Forex "Pin" Bars

[Ljr]

13.00 pin bar forming on Cable. This is a good one folks but there is still 19 minutes until bar close.

TD any comments on this one! It looked good but didn't work out. Was this just one of those that went the wrong way?

 

[eltrot1979]

Visually the bar looks like it's a pin (I haven't checked it using the pinbar spreadsheet); however, I don't believe that the bottom of the nose occurs at a significant S/R pivot point.

Obviously, we can't see any fibs on this chart; the pinbar does look close to the previous major swing low, so confluence with the 23% level fib may be possibl.e

I'd need to see the other TF's to see if there's a potential entry there;

However, based on the chart you posted - it's a no for me.

Did you play it in the end??

No I didn't in the end. I checked the feed from my SB company and it didn't look the same as the NF feed - must be some after hours electronic trading or something which isn't shown on NF's feed. Looking at the NF chart this morning, if I had taken it it wouldn't have been triggered anyway.

 

[Nordtrader]

TD any comments on this one! It looked good but didn't work out. Was this just one of those that went the wrong way?

Hi Ljr,
I took this one too - looked like a reasonably valid. I put my stop just above the left eye, something TD recently mentioned he was trying out in a bid to tighten his stop size. This meant my risk was about 14 pips (incl. spread) rather than 30+ pips. I think this is just one of those that went the other way as you said. High probability of profit does still mean (an albeit low) probability of loss.
Cheers,
NT

 

[eltrot1979]

Hi,

Is any one else using charts from North Finance? My oil charts not updating any more - is that because it is March Futures and its almost March?! If so, how do I get April futures up on there? I can't see it in the symbol list.

Cheers

Rob

 

[Nordtrader]

Hi,

Is any one else using charts from North Finance? My oil charts not updating any more - is that because it is March Futures and its almost March?! If so, how do I get April futures up on there? I can't see it in the symbol list.

Cheers

Rob

Rob,
Right click on the heading 'Symbol' in your 'Marketwatch' window. Choose 'Symbols' from the menu list. Expand the 'Futures' list and you'll see '#CLJ8 (April 2008 Light, Sweet Crude...' Select this and click the 'Show' button.
This should sort it.
Cheers,
NT

 

[eltrot1979]

Rob,
Right click on the heading 'Symbol' in your 'Marketwatch' window. Choose 'Symbols' from the menu list. Expand the 'Futures' list and you'll see '#CLJ8 (April 2008 Light, Sweet Crude...' Select this and click the 'Show' button.
This should sort it.
Cheers,
NT

Nice one! Cheers

 

[eltrot1979]

Looks like a sweet pin bar might be forming on EURCHF hourly - confluence with Tue, Wed lows.

 

[Ljr]

Looks like a sweet pin bar might be forming on EURCHF hourly - confluence with Tue, Wed lows.

Yes I have been short on this since 16214 although got stopped out over night and got back in early this morning so lost out a bit but still made around 80 pips. I have now closed my position as I saw the reverse Pin forming so will keep my eye on it.

 

[eltrot1979]

Open an closed at same price. what do you call a candle with no body at all?!

 

[Nordtrader]

Open an closed at same price. what do you call a candle with no body at all?!

Not a perfect candle but is coming off S/R line. It has triggered so I'm long at 1.6116. Stop below left eye at 1.6101.

 

[eltrot1979]

Ditto, though I have my stop below the nose of the pin. There's a similar setup forming on GBPCHF hourly too.

 

[Ljr]

Not a perfect candle but is coming off S/R line. It has triggered so I'm long at 1.6116. Stop below left eye at 1.6101.

I'm in at 16113. Got my stop at 16087 which is below a Pin bar from 19 Feb.

 

[eltrot1979]

Ditto, though I have my stop below the nose of the pin. There's a similar setup forming on GBPCHF hourly too.

Spoke to soon - should have had my eye on the half hourly!

 

[Nordtrader]

I'm in at 16113. Got my stop at 16087 which is below a Pin bar from 19 Feb.

And I'm stopped out at 1.6101. This may yet turn out to be a good pin for those with a stop below the low...

 

[Ljr]

And I'm stopped out at 1.6101. This may yet turn out to be a good pin for those with a stop below the low...

I'm out too. Looks like it is still going south

 

[eltrot1979]

I really need to start working harder at picking out good pin bars instead of just trading the first ones I see, both of those two CHF ones I picked out have lost royally! Fortunately I managed to get out break even on EURCHF and resisted the temptation of entering GBPCHF on the M30

 

[Crap Buddist]

dont know if its a pin bar but GBPJPY should kick ass off 210.00 for the next few hours ? Anticipate some phat up norf. bloody fridays, do my nut in..

good luck everyone.

 

[trader_dante]

S&P 1hr is a good bullish pin.

 

[panache]

S&P 1hr is a good bullish pin.

Hi T_D

I'm using MT4 but cannot see a pin on my S&P 1hr chart?! Could you please explain?

 

[TheTick]

H I've made quite a few profitable trades in the FTSE using this method. Infact, using Etrade to test, I didn't find ONE pin bar on daily TF in several years that has actually failed. Even the weak ones.

Tom

Hi T_D,

I got some help from some of the other guys (thanks DBPhoenix and Lightning McQueen) to show me how to upload charts, so here is the daily FTSE pin I mentioned. I'd really appreciate your opinion on it and whether you would have taken the trade.

I'm keeping a journal of the trades I see since the start of the year to get an idea of the frequency of trades, risk levels and an idea of how I might have managed the trades. So far, very promising with the exception of the FTSE. Maybe I'm just seeing something wrong or that isn't there.

Thanks for your guidance - much appreciated.