rebeljedi wrote:Hi Shelley,

Thanks a lot for sharing your knowledge. It makes James16 more digestible! I also tried looking into James16 sometime ago and it's a humongous amount of pages to make sense of! Kudos to you!
Found a helpful indicator and Steve suggested I post it in your thread.

Found this James16 patterns indicator in FF which does preliminary scans for the following:
Bearish patterns: DBHLC, BEOVB, TMHTB
Bullish patterns: DBLHC, BUOVB, TMHTB
Inside Bars

It also identifies Pinbars but it needs to be more accurate. It needs to be able to identify a valid swing pattern and/or the Pinbar needs to be part of a Pinocchio formation.

By the way, I am no James16 expert.

fxozgirl wrote:
Thanks RJ, I will attach the indicator to a chart and take a look, re: the pinbar is that your opinion or is
that what the originator of the indicator says?
Have you been watching it yourself? Do you think the indicator is accurate?

Cheers

rebeljedi wrote:

fxozgirl wrote:
Thanks RJ, I will attach the indicator to a chart and take a look, re: the pinbar is that your opinion or is
that what the originator of the indicator says?
Have you been watching it yourself? Do you think the indicator is accurate?

Cheers

Hi Shelley,

re: Pinbar statement above, this is my opinion. This indicator does basic identification of any pinbar it can find; it does not have sufficient coding to differentiate more accurately like identifying a Pinocchio bar (please see attached picture of James16 explanation of what qualifies as a Pinocchio bar).

The indicator does what it is programmed - that is, identify basic patterns without taking into consideration the placement of the bars. It gets us started instead of having to squint our eyes and zoom in or use data window to check if the daily bars qualify for some trading opportunities. I stress that we need to take note of the placement of the patterns. For instance, a Pinbar caught in a congested area / range is not a high quality trade opportunity. High quality BUVOB should be found near swings lows, and vice versa for high quality BEOVB.
So far, I have not seen any identification of TMLTB/TMHTB yet, these may be quite rare since different criminals have different spreads and bid prices at the same time.

SteveHopwood wrote:Shelley, I have watched the EA perform much better recently on my demo than it did at firs, which is very good news.

If you would care to define a Pinocchio pattern, I will add this to the EA.

fxozgirl wrote:TML = Two or more Matching Lows

TMH = Two or more Matching Highs

At least 2 consecutive candle Highs/Lows must be within 2 pips of each other.
Price must break low in the next candle after 2 consecutive lows for a signal to enter trade in the direction of the trend

eg. 2 consecutive candles form with the same low, price continues to move down and breaks the low of the previous 2 candle's, sell trade is triggered on the break

opposite for matching highs

James16 notes the more consecutive matching highs/lows the stronger the trade will be if the break occurs
James16 also says this is a trend continuation trade, trend needs to be determined first, then take trade

fxozgirl wrote:GBPCAD - BOVB & DBLHC

There are 2 trade setups on this chart, first trade BOVB...

Sell trade taken at 1.57272, price moved +98 pips
FIBS: price didn't retrace to the fib, so no trade would have been taken

2nd trade DBLHC...

Buy trade taken at 1.56984, price moved + 197 pips
FIBS: price didn't retrace back to the fib, so no trade taken

gbpcad_bovb&dblhc001.gif