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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

  • #70,761
  • Aug 6, 2010 9:12pm Aug 6, 2010 9:12pm
Quoting Pinbar
Good reminder to us all.

I have posted this before but it may be beneficial for new people.

This is a quite comprehensive Money Management indicator that shows us quite clearly, what position size of a given equity we should be using, the Risk reward ratio in percentage, pips and monetary value.

Just make sure you setup the indicator so that it corresponds with your account, if it is micro, mini or regular account.
Move the Stop Loss, Entry Point. and Take profit lines to where you want them and the indicator will automatically calculate the...
Thank you PB. This would be a great to see the risk before triggering the trade.

Does it calculate if I have multiple profit lines (FTA1 and FTA2) ?
  • #70,762
  • Aug 6, 2010 9:27pm Aug 6, 2010 9:27pm
Quoting cprao
Thank you PB. This would be a great to see the risk before triggering the trade.

Does it calculate if I have multiple profit lines (FTA1 and FTA2) ?

Well, you will just have to move the SL and your TP and it will calculate them wherever they are.

May be an idea to go into the code and make that RR ratio text a little smaller.

Glad you like it, MM & PPZ and we are almost there.

Hang on and I will go into the code and change the size of that. Will re post the indicator in the post I put it in.


Done: This looks better
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  • #70,763
  • Aug 6, 2010 10:07pm Aug 6, 2010 10:07pm
Hi Pin Bar, what charting software are you using if you don't mind me asking ? And can you tell me what you like or don't like about it please. I'm currently using track n trade gecko software. One of the things Ive recently found out about it is the prices displayed are either the buy , sell , or average prices, not the whole range. Needless to say this is a pain in the you know what, when I want to place trade on the demo as I have to manually adjust what is being displayed as to know where to place my buy stop orders just above and stop loss orders just below the relevant bars . I just wish the entire range of the price Bar was displayed. Does your platform display the whole range? Hope this makes sense. Thanks SR
  • #70,764
  • Aug 6, 2010 10:26pm Aug 6, 2010 10:26pm
Hey,Pinbar, looks great. the value doesn't change while moving around the lines?

jeurre

Quoting Pinbar
Well, you will just have to move the SL and your TP and it will calculate them wherever they are.

May be an idea to go into the code and make that RR ratio text a little smaller.

Glad you like it, MM & PPZ and we are almost there.

Hang on and I will go into the code and change the size of that. Will re post the indicator in the post I put it in.


Done: This looks better
  • #70,765
  • Aug 6, 2010 10:27pm Aug 6, 2010 10:27pm
Good analysis. I marked 1.0250 instead of 1.0275 though. I recommend placing lines at round numbers on the daily timeframe. I made a mental note of 1.02 but felt it was too minor to worry about (comes from experience).

Scott

Quoting jdl
Yesterday a friend and I were talking about the usd/cad daily pin bar. We wanted to figure out where the PPZ/FTAs would likely be. Trying our best to channel J16, we drew the FTA lines at 1.0200, 1.0275, and 1.0300. And what do you know, today it peaked at 1.0302 and will close right around 1.0275. Isn't it funny how prices just love those PPZs?
  • #70,766
  • Aug 6, 2010 10:35pm Aug 6, 2010 10:35pm
Quoting jeurre
Hey,Pinbar, looks great. the value doesn't change while moving around the lines?

jeurre

No, you have to move them on the chart and the value will change when the next signal comes in. Right now, the market is off line so, No signals.

It will change when the market has a signal or you can just change back and fourth between TFs and it will change, while the market is offline.
  • #70,767
  • Aug 6, 2010 10:44pm Aug 6, 2010 10:44pm
cool, that's what I thought

Quoting Pinbar
No, you have to move them on the chart and the value will change when the next signal comes in. Right now, the market is off line so, No signals.

It will change when the market has a signal or you can just change back and fourth between TFs and it will change, while the market is offline.
  • #70,768
  • Aug 6, 2010 10:45pm Aug 6, 2010 10:45pm
Quoting Sjr
Hi Pin Bar,...
Yeah, some platforms use the BID and some use the ask price, I believe.
It can cause you to get stopped out without price actually reaching your SL.

I think in some of them you can customize which you display on your charts.

I am just using FXDD MT4 as most people seem to use in this thread.
The only thing I do not like about Metatrader 4 is that the Trailing stop does not work when your PC is shut down on an order.

I think, TRADESTATION is probably a better platform but, it is a trade off as it is hard to find any CUTOM indicators you may need. For example, I like the round numbers sweetspots gold I have on my charts and I have never seen this indicator for tradestation.

It may be an idea to demo a few platforms and find which one suits your needs, but this will then dictate which broker you use as they do not all have multi platforms.
  • #70,769
  • Aug 6, 2010 10:52pm Aug 6, 2010 10:52pm
Quoting Pinbar
Yeah, some platforms use the BID and some use the ask price, I believe.
It can cause you to get stopped out without price actually reaching your SL.

