Pin Bar System

[pocrel]

long euro

 

[pocrel]

long euro

chart

 

[DDI]

Hi Pocrel,

is this a valid set up for gbpjpy?

 

[pocrel]

Hi Pocrel,

is this a valid set up for gbpjpy?

hi DDI, the pin looks fine to me, but because the pin was not broken upwards in the next two 30min bars then that invalidates it for me

we want to see some momentum after the pin ideally the next bar

 

[pocrel]

chart
View attachment 107892

out of euro for +15

seems to be struggling

and i am struggling to stay awake jet lag kicking in

 

[martinm2]

Took a decent pin there in the 5m shorting EUR/USD

Good Pin (A-) and decent divergence.

 

[cristiano]

Martin, I think pocrel is looking solely at the 30m timeframe.

 

[pocrel]

trade alert long oil

 

[pocrel]

trade alert long oil

chart

 

[pocrel]

chart
View attachment 107908

closed oil trade +28 full position

 

[pocrel]

closed oil trade +28 full position

oil chart

came it support, 1 to 1 r/r level i took a crap exit

 

[pocrel]

people might be wondering why i am not taking this AUDUSD long



well the green line indicates the area close to the all time high so i dont really want to be a buyer around those levels there is not much room to these levels and there is a good chance the aud will reverse here

it cant been seen on the chart but if you zoom out you will see it

always good to have one eye on whats going on

 

[martinm2]

some trade mate.

reall sharp shoot on oil there.

 

[pocrel]

missed trade

eur/usd

chart

 

[pocrel]

missed trade

eurjpy

lots of clues on the chart here we are going long

chart

 

[Pi3141]

Arrh no! Im long that AUS/USD trade... Didn't see the resistance line above. It's going ok-ish so far, +8-10pts. I'll stick with the trade though, if it reverses then I'll learn from it.

Thanks for pointing out why you didn't enter the trade btw, I'll keep an eye out for the bigger picture in future

Pi

 

[pocrel]

Arrh no! Im long that AUS/USD trade... Didn't see the resistance line above. It's going ok-ish so far, +8-10pts. I'll stick with the trade though, if it reverses then I'll learn from it.

Thanks for pointing out why you didn't enter the trade btw, I'll keep an eye out for the bigger picture in future

Pi

Good man Pi3141,

the trade still looks good and could go along way, normally i would be in but just concerned about those levels

make sure you take a bit off at 1 to 1 and good luck with the rest

 

[pocrel]

Missed trade

ftse


chart



looks like a great trade, i would not have taken it a we have moved the average daily range already so i find it best to stay out when we get to those levels

 

[Pi3141]

Thanks Pocrel,

Now that you mention it, I noticed that you sometimes take half a position off the table so that your trades will become free trades (because if the trade reverses to you SL it will B/E). Is there any particular reason why you choose to do this? Personal (psychological) preference perhaps? or have you back tested this MM method and its shown to be the most profitable? Because some people argue that scaling out of positions doesn't beat exiting a full position, I just wondered what your thoughts were on the matter.

Btw, for anyone wanting to backtest this system manually on Mt4, you can d/l this pivot indicator and it will plot the pivot lines for the previous days. Note that there may be some differences in the pivot levels due to (I think) differences in your brokers times (whether its + or - GMT).

 

[pocrel]

Thanks Pocrel,

Now that you mention it, I noticed that you sometimes take half a position off the table so that your trades will become free trades (because if the trade reverses to you SL it will B/E). Is there any particular reason why you choose to do this? Personal (psychological) preference perhaps? or have you back tested this MM method and its shown to be the most profitable? Because some people argue that scaling out of positions doesn't beat exiting a full position, I just wondered what your thoughts were on the matter.

Btw, for anyone wanting to backtest this system manually on Mt4, you can d/l this pivot indicator and it will plot the pivot lines for the previous days. Note that there may be some differences in the pivot levels due to (I think) differences in your brokers times (whether its + or - GMT).

As for scaling out, this is a personal preference, it is always nice to get a free trade on the table it takes the pressure off

as for the system you will obviously get different result with different exit levels but there is nothing wrong with running the whole position to the pivot points and both work really well


I look a bit stupid now on my advice on the AUD oh master Pi :clap:

well done great trade