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pjsProfileBars – Example trade setups

Read more about PJSProfilebars from the main page, here

Example setups

I will try to add more examples, as I see them and have time. These are all made LIVE – So my thoughts, before and after. No matter if I am right, or wrong! These are just ideas for you, though they are things I look at in my own trading. You should observe these setups develop in real-time and perhaps SIM trade them to get used to them. These are not trade recommendations. These are setups you can look for, and decide if they fit with your own trade plan. Please do your own homework before making live trades.

2021-04-14

NQ, low volume, pre-open – Seems rotational. You can see the volume build and the reversal. The POC is highlighted. The arrows show the scenarios you might want to look for. Remember, broken resistance becomes support, etc. Another thing to look for, is a small break, a build of volume above (absorption), then a move back down. In this scenario, I read it as the break being to gain the stop/breakout liquidity. Basically, algo’s messing with you! It will be something to watch for and you’ll see it in the profile shape when you get used to them.

BEFORE

 

AFTER

So, as it happens, perfect trade (In my scalpers mind!).  Important to note – We are not trading the breakout. We are waiting for the breakout to be re-tested and see if buyers are still there, or shorts cover. The lines I drew (pre trade), show the bounce point I was looking at, which is your confirmation to start looking for the trade, and a possible entry. I chose that entry as it is up above the last POC and a move above that would mean people may be offside and cause a small covering move up. You can see the base of the profile is thin, because this happened. The fast move tends to leave little volume. 

 

5 Comments

  • Anand says:

    this looks awesome Paul. i downloaded the trial however not able to see the same chart layout which you have shown. its missing the resistance and support zone(the one you have in above pic) also i could not get side volume profile? would it possible for you to share the template and latest profile bar indicator? thank you!

    • pjsmith says:

      Thanks again. The resistance and support zones are actually drawn by my Heiken Ashi indicator (available on this site), which is also applied to the chart but set to not show the bars (this is an option in the settings) and has my ‘turn zones’ on. They work well together! The side volume profile is a separate volume profile tool I have yet to publicly release. It is not part of the profile bars (I may bundle it in future, though). I will be adding some templates in the future. If you want the HA and profile bars setup template, let me know and I’ll send it. I’ll include it in the distribution in future versions.

  • Anand says:

    Thanks Paul, I was playing around more with this add-on last night & its looking good, , I would specially love the volume profile one on the margin side even if you can send out uncooked version it would be really great! and yes i would love to see the template for HA & profile bars. i havent downloaded HA yet.

    I will testing this using P&F charting on NQ so
    Cheers! Anand

  • Anand says:

    also one suggestion please look to put all your goodies into your own folder so that it becomes really easy to find/apply the all your indicators. also it will be more relatable. Cheers!

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