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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #11,121
  • Jun 5, 2008 11:47pm Jun 5, 2008 11:47pm
Quoting good
That looks like a good PB. Pretty strong rejection from that support.
The only problem I have is easier to see on the 4 hour, the recent highs on 4 hour are the top of the daily pin and just above there, it trades right into recent resistance so I think on this one I'll be waiting and watching on 4 hour for a pullback and an entry, either before or after the daily break out since I do have a long bias daily now.
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"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #11,122
  • Jun 6, 2008 5:38am Jun 6, 2008 5:38am
Quoting good
That looks like a good PB. Pretty strong rejection from that support.
Well, I think that PB already penetrated/below Support, so there is possibility that support can become resistance.
  • #11,123
  • Jun 6, 2008 8:53am Jun 6, 2008 8:53am
Quoting Ryanmcd
I got long on this one, look at the daily support and you will see why.
Very Well Said.
Find an Edge. Only way to succeed in this business.
  • #11,124
  • Jun 6, 2008 7:37pm Jun 6, 2008 7:37pm
http://img412.imageshack.us/img412/176/euraudfs2.th.gif

Thats one good looking forming setup for next week.
The weekly bar is a classic pinbar.
With a bit of luck and good fundies im looking for long trade after retrace with high probability of breaking the resistance. Oil together with euro went thru the roof those last two days so i hope we will see some retrace before next move. This friday was mad , it looks like oil moves forgot about the time axis :o>
  • #11,125
  • Jun 7, 2008 4:58am Jun 7, 2008 4:58am
I am going to create EA for pin bar system (haven't found one in here, maybe missed it) and got a few specific questions. I would like to pick up class A orders only. The chart shows EURUSD pair at M15 timeframe.
1. How long minimum the nose should be to open a trade (in pips)? The nose on the sample chart is 10pips long.
2. What timeframe(s) suit(s) best for the system?
3. Where the entry point should be? At open of the right eye (3rd bar), at open of 4th bar or somewhere else?
4. How much thin upper part of the nose should be minimum (in %) of the whole nose bar? The thin part of the nose bar on the sample chart is 8pips, the whole bar is 10pips, so the percentage is 80%.

EA needs precise answers

Based on your trade experience what are your suggestions.
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  • #11,126
  • Jun 7, 2008 6:15am Jun 7, 2008 6:15am
1. How long minimum the nose should be to open a trade (in pips)? The nose on the sample chart is 10pips long.
2. What timeframe(s) suit(s) best for the system?
3. Where the entry point should be? At open of the right eye (3rd bar), at open of 4th bar or somewhere else?
4. How much thin upper part of the nose should be minimum (in %) of the whole nose bar? The thin part of the nose bar on the sample chart is 8pips, the whole bar is 10pips, so the percentage is 80%.


@4&1 We should be able to put change the (WICK = 70%) percentage. The bar should be no less then avarage range of 20 bars times (R_FACTOR = 0.7) ;;; simplier way no less then (PB_RANGE = 20).

Pb should protrude from rest of the bars, have high(low) higher(lower) then X amount of previous bars. and protrude Y amount from previous bar.

if we got pb@high then Y = [high(prev_bar) - low(pb) / high(pb) - low(pb)]


@2 There should be ability of changing how deep the ea will look for pbs.
1=d1 2=h4 3=h1 4=m30 5=m15 (DEEP = 5) - it will search for pb in tfs from d1 to m15.

@3 first thing we need is an alarm then option to open the trade at
low(high) of the bar before pb in swing low(swing high) or at break of the pb.

I'm open to colaborate.


Cool feature would be recognizing horizontal lines (taking only red lines for example) on chart and putting the order in those places if pb is in touch with them.
  • #11,127
  • Jun 7, 2008 8:03am Jun 7, 2008 8:03am
Quoting Undercover
I am going to create EA for pin bar system (haven't found one in here, maybe missed it) and got a few specific questions. I would like to pick up class A orders only. The chart shows EURUSD pair at M15 timeframe.
1. How long minimum the nose should be to open a trade (in pips)? The nose on the sample chart is 10pips long.
2. What timeframe(s) suit(s) best for the system?
3. Where the entry point should be? At open of the right eye (3rd bar), at open of 4th bar or somewhere else?
4. How much thin upper part of the nose should be minimum (in %) of the whole nose bar? The thin part of the nose bar on the sample chart is 8pips, the whole bar is 10pips, so the percentage is 80%.

