like to see a close above previous Resistance occurr on a higher time frame but this also works . .nice job.
Why not move to break even or are you looking for a more long term play here?
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Took this today. Not the best pin, but for me it had good location and confluence; at a swing high off a trendline and it had double fib confluence also.
Two confirmed LH's showed there was momentum behind the move, even though the dominant trend is up. Showed nice rejection of price after a strong bull bar.
The only reasons i came up with to not take the trade was that the FTA was quite close and it went a against the dominant trend.
Am i on the right track with my analysis?
Price was 5 pips away from my 3rd target area, got out with +35...
Excellent confluences on this one, dcart. If that PB was a bit bigger and pierced the 1.0000 (red dotted line) you would have had a Mike chart, video and road billboard on this one. . . lol (jk).
Fib levels, 50% ret. levels, trendlines are at their best when they confluence with PPZ levels and/or a Support / Resistance level. The area I have in white looked to be enough of a PPZ level to meet your confluences . .do you see that? . .very nice.
You can see the 1st target in blue gave you that breif retrace. . .better seen on the 4 hour TF. But it hit the obvious target, previous bar highs, quite nicely.
All in all, very nice indeed, dcart.
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Well, this H4 breakout got me into the Monthly PB break and looking at the weekly TF, we have a nice flip area that the daily candle may well close above in the next 4 mins. I want to give it a little more room than BE.
EDIT: Sorry. Still half asleep here....I actually traded 0.05 and took off 0.03 and moved the SL to less than the profit taken so, I am actually at BE already without moving the SL to the point of entry. If you see what I mean.
I see what you mean Pb . .very nice . .
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Your target #1 would be the ultimate target for the Daily PB, previous bar Low(s). I like the .9800 RN as the 1st target or FTA. There is a bit of PPZ level there (white).
Your 2nd target is perfect for the Weekly BEOB if it gets there and breaks, of course. Good eye.
I like to define my targets on the TF that the setup was presented on, as you probably know, D. But nothing wrong with looking at the higher TF PA to work in those longer term targets.
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I've had this one open since Monday. If it doesn't trigger by tommorow would you recommend canceling it?
sChaos made some good points, as always . .thanks brother . .
That Weekly Pb is in the middle of . . . a mess; Weekly consolidation. Not saying that it doesn't have potential but its in a bit of a crowd . .don't you think? Not at a swing Low, more so in the middle of a wedge formation. Not the best setup.
Also, you can see why it failed to break . . running into some traffic . .and my good old friend, BEOB's previous bar Low. Didn't I mention I like those Outside bars.
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It was actually Ghous's IPBs that really made me take a closer look at the closes of bars. It was amazing to see how Price reacted, or should I say respected, the close of IPBs.
Take this IPB on the Daily Usd/Jpy in Nov. Not the prettiest . .you could even call it a very weak BUOB. But all the characteristics of an IPB are there.
Price is respecting the close very clearly. There are other example of this with other IPBs . . .maybe its just with IPBs but I did take a closer look at the Closes of bars. .
Nice way to pick a bottom . .wouldn't you say Ghous . . .
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Your target #1 would be the ultimate target for the Daily PB, previous bar Low(s). I like the .9800 RN as the 1st target or FTA. There is a bit of PPZ level there (white).
Your 2nd target is perfect for the Weekly BEOB if it gets there and breaks, of course. Good eye.
I like to define my targets on the TF that the setup was presented on, as you probably know, D. But nothing wrong with looking at the higher TF PA to work in those longer term targets.
Usd/Chf daily PB update. 1st target hit.
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Yes i saw your post and i know that. You've told me that. I usually check the line chart regarding the closes.
I know i saw gasgas's post, but a little intraday reversion is still valid. If you look at the chart my FTA was reached and it almost hit TP1 as well.
That's right, we have talked about the closes before, ppfx. I forgot about that. Sorry buddy.
I was looking for the 111.00 to act as Support , since Price broke and closed above Resistance. But now that Price closed below the 111.00, it looks like its back to Resistance.
Quote:
Originally Posted by ppfx
I re-entered the trade cause i saw that there is a good possibility that the previous 'support' (was a resistance in majority) has turned into resistance. Seems like i was right. I closed part of the trade and put stops to BE. Now lets see if we can get to 110
I was thinking on the PF in the videos, I had seen Jim take a PB like that under certain circumstances even though the close was not in the direction of the trade?
Thanks for the kind comments Jarroo, I am trying to eyeball the charts as J16 does in those videos and then draw only a couple of PPZ, the FTA and check them using your weekly TF method. Sort of combining the best of both worlds. I think this method suits me better.