I think in some of them you can customize which you display on your charts.

I am just using FXDD MT4 as most people seem to use in this thread.
The only thing I do not like about Metatrader 4 is that the Trailing stop does not work when your PC is shut down on an order.

I think, TRADESTATION is probably a better platform but, it is a trade off as it is hard to find any CUTOM indicators you may need....
Thx Pinbar. Ill download it now take a look. One of the things I love about TnT is you can place trades right on the chart, and you can have a trailing stop loss, but man do i hate not being able to see the true high and low of the bar/candle, what a pain in the A**.
  • #70,770
  • Aug 6, 2010 11:03pm Aug 6, 2010 11:03pm
Quoting Sjr
Thx Pinbar. Ill download it now take a look. One of the things I love about TnT is you can place trades right on the chart, and you can have a trailing stop loss, but man do i hate not being able to see the true high and low of the bar/candle, what a pain in the A**.

Yeah, in tradestation, you can do all those funky 2 hour or 2 week candles, all built in. bascially any TF you like.
  • #70,771
  • Aug 7, 2010 3:18am Aug 7, 2010 3:18am
Quoting Pinbar
Good reminder to us all.

I have posted this before but it may be beneficial for new...
Pinbar, wow this is really cool! Thanks a lot! I was using spreadsheet and website to calculate risk, now is much easier.

Have you used it for long time? Is it absolutely reliable?
  • #70,772
  • Aug 7, 2010 4:15am Aug 7, 2010 4:15am
Quoting Adilius07
Pinbar, wow this is really cool! Thanks a lot! I was using spreadsheet and website to calculate risk, now is much easier.

Have you used it for long time? Is it absolutely reliable?

Glad you like it...Yes, it is perfectly reliable as long as you have your account type setup correctly. Otherwise it will tell you to open 30 lots on a $3000 account. LoL
  • #70,773
  • Aug 7, 2010 4:25am Aug 7, 2010 4:25am
Quoting Pinbar
Glad you like it...Yes, it is perfectly reliable as long as you have your account type setup correctly. Otherwise it will tell you to open 30 lots on a $3000 account. LoL
Cool thanks a lot! It will save me a lot of time and protect from mistakes, because just like you I have to make this calculations very late at night! ))
I love this indicator, thanks!
  • #70,774
  • Aug 7, 2010 4:40am Aug 7, 2010 4:40am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting Pinbar
Good reminder to us all.

I have posted this before but it may be beneficial for new...
Wow thanks a million pips to you PB!
And here I was doing all this manually by using my brains *like a dummy*
I have seen the enemy, and it is me.
  • #70,775
  • Aug 7, 2010 4:58am Aug 7, 2010 4:58am
Quoting Jey
Wow thanks a million pips to you PB!
And here I was doing all this manually by using my brains *like a dummy*

LOL

Well, once we get used to correctly sizing our trades I am sure we won't need this indicator. That said, new people may find it extremely helpful.


I do...Glad you like it folks.


Now, you can save your brains for finding setups! LoL

My problem is, I can't find any on Weekly & Daily.
  • #70,776
  • Aug 7, 2010 5:32am Aug 7, 2010 5:32am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting Pinbar
My problem is, I can't find any on Weekly & Daily.
"Seek and ye shall find, knock and its shall be opened, ask and it shall be given"
- from the Bible
I have seen the enemy, and it is me.
  • #70,777
  • Aug 7, 2010 6:22am Aug 7, 2010 6:22am
Quoting Pinbar
Nice analysis.

It was wishful thinking on my part. LoL
This post of mike w got me thinking link (also read the quoted post) . And so far i had a 2 good profitable trades by just listening what he said in that two posts. Because when i discovered all this PA thing i somehow forgot to pay so much attention the to trend. And i also took some trades against the main trend and got burned most of the time. Im not saying that PA doesnt work if it shows direction against the main trend, its just that you must be more careful where the FTA is. And for the newbies who dont see so clear where the FTA is, i think is better to trade with the trend.
Hope this helps somehow,

ppfx
  • #70,778
  • Aug 7, 2010 6:25am Aug 7, 2010 6:25am
Quoting Pinbar
Good reminder to us all.

I have posted this before but it may be beneficial for new...
wow thanks for the indicator Pinbar. This will help me when experimenting a little with the futures with FXPro.
  • #70,779
  • Aug 7, 2010 7:57am Aug 7, 2010 7:57am
This is a short-stock trade idea for next week.
I noticed a lot of you keep trading journal. I think it is a great thing to analyze self performance over time. I will do the same
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  • #70,780
  • Aug 7, 2010 8:27am Aug 7, 2010 8:27am
Quoting Adilius07
This is a short-stock trade idea for next week.
I noticed a lot of you keep trading journal. I think it is a great thing to analyze self performance over time. I will do the same
Looks great Addy,

Watch for the bar lows near 30.00

g.
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I believe . . .
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