EA needs precise answers

Based on your trade experience what are your suggestions.

I think someone made a EA in the past, I would say just take the time to learn what works and what does not. If you try to trade the market off a system you have a very good chance of failure, maybe not this week or in 3 months but the market will change. I have found after putting it about 150 hours just on pinbars that the best ones are at extremes and have a huge tail. Mike, James, and several others have posted this but people keep trying to be lazy and look for a system. I have been trading just pinbars for the past few months and win about 80% of the time and I have 0 indicators on my charts just price. You really just have to get good at reading price to trade and as you get better you take more indicators off your charts. Making a EA to trade this market is like making a car that will drive itself.
Keep taking CT trades, I need more money
  • #11,128
  • Jun 7, 2008 8:33am Jun 7, 2008 8:33am
Thanks.
I'd like to avoid spending many hours on the EA and like to keep it as simple as possible. Other members could improve it in the future.

I still do not understand the entry point. When I read posts from James it looks the setup needs left eye, nose and right eye. To have the right eye we need to wait for fourth bar to appear to react, don't we? I must admit I have read only a few dozens of all 743 pages and some attachments, but could anyone explain it more precisely, I mean the entry point.

Naturally, the pin bar height, timeframe and some other parameters have to changeable and it will be, but my primary goal is to backtest the system to check if it is profitable at all. It is too burdensome and not reliable to do it manually.

The thread exists for 3 years and it's a little strange for me no one did it. It doesn't look extremely complicated to write.

English is not my native language so please be tolerant about it.
  • #11,129
  • Jun 7, 2008 8:36am Jun 7, 2008 8:36am
I missed your post, Ryanmcd. Thanks.
  • #11,130
  • Jun 7, 2008 8:42am Jun 7, 2008 8:42am
That's right. This is discrectionary system and it would be impossible to code all nuances using ea, but the alarm ea could be very helpfull for recognizing good pbs and outside bars.
  • #11,131
  • Jun 7, 2008 8:48am Jun 7, 2008 8:48am
Quoting Ryanmcd
I have been trading just pinbars for the past few months and win about 80% of the time and I have 0 indicators on my charts just price. You really just have to get good at reading price to trade and as you get better you take more indicators off your charts. Making a EA to trade this market is like making a car that will drive itself.
Find an Edge. Only way to succeed in this business.
  • #11,132
  • Jun 7, 2008 2:10pm Jun 7, 2008 2:10pm
Hi Jatis,
I am a newbie but here is my take:

First a question, did you go short just bcos a PPZ was broken ? my understanding is you look for bar confirmations along with PPZ break.

To answer your question - I would close my short position as generally you expect the trend to be strong after a breakout, but in this case we were actually rejeceted by a lower level support which goes to tell the breakout was not strong.

You may also ride it out to see if the PPZ acts as resistance now for the pin bar, but you have to be ready for a larger draw down. I am assuming your stop loss is just above the PPZ.

Hope that helps.

Quoting jatis
I already short GU because it break support or PPZ around 1.9600 and thinking of taking profit around 1.9360 the next support.

But it turn out yesterday form PIN BAR, I still hold the position because I still belief 1.9600 can be a strong resistance and price can still heading down.

Which one is the best one?
1. Immediately close position after you see yesterday PB, because it is sign of false break. Or
2. Hold until it break 1.9600, then close your short.

BTW do you short GU after it break 1.9600 ? if you would like to play break out system? I see price broke GU with strong bearish bar so I short that pair.

Thanks!
It is toooo eazee
  • #11,133
  • Jun 7, 2008 3:40pm Jun 7, 2008 3:40pm
I backtested the pin bar system using my simple EA and it seems to be worth a deeper approach indeed. I didn't use any indicators so far, just basic bar analyze and still gained promising results. I use opening right eye as the entry point. I am not sure it is optimal moment to open an order for this system. Maybe I will find something when I dig through the thread in the future.
  • #11,134
  • Jun 7, 2008 4:17pm Jun 7, 2008 4:17pm
I will like to interject my opinion once again.... haven't done it lately....

