Forex "Pin" Bars

[counter_violent]

My trouble with pin bars is the subjective naturew of definging a pin bar .
There surely comes a point at which it is a pin bar, and with a 1 pip smaller wick on the top or bottom of the candle, it is not a pin-bar.
Pin-bars are therefore easy to cherry-pick in hindsight, conveniently ignoring the inconvenient failing bars/candles when posting a historical chart that may also have been defined as pin-bars.

Well these 1 ticks here and there don't dissapear....they are just somewhere else....somewhere else in time/ a differnet candle perhaps...so if this is the case...we don't even need perfect pinbars in a fixed division of time...as long as the exhaustion that a pinbar is...is meaningful...and even more importantly, if a trade position is entered.....is the trade going according to expectation ?....if not, we should bin it...plain and simple.

cv

 

[lurkerlurker]

I am looking at three daily pins tomorrow:

Nasdaq 100
Sugar (London) March
Carbon Emissions Dec 08

None of them are perfect but will certainly make it into my portfolio to watch intraday.

Interesting. I wouldn't bother with carbon if I were you though - what sort of market is that - and I'm sure it has a spread of 2x the ADR!

 

[trader_dante]

Interesting. I wouldn't bother with carbon if I were you though - what sort of market is that - and I'm sure it has a spread of 2x the ADR!

The spread is a little large in relation to the ADR but then again EVERY daily pin bar in the last seven months has been very profitable...

 

[Nordtrader]

Pin bar 1hr USDJPY - short trigger at 109.55 - not hit yet

 

[Nordtrader]

Pin bar 1hr USDJPY - short trigger at 109.55 - not hit yet

This pin just triggered - I have gone short at 109.54

 

[shortorlong]

This pin just triggered - I have gone short at 109.54

good luck .. looks like it might be good for 20 to 30 points looking at the previous one .. but I can't join in .. gotta go out ..

 

[shadowninja]

EUR/USD 1H pin. Bit close to news, though. And 14700 support.

 

[Nordtrader]

This pin just triggered - I have gone short at 109.54

Exited at breakeven due to appearance at 12:00 of pin(ish) bar in opposite direction.

 

[bansir]

eur-chf 5 min pin

Here's a nice one, it's on 5min though...still, has a good feel to me.

Tail dips down into pivot line + fib. level.
Quick post-- see you later!

Cheers all,
Neil

 

[trader_dante]

Exited at breakeven due to appearance at 12:00 of pin(ish) bar in opposite direction.

You can't be happy now...

 

[Nordtrader]

You can't be happy now...

Nope! Fear got the better of me.

 

[bansir]

Here's a nice one, it's on 5min though...still, has a good feel to me.

Tail dips down into pivot line + fib. level.
Quick post-- see you later!

Cheers all,
Neil

Stopped out, guess Lurker has a point!

Best regards,
Neil

 

[TheGoose]

But would you have called it a high probability setup in the first place??
Is it a fibonacci or S/R level??

 

[bansir]

post mortem

But would you have called it a high probability setup in the first place??
Is it a fibonacci or S/R level??

Hi TheGoose,
Good question.....
Well, it did have a pivot line support on the red line and the fib. level was there (50%) I think on the blue dotted line. So dunno, just didn't work this time.
Ah well that's trading for you

Take a look at the chart and shoot it to pieces!

Best Regards,
Neil

 

[TheGoose]

Bansir,
Sorry to see the trade didn't work out. I was actually referring to Nordtrader's call on the JPY/USD

it went lower so he was onside, and Trade Dante said that he couldn't be happy as he cut the trade

Saw the pin, but didn't really think it was a level of any kind. Feel free to disagree

Ian

 

[bansir]

Bansir,
Sorry to see the trade didn't work out. I was actually referring to Nordtrader's call on the JPY/USD

it went lower so he was onside, and Trade Dante said that he couldn't be happy as he cut the trade

Saw the pin, but didn't really think it was a level of any kind. Feel free to disagree

Ian

Ok Ian, sorry for the misunderstanding.
Wish I'd gone with this one instead. Alas, no confluence.

 

[Nordtrader]

Bansir,
Sorry to see the trade didn't work out. I was actually referring to Nordtrader's call on the JPY/USD

it went lower so he was onside, and Trade Dante said that he couldn't be happy as he cut the trade

Saw the pin, but didn't really think it was a level of any kind. Feel free to disagree

Ian

Ian,

Sorry, I also thought you were referring to Bansir's trade. My reasoning for taking the short on USDJPY was that the pin bar more or less touched off an S/R zone in the 109.82 area. I am having problems identifying the S/R lines - the thing is that by the time I have looked at the daily and 1hr, I usually have too many lines rendering the chart fairly meaningless. So in this case, where I could see a clear S/R line, I decided to take the trade. I was however worried about the ascending trendline below and this is probably why I was so easily spooked into getting out a breakeven.

I'm hoping my problem with 'reading' the S/R on the chart will improve with more practise and experience and indeed I have already learnt a lot besides that from TD's thread.

Good trading to you,
NT

 

[shortorlong]

Ian,

Sorry, I also thought you were referring to Bansir's trade. My reasoning for taking the short on USDJPY was that the pin bar more or less touched off an S/R zone in the 109.82 area. I am having problems identifying the S/R lines - the thing is that by the time I have looked at the daily and 1hr, I usually have too many lines rendering the chart fairly meaningless. So in this case, where I could see a clear S/R line, I decided to take the trade. I was however worried about the ascending trendline below and this is probably why I was so easily spooked into getting out a breakeven.

I'm hoping my problem with 'reading' the S/R on the chart will improve with more practise and experience and indeed I have already learnt a lot besides that from TD's thread.

Good trading to you,
NT

it was a good call, and live on the thread
shame is didn't work out .. but there's always another one somewhere .. it's out there people

 

[lurkerlurker]

EUR/GBP Bullish Daily

Missed the entry into this by 6 pips or so (and 15 seconds). I was just checking my charts this morning and saw it. That will teach me not to check for daily bars the previous night. I have a limit order to get me in, but it won't be filled.

Perhaps for the best since I don't want a GBP pos tomorrow!

 

[trader_dante]

Eur/JPy - 1hr Bearish

I still feel like the top is going to blow off this after the serious erosion that price is causing to that strong resistance.

But now we get a perfect looking bearish pin bar setup.

It fits the criteria but take it at your own risk!

The main reason I'm not going too is the feeling that a break high is imminent and a long order that I still have in for a break of the daily pin bar a few days back.

Good luck to you all!

Tom