Question about J16 pin bars

[hermanhess]

Hi all,

 

I was wondering about the logic behind James16 pin bar method. I'm not saying it doesn't work, I'm just saying the shape of the pin bar depends on the broker time, therefore how would the method work because what may seem like a pinbar of ibfx may not be a pin bar on say fxpro.

 

Has anyone researched this?

[chankl78]

Re: Question about J16 pin bars

 

Hmmmmmm.......

 

I never thought of that... Now u mentioning, I think I need to do some research.

Thanks for posting this.

 

Cos I actually started to trade the pin bar which I actually got a 10 pips out of it.

[Starting]

Re: Question about J16 pin bars

 

Hi all,

 

I was wondering about the logic behind James16 pin bar method. I'm not saying it doesn't work, I'm just saying the shape of the pin bar depends on the broker time, therefore how would the method work because what may seem like a pinbar of ibfx may not be a pin bar on say fxpro.

 

Has anyone researched this?

 

Mate, apparently James16's pinbar strategy can produce [profit] with datafeed supplied by his broker.

 

In case your broker uses heavy filters you will even not notice "normal" trade setups for scalpers (Asian channels touching or breaks), I don't say here about pinbars which represent high splashes of price.

 

All we know the filtering is aimed to smooth those price fluctuations, one of them is a pin bar.

 

So indeed you need to get mostly unfiltered feed to get "classic" and most visuable pin bar to trade it. On filtered feed you'll not even notice there was a sign of a pin bar.

More important that if you want purely to trade the pin bar itself, not every and single broker will accept your profits made so.

Cheers :shand:

[soundfx]

Re: Question about J16 pin bars

 

Hi Herman,

 

I've often though the same about any form of candle analysis, one broker's "doji" can be another broker's "hanging man" or whatever lol.

 

However, given that we trade within the viewpoint of our own broker, the candle patterns that we see in our timeframe with our feed can give rise to potential trade entries with a higher probability.

 

I've always found "spikes" or "pin bars" to be a very good indicator of a change in direction - even though it may be a temporary change, there's normally a good few pips to be taken.

 

I'm not quite sure what Starting is talking about regarding scalping as I always use pin bars on the higher level charts where they are most reliable e.g. 1H, 4H are good and some longer term traders use Daily and Weekly too. Higher level pin bars can't be filtered by any broker.

 

I don't know if anyone has posted the basic J16 pin bar info. as yet, but here's a copy anyway for anyone not familiar with what we're talking about:

 

http://www.4shared.com/file/207914684/61806b94/Pin_Bars.html

[Starting]

Re: Question about J16 pin bars

 

Hi Herman,

 

I've often though the same about any form of candle analysis, one broker's "doji" can be another broker's "hanging man" or whatever lol.

 

However, given that we trade within the viewpoint of our own broker, the candle patterns that we see in our timeframe with our feed can give rise to potential trade entries with a higher probability.

 

I've always found "spikes" or "pin bars" to be a very good indicator of a change in direction - even though it may be a temporary change, there's normally a good few pips to be taken.

 

I'm not quite sure what Starting is talking about regarding scalping as I always use pin bars on the higher level charts where they are most reliable e.g. 1H, 4H are good and some longer term traders use Daily and Weekly too. Higher level pin bars can't be filtered by any broker.

 

I don't know if anyone has posted the basic J16 pin bar info. as yet, but here's a copy anyway for anyone not familiar with what we're talking about:

 

http://[email protected]/file/207914684/61806b94/Pin_Bars.html

 

Mate, I was talking about scalping the spikes, which can be a long bars without wicks or pinbars, short bars with top wick or short bars with bottom wick.

Scalping the spikes is the first thing what you think you would do when you compare filtered datafeed and unfiltered.

 

So when you see the datafeed which is unfiltered you see a lot of normal spikes representing real prices (real to extent to which we can trust this broker). Oppositevely, filtered datafeed will have bars which are shorter and have lesser wicks.

Price moves there more smoothly, like a river with coasts, not like an uncontrolled waterfall (unfiltered).

