Forex "Pin" Bars

[LOVEJOY80]

I like this post for two reasons:-

Firstly, it shows the power on inside bars.

Now, I'm not sure if the inside bar satisfies the strict criteria (because I haven't tested it against them!); however, it signals a significant short movement & the potential pip profit that goes with that.

Stop management would have been critical however wrt to this inside bar. Price is whipsawing significantly on the subsequent bars; following a "move the stop in conjuction with each subsequent bar until break-downwards occurs" type of trade management would probably the trade stopped-out.

Secondly, a pin bar (again, I haven't checked it cf. the checker spreadsheet) forms at the bottom of the swing downwards where you have your trend line; and a nice rebound trade upwards would then be on.

Good Analysis.

VS

Yes in fact you would have had to move your stop loss upwards with the rising trend line otherwise you would have been stopped out by the bar before the pin bar.....this would require balls of steel and I know for a fact I would have just accepted the loss.

I missed both trends as was going through the Martin Pring tutorial on price patterns - thats how I learned about inside bars, outside bar etc...then lo and behold I find a nice set up has just occurred! I'm off for 6 months on garden leave so am spending the time learning as much as I can and hopefully make a bit of money in the process.

there is a pin bar on the NZDJPY daily (sep future), havent analysed fully but the overall trend looks bullish on all time frames and the pin suggests bearish trade.

 

[VinceStanzione]

Cheers Lovejoy - hope the gardening leave turns out to be profitable (you in the antiques business?!?....)

On a more general note, I think this thread is beginning to prove useful; ie it shows that there's a huge number of pins out there in the MT4 charts.

Whether or not each pin is a strong or weak bar is obviously subject to the analysis of each one using T_D's strategy.

However, opportunities to take on PBs seem to arising frequently on a variety of markets; if us traders can accuarately pin down S/R, fibs, problem/target areas & trade management using T_D's techniques, I see no reason why we all can't make a few quid.

Cheers,
VS

 

[shortorlong]

12pm pinbar on USDCHF .. I don't like it .. but then I didn't like the 10am pinbar on AUDUSD

 

[shortorlong]

12pm pinbar on USDCHF .. I don't like it .. but then I didn't like the 10am pinbar on AUDUSD

well good .. it has been invalidated quickly and did not offer an entry price

 

[shortorlong]

1pm pins on EURJPY, USDCHF, UK100, German30 and US30. none of them are perfect and all of them are bullish .. hmm .. let's see

 

[LOVEJOY80]

1pm pins on EURJPY, USDCHF, UK100, German30 and US30. none of them are perfect and all of them are bullish .. hmm .. let's see

Also one on the hourly NZD/JPY....

 

[shortorlong]

1pm pins on EURJPY, USDCHF, UK100, German30 and US30. none of them are perfect and all of them are bullish .. hmm .. let's see

update:
EURJPY offered 38 points max after a 30 point draw down .. technicallly this pin is still in play
USDCHF never triggered either way .. technically still in play
UK100 offered 18 points max after a 27 point draw down .. technically still in play
German30 offered 9 max after a 59 point draw down .. technically still in play
US30 offered 20 points max after a 55 point draw down -- now invalidated .. had I traded it and not taken the meagre points offered, then left it to stop out at the low of the pin it would have cost 60 points.

so there were a few points to be had on EURJPY but the rest no good. The draw down on the EURJPY would likley have hit my stop.

overall I would have profited nicely had I sold the break of the top of the pins .. I wonder if there is strategy based around that somewhere

edit: I should point out that I did not evaluate these pins very thoroughly .. I only looked at similar pins on one or two of the instrument which turned out to be good pins.

 

[shortorlong]

Also one on the hourly NZD/JPY....

NZD/JPY offered 23 points after a 22 point draw down .. technically till in play

 

[shortorlong]

GBPUSD 8am pin still in play
EURGPD 9am pin still in play
USDJPY 9am pin still in play

 

[shortorlong]

10am bearish pin on the UK100 triggered (at 1 point below the low) now in draw down

 

[shortorlong]

GBPUSD 8am pin still in play
EURGPD 9am pin still in play
USDJPY 9am pin still in play

GBPUSD invalidated no trigger
EURGBP triggered at 7506 (cmc prices) currently -1 has been -9
USDJPY triggered at 10810 currently -12 has been -17

edit: I think people will be confused by those strange instruments EURGPD and EURGBD .. of course I meant EURGBP

 

[shortorlong]

10am bearish pin on the UK100 triggered (at 1 point below the low) now in draw down

well this one was a loser .. aprox -28 points . it was a nice looking pin I thought .. rejecting Monday's high .. but you can't win them all I suppose .. we could have limited the damage by bailing out on the first break of the high of any subsequent candle . marked by the black line ... see attached

That same principle would have taken us out of the previous pinbar trade on Friday .. ..(circled in red) .. if we held onto that it would have been a cracker ..

 

[shortorlong]

NZD/JPY offered 23 points after a 22 point draw down .. technically till in play

this one is +100 and still going .. it also came very close to being stopped out on Friday
(1pm pin Friday ... well spotted LOVEJOY80 )

 

[LOVEJOY80]

this one is +100 and still going .. it also came very close to being stopped out on Friday
(1pm pin Friday ... well spotted LOVEJOY80 )

Thanks - I exited out of it on friday though

 

[shortorlong]

8am bullish pin on the uk100 - not yet triggered

 

[LOVEJOY80]

Pin bar on 4H EUR/USD

 

[LOVEJOY80]

Pin bar on 4H EUR/USD

chart below....

 

[LOVEJOY80]

chart below....

pin bar (bearish) forming on NZDJPY 1H at resistance level....daily chart looks bearish - price just off falling trend line

 

[Ljr]

21h00 Pin bar forming on Gold?

 

[trader_dante]

21h00 Pin bar forming on Gold?

I wouldn't short Gold. I doubt whether a 1hr pin bar can stem the sharp move up.

Gold has broken out of the recent consolidation phase and is at new all time highs.

Better to wait for a possible retest of the breakout.