My principle attraction to J16 in the beginning was...... YES !!! Pin Bars.... why.. I actually thought... wow... so easy... gonna be a Pin Bar trader... just like Ademac !! Forex would suddenly be easy... I'd finally make it... and be a real trader after all this time....

Well..... not so quick.... maybe if you add up all the pin bars inthe world... and trade them all... you would come out ahead.... who knows.... but there is a lot more to a pin bar than how long is the nose.... where is the right eye... confluence.... s/r... and so on...

Price will go where price will go.... you don't know... I don't know.... but price is on it's way to somewhere... so some pins work, and some do not... it is not that you know a if bar will work or not... but that you know where price is going....

Go ahead... and make your EA..... and there are lots of ways to trade Pin Bars.... all the ways work.... and if you are a trader.... you will win.... not because it was a pin bar.... not because of the way you traded the pin bar... but because of something inside you.... I am not so great at it.... I do not do it perfectly.... I have many miles to go.... there are masters here who can do it.... but I am learning.... and I have improved.... enough to know now... that after more than three years.... I will make it... I felt that at end of last year.... something inside me knew.... it was not an "" aha "" moment... but an "" aha "" zone... or period....

Each of you trades different... different systems... different ways, different opinions.... we all can win.... but it will not be from trading Pin Bars in certain ways or from and EA.... it will be when you look inside you... and find what it takes.... YOUR WAY.... that only you can have.... you have to stop looking and listening to all the others.... and find that something inside you...

OK.. yes I have had one too many glasses of champagne... and yes, I just saw Kung Fu Panda.... but ......

Quoting Undercover
Thanks.
I'd like to avoid spending many hours on the EA and like to keep it as simple as possible. Other members could improve it in the future.

I still do not understand the entry point. When I read posts from James it looks the setup needs left eye, nose and right eye. To have the right eye we need to wait for fourth bar to appear to react, don't we? I must admit I have read only a few dozens of all 743 pages and some attachments, but could anyone explain it more precisely, I mean the entry point.

Naturally, the pin bar height, timeframe and some other parameters have to changeable and it will be, but my primary goal is to backtest the system to check if it is profitable at all. It is too burdensome and not reliable to do it manually.

The thread exists for 3 years and it's a little strange for me no one did it. It doesn't look extremely complicated to write.

English is not my native language so please be tolerant about it.
  • #11,135
  • Jun 8, 2008 9:33am Jun 8, 2008 9:33am
Quoting iinself
Hi Jatis,
I am a newbie but here is my take:

First a question, did you go short just bcos a PPZ was broken ? my understanding is you look for bar confirmations along with PPZ break.

To answer your question - I would close my short position as generally you expect the trend to be strong after a breakout, but in this case we were actually rejeceted by a lower level support which goes to tell the breakout was not strong.

You may also ride it out to see if the PPZ acts as resistance now for the pin bar, but you have to be ready for a larger draw down. I am assuming your stop loss is just above the PPZ.

Hope that helps.
Hi iinself,

Thanks for your response.

I short GU after I saw on 4th June price broke PPZ(1.9600) and close below 1.9600.
I just want to wait for that bar to close below 1.9600 because I am afraid on 4th june price broke PPZ and bounce back and form PB. That is why I wait first that bar to close below PPZ.
And to confirm that was I real break I also wait until price broke 4th june low 1.9527, that is why I short below that bar. I enter 1.9508.

On 5th june after I entered, price form PB. As we know PB is a sign of reversal. That is why I though price might reverse and going up again so it is a good thing to close my short position.

But I also know that price after broke ppz, like to come back to PPZ and get bounce back/continue going down.(Support become Resistance).
That is why I hesitate to close my short because there is possibility that it will bounce back downward.

Hope that clear up.
  • #11,136
  • Edited Jun 9, 2008 8:19am Jun 8, 2008 9:58am | Edited Jun 9, 2008 8:19am
Quoting Tiki Trader
I will like to interject my opinion once again.... haven't done it lately....

My principle attraction to J16 in the beginning was...... YES !!! Pin Bars.... why.. I actually thought... wow... so easy... gonna be a Pin Bar trader... just like Ademac !! Forex would suddenly be easy... I'd finally make it... and be a real trader after all this time....