This is true Pb about PB structures . . . . but what Jim says before those PBs is more important . . ""see Support . .see Resistance . .see Support right here . . .see Resistance . .etc."
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So, if there was not such strong support at that area, it would be ok to take such a PB? Then again, isn't the support one of the reasons that created the PB? Maybe, I am thinking too much.
Yes your thinking too much.
"So, if there was not such strong support at that area, it would not be ok to take such a PB". . .in the case of a Bullish PB.
Give me a chart example to better explain . . .charts tell a better story.
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Just wanted to ask about the US/CHF daily pin. On my feed there are a couple of large bullish bars just before the pin which made me a bit wary. Do these bars make this less than an A setup?
kal
I see Kalbar. Where are your PPZ levels on that chart?
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IMHO is better to tell someone twice about something than none. And this way the new users also read it and learned something new.
Thanks. Yes, if you look at my weekly chart it looks like a support for the consolidation box.
Anyway my other part of the trade ended up at BE. Now it seems like its going up again. At least fo a few pips. We have a nice PB forming on the h1, and its just off a s/r area.
My ppz are pale blue lines with the arrows - def a bit of space for trade but size of previous bullish bars put me off compared with the size of the pin. Having said that I am still getting to grips with my ppz and hoping to learn a lot from your expertise.
kal
hang on kalbar . .I'll be right back . .
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My ppz are pale blue lines with the arrows - def a bit of space for trade but size of previous bullish bars put me off compared with the size of the pin. Having said that I am still getting to grips with my ppz and hoping to learn a lot from your expertise.
kal
Sorry for the delay. . .
You are correct Kalbar, I would not consider this PB on the Daily Usd/Chf an A+ setup. Its not that big . . its at a bit of a swing high but not open enough to give it some Space, etc. But the story was "A" quality to me.
The yellow box of consolidation aided in the story to this PB. (See more info on boxes from Mike (mbqb11).
Also the Weekly BEOB, trading with the trend , and at a 50% ret level (no shown) added confluence to this story.
Hopefully this chart helps.
Your PPZ levels look good, Kalbar. Ive add other comments about PPZ levels to the chart to help you fine tune them.
Jim
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Surprisingly the close wasn't a crucial requirement for good IPBs in my book back when I first shared the idea here. Over time I too realized how important the close was. Furthermore I see the idea applies to regular pin bars as well, ones with a strong close have so much more to Them than when they "merely just close within the prior bar"
g.
That's a good point g. . . about regular PBs. . .and about any PA formation's close to show weakness or strength.
That's what is so brillient about the IPB's entry at the close . . then throw it the inherent tight stop loss placement and its perfect.
I don't care when others say its just a gravestone doji or hangman whatever . .you showed the structure of them and . .more importantly . .where to trade them and how to mangement them . .
Your a genuis . .g. Its that what the "g" stands for . .
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lol . .that quote was inspired from somewhere . .big guy.
Will the 1.5823 hold (on your chart) . .?
Quote:
Originally Posted by jarroo
Still no close below . .
Hey Pb.
That wasn't the trendline area I was talking about. It was previous Resistance that Price broke through.
When I asked, "Will Price hold at 1.5823?" I was looking for Price to keep closing above the 1.5823 to "hold" as Support, which it did . . . for awhile.
(charts)
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Indicators show the past. Price Action "Indicates" the future.
I looked back through my notes on those videos of J16 and found I had made a NB memo on that Long PB that had the close below the open.
It was EUR/USD Daily Jan 07 2007.
It is now clear why that was an ok trade.
Wow, making notes of important things & dates really help when watching videos.
EDIT:
I think it stuck in my memory because he said, (the close is outside the eye but it is ok to trade those folks)
This morning I am feeling much better and look forward to a full day of practicing eyeballing charts J16 style and finding...
Glad your feeling better, Pb.
Yes, you nailed it. It was the mutliple confluences that were present at that PPZ level or where Price turned from Resistance to Support.
It those confluences weren't present at that PPZ level, that weakly closed PB would have no relevance. It was the strength of its location (PPZ level with multiple supporting confluences) that made that trade possible.
Side note: Interesting how that 1.3300 is still playing a strong role today. . .
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I was eyeballing this one for a long time and missed the pullback on the daily timeframe becouse i am a retard .This monthly setup is a beauty and in this case i would rather play the double low breakout or the beob on the weekly tf. The spread is high so i wont go under the daily but will watch them to get in the move with tighter stop.
