Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Hi Robert, ive been watching the WRB that youve been noting.Would you be able to note some of these as they happen going forward?Also, id be interested to hear your take regarding the open/close of these candles.For example, a large green bar at the highs,closing near the highs ,is t different than a large bar at the highs that closesin the middle or towards the open of the bar?
Can you help answer these questions from other members on NexusFi?
I am super tight on time this morning but will try to put in a quick description.
Currently i am not concerned about where the close is. The key aspect of a wide range bar is where did it originate. There had to be a large selling buying etc from the lower 1/3 of that bar to create it. What that should do is bring your attention to where it came from as an area that left a footprint. I have the marked a 20 min chart of some WRB and boxed in or I added some dashed lines to continue the zone fwd as it could be an area for support and resistance. if I see a WRB at the top of a mountain so to speak, I tell myself that it could of been large orders taking profits, i then would wait for price to reverse pass it and look for a pullback to that level. What I want to see is a large range bar to woosh past that level. If price is in a good area for continuation like in the middle of a swing , you would look for pullback to that area.
Also I look for outside bars at the top and bottom of swings. They like to get tested as well. I highlighted one on the chart and used the range of the prior bar.
@TradeTheLevel Thanks for your thoughts and interesting observations. I've been looking WRBs but haven't yet figured out exactly how to use them. Right now I just watch the PA around them.
Here's a WRB on NQ 4hr from yesterday, it's currently being tested. I guess the question is how far into it will the test go. And I suppose the expectation is for further breakdown, with the top of the bar expected to hold PA. How would you treat this bar?
"It does not matter how slowly you go, as long as you do not stop." Confucius
I always wanted to trade NQ. I don't have a feel for that commodity. I tend to take my trades based off of short term fundimentals as well.
But yes. I would say your correct. I would say it's creating the swing for a downward fork. Update me how that level holds. Also there's another wrb in the small correction between the two you highlighted. Which is what is creating the current bounce. Question now is, which is getting tested.
I was in the car when I wrote that. I pulled a chart up here at work. For each WRB I ask who got wooshed. And the candles before it I box off.
Now for smaller ones, Im usually at the chart when. I see them made. I was able to see how fast they were created. So if anyone was wondering why I picked certain ones, that's usually why.
On your 4hr it looks like a great WRB. But if we look at it on a lower TF you can see it was composed of allot of smaller bars. The best ones are the ones that were created with momentum. Here I zoomed in with a 60min.
No expert here. I just tend to look at these levels as entry points allot. I usually have another driver like pivot point, Andrews median line etc to line up as well.
@TradeTheLevel sweet. On my 60m, there's big "climax" bar, but it takes two WRB to break down through it. Not sure what that means. Then a WRB stops it, and now we're reversing back up. so I suppose we're going to test the double bar block.
"It does not matter how slowly you go, as long as you do not stop." Confucius
I think the creator of my avatar (JackBravo) and his talents make me look good I couldn't have thought of a better avatar to create. I bet you have a background in Marketing and Sales, Thanks.... JP.