Well..... not so quick.... maybe if you add up all the pin bars inthe world... and trade them all... you would come out ahead.... who knows.... ....


hey Tiki,

Have you got a chance to read this yet? It was probably a waste of time posting there. ..

http://www.forexfactory.com/showpost...5&postcount=18

There are people reading this thread (you know who you are..), who only trade pin bars at swing low/high using anything from 5 to 12% of their accounts on each trade. If it takes them to wait a couple of months for a perfect one, so be it....

Then they laugh all the way to the bank..

Open a demo and trade only those PBs they use see posted in this thread from time to time. In just one year.. you will not believe the balance on that demo..
  • #11,137
  • Jun 8, 2008 10:32am Jun 8, 2008 10:32am
Quoting raczekfx


hey Tiki,

Have you got a chance to read this yet? It was probably a waste of time posting there. I may soon remove it...

http://www.forexfactory.com/showthre...15#post2042715

There are people reading this thread (you know who you are..), who only trade pin bars at swing low/high using anything from 5 to 12% of their accounts on each trade. If it takes them to wait a couple of months for a perfect one, so be it....

Then they laugh all the way to the bank..

Open a demo and trade only those PBs they use see posted in this thread from time to time. In just one year.. you will not believe the balance on that demo..
Excellent trading thoughts,!!
Good stuff

baz
  • #11,138
  • Edited 11:00am Jun 8, 2008 10:49am | Edited 11:00am
Quoting baz
Excellent trading thoughts,!!
Good stuff

baz
I'm glad you liked it. The higher tf you go, the easier it gets. Some 20-40 good trades per year can easily double your account, unless its size is worth billions... it becomes more difficult then. But then again if your account is worth 10mil and you make 30-40%/per year it may be more than enough for many..

p.s. I should also add that this thread:

http://forexfactory.com/showthread.php?t=6948

....by Diallist has been a great help to me some time ago. If you want to succeed in this business I recommend that you read posts 18-30. It is the second most valuable thread on the ff for me, right after this one.
  • #11,139
  • Jun 8, 2008 11:12am Jun 8, 2008 11:12am
Quoting Tiki Trader
I will like to interject my opinion once again.... haven't done it lately....

My principle attraction to J16 in the beginning was...... YES !!! Pin Bars.... why.. I actually thought... wow... so easy... gonna be a Pin Bar trader... just like Ademac !! Forex would suddenly be easy... I'd finally make it... and be a real trader after all this time....

Well..... not so quick.... maybe if you add up all the pin bars inthe world... and trade them all... you would come out ahead.... who knows.... but there is a lot more to a pin bar than how long is the nose.... where is the right eye... confluence.... s/r... and so on...

Price will go where price will go.... you don't know... I don't know.... but price is on it's way to somewhere... so some pins work, and some do not... it is not that you know a if bar will work or not... but that you know where price is going....

Go ahead... and make your EA..... and there are lots of ways to trade Pin Bars.... all the ways work.... and if you are a trader.... you will win.... not because it was a pin bar.... not because of the way you traded the pin bar... but because of something inside you.... I am not so great at it.... I do not do it perfectly.... I have many miles to go.... there are masters here who can do it.... but I am learning.... and I have improved.... enough to know now... that after more than three years.... I will make it... I felt that at end of last year.... something inside me knew.... it was not an "" aha "" moment... but an "" aha "" zone... or period....

Each of you trades different... different systems... different ways, different opinions.... we all can win.... but it will not be from trading Pin Bars in certain ways or from and EA.... it will be when you look inside you... and find what it takes.... YOUR WAY.... that only you can have.... you have to stop looking and listening to all the others.... and find that something inside you...

OK.. yes I have had one too many glasses of champagne... and yes, I just saw Kung Fu Panda.... but ......
WOOHOOOOo!!!!!!!



  • #11,140
  • Jun 8, 2008 1:24pm Jun 8, 2008 1:24pm
Quote
p.s. I should also add that this thread:

http://forexfactory.com/showthread.php?t=6948

....by Diallist has been a great help to me some time ago. If you want to succeed in this business I recommend that you read posts 18-30. It is the second most valuable thread on the ff for me, right after this one.

I second this.
All I ask for is a chance to prove that money cannot make me happy.
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