That was nice on the Daily. . . wow
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Indicators show the past. Price Action "Indicates" the future.
I23B on weekly EURCHF. First time a weekly bar closed below the BRN. Also notice the low at the end of june that may very well act as resistance now.
I wonder if this would be a viable setup for an experienced IB trader. Or are IBs not that reliable at the end of the year? Any comments very appreciated.
Dan Gilbert alert . .
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Indicators show the past. Price Action "Indicates" the future.
I'm not familiar with his trading yet. But I will surely have a look at it. Thanks for the hint, Jarroo.
Quote:
Originally Posted by ppfx
IBs are his specialty. In case you're interested to know more, here is one of his post out of many:link and here is jarroo's thread related to IBs: link
Sorry about that Hans and thanks ppfx for the info.
Dan Gilbert (username) and others have noticed this interesting setup where an I4B or I4+B (more than 4 bars) occurring at BRNs can provide a robust move.
It combines the I4B, that James16 talks about, and the importance of the BRNs that Mike has show throughout this thread.
They don't occurr often but when they do, its something to keep an eye on . .
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Indicators show the past. Price Action "Indicates" the future.
Hey Mike Thanks to you for your reply. But this reply has put some doubts in my mind. Would you consider the levels in my chart as whipsaws or just part of boxes. Mike, Jaroo, Ghous, SC and all seniors please tell me how you view these levels.
I don't consider this a whipsaw move . .its simply Price turning from Support to Resistance.
Its a good example of how the Weekly time frame can be a good starting point to start a story.
On the Weekly, over many weeks, we have Price unable to close below the 1.6000 BRN. Price has broken through the 1.6000 on the Weekly but failed to close below.
Price then closes below on the Weekly and we look for the 1.6000 to act as Resistance.
Lower time frame opportunites are there once we confirm the close below on the weekly . . like touch trades, if the story or multiple confluences support it or looking for quality bearish PA to confirm Resistance.
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Indicators show the past. Price Action "Indicates" the future.
I don't consider this a whipsaw move . .its simply Price turning from Support to Resistance.
Its a good example of how the Weekly time frame can be a good starting point to start a story.
On the Weekly, over many weeks, we have Price unable to close below the 1.6000 BRN. Price has broken through the 1.6000 on the Weekly but failed to close below.
Price then closes below on the Weekly and we look for the 1.6000 to act as Resistance.
Lower time frame opportunites are there once we confirm the close below on the weekly . . like touch trades,...
We can talk about the situation in blue, where Price closed below the 1.6000 on the Weekly. . .Or simply apply the above outline.
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Thanks for your post on Friday rearding the plotting of PPZ - an area I need to work on. Will be concentrating on that this week and thanks for your advice, much appreciated although I suspect there will be more questions for you soon!!
Sure thing Kalbar . . .
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True, support lies in the 13170-13200 zone, but it al depends on ones trading objective/intention. As this is a countertrend trade, my objective is to take a quick profit at the mentioned support zone, I need some pocket money I already closed 1/2 of my position and hope to close my remaining position at 13200-ish, if guppy gets there ....... I also sold U-J for the same purpose, entry off the 10m-TF via a BEOB @ previous 4H-bar low, final target @ 8375-ish ......
I see your liking the previous bar Highs/Lows of Outside Bars, xmz . .very nice.
I caught that one too . .Usd/Jpy 4 Hour BEOB, previous bar Low.
The weekly has been telling this story for some time now. . .
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I think James16 has totally rewired his mind and he actually sees charts like that, you know like a composer can hear the notes from just looking at the score.
The Big Guy is something else for sure.
That's true . . but you added where Price closes above or below . . . that is key, my friend.
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Indicators show the past. Price Action "Indicates" the future.
Are you referring to my post about the C-J of two weeks ago ? Yes, I was looking for a buy PA on the lower TF to enter that weekly BUOB, but price didn't gave me a clear PA for quite some time so I lost interest, I don't want to wait that long for a entry ....... maybe I should be more patient
Yeah, we might have talked about the Weekly BUOB on the Chf/Jpy some time back. Price had been bounce off the previous bar high (no bar closed below it on the weekly) for some time.
The Chf/Jpy can be a very spiky pair on the lower TFs. Pairs like this, it is always better to work off the Weekly and/or Daily TFs to smooth out the edges . .also the Weekly looks like a 4 Hour chart to me.
BUOB hit its target. Would have liked to have had a Daily close above that 86.50. Price may retrace to the 85.00 BRN to test it as Support.
