You can See that I was stopped out one time where I got a false long signal. But it was a very small pin bar so I am not sure if I need at all to treat it as a pin bar. In addition, because the pin bar was small, it was a lose of 38 pips only. It works well here as well. Would you think we could do something similar with this? Does 25 pips sound reasonable? I know we'll be missing out on some profit at the beginning but it reduces risk on some of these trades especially where the risk is about pips or more.
Once price looks like it's definitely moving your way, you add to your position you can either scale out the profits or just close everything at your next target point. This thread will be the continuing thread of the james16 pin bar analysis conversation which started on Phil's thread, in respect to Phil and his own method. If any moderator sees this post, please move posts number from this thread: In respect to Phil and his method, I have opened a separated thread about the J16 PB analysis to keep this thread focused only on Phil's method only.
I did not find any moderator, so if there is one which is viewing this thread, please move posts number to this thread: James16 is a great guy, he has a large thread on another forum in case you don't know. It's huge but worth the read. You asked a question on the other thread about pivot points.
PPZ and pivot points are slightly different. If there is a strong trend up or down they will often be ignored. You need to remember that every time a new candle opens the old pivot points become useless and you need to draw the new updated ones.
Think of them as the possible high or low points for the trading session you're in, they won't always work but often do. You can get indicators for mt4 and maybe some other platforms that will automatically draw them on your chart and automatically update them using one of the most popular formulas. I only use the monthly pivot points as I only trade daily candles so the daily means nothing and the weekly is only valid for 5 days.
It's up to you if you use them or not but I find they often add a layer of information that comes in handy. I have already scanned trough the guest area on the J16 group site, and all the likes in the first post of Jim's thread in FF as well. It is really good stuff there, and experienced traders post there as well.
But it's a bit too long. I will need to take it step by step. I appreciate your explanation about PPZ and Pivot points. I have several indicators of Pivot points for MT4 which I have found on the internet. But here is my question If I trade the daily chart, what kind of pivot point time frame will be the best? The monthly, weekly or daily? And Lets say I take the monthly, so I still need to update it every day, or every month? Quite dumb questions, but I will appreciate an answer.
That was in my answer. On a daily chart just use the monthly as the daily won't tell you anything and the weekly will change every five days and is of limited use.
The monthly pivot points are only updated once a month from the newly closed candle. These pivot points are good for the whole month. With the j16 thing I would suggest you just follow phils method. He knows what he is talking about on the 4H charts and his method is very similar to j These days all of the best info is in the j16 paysite which may or may not be worth the money depending on your view. As has been posted, price action at significant support and resistance levels is the basis of most successful traders methods.
Any other bits around it are just one interpretation of the same thing. For J16, in the meantime I do not need the paid forum I will see maybe in the future. I also think you are right about Phil's method. The real difference is in the trading style TF, focusing on specific tolls etc.
I feel it is harsh to say that all the best stuffs are on the private forum. All the info are also covered on the free forum. If we really take the time to study the free forum, you really dun need the paid forum. By the way I feel this is also a place for us to post james16 price actions setups and discuss how to trade them and see how we apply trade them. Sorry for opening it like that. You can look into the post in the thread I have linked in the main post - John had explained the guidelines of the method in there.
Google "james16 group" to fund their site and also check their thread in the FF forum. I guess you know better from me where is the valuable material is based. But where do you start when you have a 2. I have gone through all the links in the main post there.
One of the purposes of this thread is to try and summarize that huge thread and do our analysis together so we can learn from each other. Yes it's all in there somewhere! I've heard that the private forum is a slimmed down version of the public thread with all the best information. Also there are more videos and stuff too?
You can learn the system from the public forum though. If you have not been in the private forum than how do you know to make sucha remark. The fact is maybe I wasted my money with the pf coz everything is right there in the public forum. I personally prefer candles myself and it won't take you long to train your eyes to read the bars like candles and you can still use your candles if that is your preferred charting. Hi John, today I have continued my tour in the J16 guest area.
Till now I had finished going through all the posts and videos there accept of a few of Jim's. I must say I really like Mike's videos. There are very clear and helpful. Sounds like a great guy! But I must point something I found. If there is no space, there is no trade for him. I did not see him trading a sideways market. He never waits for space. I have seen a couple of trades he said he would took on the weekly chart which I would never even think about.
It's like he knows every single pip move of the next bar. I guess that is the key of success in this business. But there are two weird things here On one hand Jim states that "there is ZERO chance to succeed in this business if you can't trade in a sideways market", and on the other hand Mike always seeks for space in his trades? On the other hand I can see him predicting every move of the market like he draws it I will say that Mike looks a bit more picker from Jim.
By the way, after all these videos today, there was a point in one of Jim's videos that I was telling my self in my head what he is going to tell next about the move of the market, and I was right. I guess I am starting to "get it": In addition, now I can say I completely understand and it is easier for me identifying PPZ on charts. John, Thanks a lot for the "poster" new PDF. I still didn't open it. It is now time for me to catch a nap.
Hopefully I will read it when I wake up. I will be very glad getting a link please. Hi Ben, Mike and Jim all trade price action setups. Mike will refuse to commit his money to any setups that are less than A.
I agree with you Mike is more picker than Jim. As you can see different traders apply price actions setups according to their own preferences. Well I know enough people who have paid for the service and are happy enough with it and others who have just used the public forum and are happy with that. Is it not true to say that you get access to MORE videos and different stuff in the private forum? I agree with you completely about Jim, he is completely selfless in his motivation to help others.
My point with the sentence you quoted is that if you can get everything you need in the public forum then the private forum may or may not be worth the money depending on whether you want the contents tidied up for you or if you want to go right through the public thread to find the best bits.
I certainly wasn't being derogatory towards James16 or anyone else, without him and other traders sharing their experience and knowledge we'd all be worse off. Thanks Ray for the explanation.More...