Forex "Pin" Bars

"Controlling Yourself"

Glenborrell said:
Vince/TD,

Once again some fantastic advice. I'm definitely taking it on board. However my inexperience does show through. One of the most difficult things i am having to overcome is myself. When presented with a possible opportunity the instinct is to go for it but i need to analyse it and be more patient.

A few weeks back I added another couple of columns into TD's spreadsheet with a final "Am i being patient enough?" the final box i need to tick before making the trade.

Now i just need to follow the great advice out there.

Cheers,

Glen
Click to expand...


Glen,

The best technique I've found in my 5 years of trading in terms of controlling my emotions is to:-

- open an amazon.com account (if you don't have one!); and

- use it to buy "Trading In The Zone" by Mark Douglas.

It's one of the best books I've ever read, period & is an absolute must in learning to control your emotions.

Pages 97-100 (I think) are where the real meat in it lies; however, the whole book from start to finish is a trading epiphany.

It's also highly recommended on ForexFactory (in the "Beginners' Section"

The guy is quite simply, a trading physcology guru.

Cheers Lad,
VS
 
A couple of daily pin bars to consider?
 

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eltrot1979 said:
Do you think its body is too large?
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It was looking that way earlier because of new lows for the day but the price has moved up now so looks a bit better. Of course that means the body is a little high so it is not a perfect looking Pin. It has touched resistance from end Jan beginning Feb so as long as it stays in the current channel we should see the price move down from here.

Anybody else got any opinions?
 
Last Friday I posted the chart for NZDUSD where the price was approaching a high made last july. The price eventually made new highs. Looking at the daily chart it seems support has formed in this area and a bullish pin bar is forming for today.

Will keep an eye on it and see how it looks at the end of the day.

Would like to hear others views on this one. What else does one look for when new highs are been made?
 

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shadowninja, also a good looking 4hr bar on eurusd now, tip balanced on the highs of 27th feb.

EDIT

I cancelled my order. eurusd is an expert trapper and this looks a bit trappish. It might not be but Ide rather step over 6 traps and one diamond that looks like a trap, than fall down a trap, especially if its got spikes in the bottom. Also it is weekend and I want to drink guiness's not negotiate traps, its been a long week ;)
 

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EURJPY daily pin

What do you think of this pin as a trade?

forms at bottom trendline - target fibs at 61.8 and 50.0%??

therefore entry @ 15737, SL@15611 with target around 15950 for an RR of 1.69.

Any comments much appreciated.......
 

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Feedback on Lovejoy's PinBar

Hiya,

Just passing through & said I'd give this a quick review.

Pros:

TA completed on the daily TF. This is a huge plus-point ie ALWAYS LET THE MARKET COME TO YOU.

So top marks for not dropping down to a lower TF & trying to force the trade.

R:R pre-defined; profit targets & stop-loss levels also outlined in advance.

So, you've planned the initial trade management well.

Cons:

I like to see the lower upward trend-line formed by hitting three distinct lows .
Now, some traders do play TLs using only "two" touchs; however, I believe that three unique touches gives the TL more credence.

As I only see two touches here, I'm not a huge fan of the lower TL. In addition, I like to see my pin-bars achieving exact confluence with S/R pivots or TLs - there's a couple of pips difference between the lower TL & the potential Pin-Bar.

Now onto the "potential" PB - I don't believe it occurs at a distinct swing low; it's nose also doesn't stick out far enough below the left eye. Are you trying to play this as an inside bar instead?

Finally, I pay more heed to the 38.2 & 61.8 fib levels; I tend to ignore the 23.6; the 23.6% fib also doesn't co-incide exactly with the lower TL.

So, all-in-all, it's a no from me.

I'm not trying to say you shouldn't take this trade - because everyone must use a system that works for themselves.

However, based on my own trading experience and understanding of T_D's method, personally, I'd pass.
 
VinceStanzione said:
Hiya,

Just passing through & said I'd give this a quick review.

Pros:

TA completed on the daily TF. This is a huge plus-point ie ALWAYS LET THE MARKET COME TO YOU.

So top marks for not dropping down to a lower TF & trying to force the trade.

R:R pre-defined; profit targets & stop-loss levels also outlined in advance.

So, you've planned the initial trade management well.

Cons:

I like to see the lower upward trend-line formed by hitting three distinct lows .
Now, some traders do play TLs using only "two" touchs; however, I believe that three unique touches gives the TL more credence.

As I only see two touches here, I'm not a huge fan of the lower TL. In addition, I like to see my pin-bars achieving exact confluence with S/R pivots or TLs - there's a couple of pips difference between the lower TL & the potential Pin-Bar.

Now onto the "potential" PB - I don't believe it occurs at a distinct swing low; it's nose also doesn't stick out far enough below the left eye. Are you trying to play this as an inside bar instead?

Finally, I pay more heed to the 38.2 & 61.8 fib levels; I tend to ignore the 23.6; the 23.6% fib also doesn't co-incide exactly with the lower TL.

So, all-in-all, it's a no from me.

I'm not trying to say you shouldn't take this trade - because everyone must use a system that works for themselves.

However, based on my own trading experience and understanding of T_D's method, personally, I'd pass.
Click to expand...

Thanks for the comments - very useful.

In particular the point about the swing low and the fact its actually an inside bar (dont know how I missed that!).

I know it defo not a perfect setup but I think the fact that it is an IB means indecision and the open and close very near the high does suggest there is a higher than 50% probability of a bullish rise on the next bar.
However, I appreciate and understand your comments as to why you would not trade it.

This thread has gone a bit quiet off late....
 
LOVEJOY80 said:
Thanks for the comments - very useful.

In particular the point about the swing low and the fact its actually an inside bar (dont know how I missed that!).

I know it defo not a perfect setup but I think the fact that it is an IB means indecision and the open and close very near the high does suggest there is a higher than 50% probability of a bullish rise on the next bar.
However, I appreciate and understand your comments as to why you would not trade it.

This thread has gone a bit quiet off late....
Click to expand...

I've highlighted a very important point in your above post.

To summarise: ONLY EVER RISK YOUR MONEY IF YOU HAVE A PERFECT SET-UP!!

Remember, even if a trader has a perfect set-up, there's still the chance (albeit small, if the trader believes in the quality of their high-prob entry edge) that the trade can lose..

As a corollarly, if there's even a small chance the perfect set-up can lose, why bother trading a less-than-perfect set-up, hence "forcing" a trade & putting your hard-earned trading capital at risk??

Analyse. WAIT. Execute...& Profit.

Hope you find this useful.

Happy Trading,

VS
 
LOVEJOY80 said:
I'm being thick...whats the YM?
Click to expand...

DJI Daily Futures Contract (maturity date in 3 months) - I think (I sometimes mix-up the underlying for futures contracts...)

Could possibly be the NASDAQ as the underlying asset.

In any event, ring your broker if you're stuck & wish to get on!!
 
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LOVEJOY80 said:
I'm being thick...whats the YM?
Click to expand...

YM is the mini-dow contract. It is $5 a tick. It is heavier traded than the standard ($10) and maxi ($25) contracts and is where most traders place their trades.

Interestingly, on my feed it is not quite a pin bar as the body isn't quite in the top third.
 
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