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Broke out low of the massive consolidation area it was in and gives us a PB stopping dead on the 1.6000 & the 50 fibo.
The weekly chart is a little confusing, maybe Jarroo could explain his thoughts on this.
I talked about this one earlier Pb.
Quote:
Originally Posted by jarroo
I don't consider this a whipsaw move . .its simply Price turning from Support to Resistance.
Its a good example of how the Weekly time frame can be a good starting point to start a story.
On the Weekly, over many weeks, we have Price unable to close below the 1.6000 BRN. Price has broken through the 1.6000 on the Weekly but failed to close below.
Price then closes below on the Weekly and we look for the 1.6000 to act as Resistance.
Lower time frame opportunites are there once we confirm the close below on the weekly . . like touch trades,...
Price could break through the 1.6 and find Support from previous Resistance. A Daily close above would help confirm that possibility.
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Indicators show the past. Price Action "Indicates" the future.
Hi jarroo. Could you share your stop progression on this trade? I demo'd and got my stop knicked out on the Sunday open by a few pips for a -0.26R.
I think I'm getting better at identifying entries, but seem to be having some trouble managing once in it.
My logic - I moved stop slightly early in the trade to remove some risk. When the Friday bar didn't close below the resistance at .9800, I tightened my stop up quite a bit, too much in hindsight.
I'm thinking of adding a rule when trailing stops to always give the RNs (100's and 50s) about...
Hey d.
Mike's 2 bar trailing stop would have worked very well on this one.
I liked this one a lot mainly because it was off the Weekly BEOB's previous bar Low.
I mainly waited for the bars to close on the Daily (setup was on the Daily)to show me where to place my stop as they relate to the PPZ levels.
I see your logic with the bar not closing below the .9800 (Support) but it did close below the .9850 level (Resistance).
There were also some nice opportunities on the 4 hour that I took advantage of . . again waiting for the 4 hour bar to close (setup was on the 4 hour) to make my decisions.
Currently my stop is above the .9750. I don't want to see a Daily close above the .9725. Some of my 4 Hour trades are closed out completely
Hope this helps.
Jim
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I23B on weekly EURCHF. First time a weekly bar closed below the BRN. Also notice the low at the end of june that may very well act as resistance now.
I wonder if this would be a viable setup for an experienced IB trader. Or are IBs not that reliable at the end of the year? Any comments very appreciated.
Quote:
Originally Posted by jarroo
Sorry about that Hans and thanks ppfx for the info.
Dan Gilbert (username) and others have noticed this interesting setup where an I4B or I4+B (more than 4 bars) occurring at BRNs can provide a robust move.
It combines the I4B, that James16 talks about, and the importance of the BRNs that Mike has show throughout this thread.
They don't occurr often but when they do, its something to keep an eye on . .
There you go Hans. The I4+B (I23B) on the Weekly Eur/Chf.
This one shows the beauty of this setup, meaning how the I4B is aligned with a BRN, 130.00.
The stop loss placement, like with all IBs, is at the opposite end of the I4B. But you can gauge the setup by how Price reacts to the BRN. In this case, the 130.00 acted as Resistance. You can see on the Daily, no bar closed above the 130.00.
Ideally we would like to see them break hard and never look back, but this one came close and made sense why it did, what it did.
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50fib of the previous down move..rite in line with the 1.60 area
Kinda triple top off the 1.60 area
Divergence
Also we have been in a kinda box for a few days, thats why im already at B/E
We can see the candle after the beob went to retouch the lows of the engulfed bars (red line), thats a Jaroo retracement
Os.
Beau . .ti . . .ful . . Look at all those confluences . . nice.
I would also add the confluence that the Daily and Weekly bar(s) did not close above the 1.6000.
Now can you imagine Os, that you will only take setups that are just like this one. . . meaning exactly like this one. . .not one or two confluences but all of them combined that you have here.
If you do . .welcome to the trader's world of pickiness.
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Indicators show the past. Price Action "Indicates" the future.
Yeah, we might have talked about the Weekly BUOB on the Chf/Jpy some time back. Price had been bounce off the previous bar high (no bar closed below it on the weekly) for some time.
The Chf/Jpy can be a very spiky pair on the lower TFs. Pairs like these, it is always better to work off the Weekly and/or Daily TFs to smooth out the edges . .also the Weekly looks like a 4 Hour chart to me.
BUOB hit its target. Would have liked to have had a Daily close above that 86.50. Price may retrace to the 85.00 BRN to test it as Support.
Time to move the stop loss to just under the 86.50.
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Indicators show the past. Price Action "Indicates" the future.