 

So scapling the abnormal spikes is not regarded by all brokers as fair and as such, profits made from these fluctuations may not be fully accounted.

 

As for candles formation "pin bar" which are Bullish Hummer candlestick or Bearish Shooting star candlestick, they're indeed

often a very good indication of preceeding trend reversal, but again, with unfiltered datafeed broker this formation height could well be easy identifiable, whilst when filtered its hegth would be less and you would not be such sure to trust this formation or not, you would see is as a normal with medium deviations bar (which looks like a normal pin bar on unfiltered datafeed).

[soundfx]

Re: Question about J16 pin bars

 

Hi Starting,

 

Thanks for the explanation - I know exactly what you're talking about now.

 

I don't know to what extent the data I use is filtered, all I know is that the pin bar formation has worked well for me on many occasions :)

[hermanhess]

Re: Question about J16 pin bars

 

after some detailed study i have come to the conclusion that J16 method has a distinctive edge but only the pin bars. I could not find any evidence of an edge in his other formations, there is nothing in inside and outside bars that i could personally find.

 

Problem is i find a distinctive edge in pin bars but only on daily charts, so there are very few signals. It will work but account growth will be slow at around 8% a month.

 

It would take 8-10 years to hit a million if u started with 1k, I dont think anyone has that kind of patience.

 

For large accounts say atleast 50k its great.

[soundfx]

Re: Question about J16 pin bars

 

Hi Herman,

 

For interest, here's a couple of e-books which use a pinbar trading method:

 

This one seems to have a good entry method:

 

http://www.4shared.com/file/214345829/c3c503d9/XXX_forex_trading_system1.html

 

I've not really looked at this one in any depth, the interesting stuff starts on page 19:

 

http://[email protected]/file/89378364/b5f68784/PipsOnFire.html

 

I've found 4H charts to be quite good, however I agree that Daily is probably the most reliable.

 

Pinbars can be traded on the lower level timeframes with an edge, down to around the 30M level, however it's wise to wait for the bar to close after the pinbar as a confirmation that the move in the previous direction has hit a peak or trough and is now changing direction.

[learningfx]

Re: Question about J16 pin bars

 

Hi soundfx,

 

This link,

 

http://[email protected]/file/89378364/b5f68784/PipsOnFire.html

 

Is gone, could you repost it.

 

BTW, this topics is interesting as my strategy also partially need to wait

for a pin-bar formation.

[soundfx]

Re: Question about J16 pin bars

 

Hi Learningfx,

 

I'm not sure what happened there :-/ . The link should have been:

 

http://www.4shared.com/file/214344268/658514f8/PipsOnFire1.html

[konorti]

Re: Question about J16 pin bars

 

www.easy0nlineincome.org/download/PipsOnFire.pdf

[soundfx]

Re: Question about J16 pin bars

 

Hey guys,

 

I've just spotted the thread by pasavento:

 

http://www.indo-investasi.com/viewtopic.php?f=40&t=2558

 

It's a scalping system based on pin bars and it looks as though it could be very effective.

 

Surely, this sort of simple system is the type of thing we should be considering writing an EA for to avoid spending all day waiting for setups.

 

I'm sure it would work better then most of the commercial EA's out there ;)

 

[edit] perhaps not...I've just seen the new message from plypun in the thread who mentions that the system gives lots of false signals.

[learningfx]

Re: Question about J16 pin bars

 

Hi,

 

Anyone of you have J16 indicators setting or template or manual to share

beside the pin bar documents that we can find in the ff.

 

Thank you

[flib]

Re: Question about J16 pin bars

 

This is an indicator that I have on my HDD but I can't say how good it is because I haven't really used it.

 

h**p://[email protected]/?eoigyuzttyr

[learningfx]

Re: Question about J16 pin bars

 

Hi flib

 

thank for the indicators. Hope someone using james16

can give advise & guidance here

[learningfx]

Hi soundfx,

 

Thank for the new link. There is lot of PA method, if only we can share

our experience and knowledge in one of the thread. It will be great.