James16 Patterns Indicator
James16 Patterns Indicator For MT4 Download free. Trend reversal indicator. Support/resistance indicator.
Description
The James16 Patterns Indicator For MetaTrader is a forex trading tool designed based on James16 trading strategy. The strategy (James16) uses multiple price action patterns to spot a BUY opportunity when the market dips and a SELL opportunity in a rally.
The indicator would be of great help to newbie traders because it helps to automate and demystify the complexity of the James16 trading strategy. Besides, experienced traders can also save time by using the indicator. This technical indicator is also suitable for scalpers, day/intra-day, and swing traders.
James16 Patterns Indicator BUY/SELL Signals
The above screenshot shows how the James16 Patterns indicator would look on your MT4 chart. The type of price action patterns that the indicator displays are grouped into Non-directional (i.e. no trend direction), bullish and bearish patterns.
The bullish patterns consist of the Double Bar Low Higher Close (DBLHC), Double Bar High Lower Close (DBHLC), Two Matching High Bars (TMHTB), Bullish Pin Bars, and Bullish Outside Vertical Bar (BUOVB).
For bearish patterns, the indicator displays the Double Bar High Lower Close (DBHLC), Bearish Outside Vertical Bar (BEOVB), Double Bar High Lower Close (DBHLC), Bearish Pin Bars, and Two Matching Low Bars (TMLTB).
The idea is to open a BUY/SELL position after the James16 Pattern indicator prints a Bullish/Bearish pattern. For instance, the market is likely to move to the upside (BUY) after the indicator prints a DBLHC. Similarly, the price may move to the downside (SELL) after the indicator displays a BEOVB.
The ideal way of using the indicator is to pick a BUY/SELL setup that is displayed at pivotal levels like support/resistance and Fibonacci levels. In addition, you can also use price action in sync with the indicator for better trade entries. This is typified in the screenshot above which shows trade setups after the engulfing candlestick patterns.
Conclusion
The James16 Patterns indicator for MT4 helps you to easily identify all the tradable patterns associated with the James16 strategy. Finally, the indicator is free to download.