Pin Bar System

[pocrel]

Interesting thread. Would you this take pin on oil to go short if the the current 30 minute closes around where it is or lower? (My charts delayed by 15 mins.)

hi isatrader,

this is a hard call to me the candle does not look right but i could be wrong the open is on the half way line of the bar i would like to see it a little bit lower if that makes sense

its not easy to describe and everyone will have to make up there mind on these bars and it s a judgement call and my call on that is if in "doubt stay out" there will be plenty more clearer setups

 

[pocrel]

hi isatrader,

this is a hard call to me the candle does not look right but i could be wrong the open is on the half way line of the bar i would like to see it a little bit lower if that makes sense

its not easy to describe and everyone will have to make up there mind on these bars and it s a judgement call and my call on that is if in "doubt stay out" there will be plenty more clearer setups

here is the oil setup isatrader is talking about (lets see what happens)


does nt look right on the candlestick chart

but looks a little better on the bar chart


let me know what other people think of the bars, its an education for us all :smart:

 

[pocrel]

here is the oil setup isatrader is talking about (lets see what happens)
View attachment 108052

does nt look right on the candlestick chart

but looks a little better on the bar chart
View attachment 108054

let me know what other people think of the bars, its an education for us all :smart:

sorry guys i was looking at completely the wrong chart wti and ws they were next to each other on my screen, sorry posted the WS chart

sorry forget about that but it is an example of a ? bar

 

[pocrel]

Interesting thread. Would you this take pin on oil to go short if the the current 30 minute closes around where it is or lower? (My charts delayed by 15 mins.)

there is no setup on the oil chart isatrader

 

[isatrader]

there is no setup on the oil chart isatrader

Thanks for looking at it. I went on to my live SB charts after I posted the delayed ADVFN futures chart and it looked completely different with no pin.

 

[Splitlink]

Closed my FT short at 1333- 5887.8 +17.7

Thanks for the thread Pocrel. I, probably, would not have seen that one otherwise.

What it will do this afternoon, I don't know, which is why I took profits.

Have a good afternoon and weekend, everyone.

Split

 

[pocrel]

Well i cant find anything to trade and i have learned not to give up your weekly profits on a friday, so i will call it a day

Days total: 3 trades

+12.5 full points


Weekly total : 9 trades

+56.5 full points profit


not to bad as could nt trade most of the week

will be trading monday to wednesday next week

any questions i will be around

have a great weekend its nice here in london for once

 

[brewski1984]

The pivot lines drawn by that mt4 indicator are slightly different to what's on the Livecharts.co.uk website, how much difference does that make?

 

[pocrel]

The pivot lines drawn by that mt4 indicator are slightly different to what's on the Livecharts.co.uk website, how much difference does that make?

yes brewski, you find any automatic indicator will give slightly different pivot levels, this is because different brokers run on different times so the EA is taken your brokers times for closing of the currency pair, now forex does not have a close time but if it did then you are looking for the US close bout 9pm, it is always good to check a couple of brokers and even livechart.co.uk, so that you have an overall average price to gauge

the forex market normally goes pretty quiet after 9pm uk time so there is never to much difference between the pivot prices maybe a few pips

this is why i always go with the livecharts.co.uk as a reference for my pivot points, just check quickly before taking a trade that your lines are at least an average between your livecharts and your broker

its not an exact science so you have to do a little bit of checking before entering the trade

hope that makes sense

 

[tomorton]

Hi pocrel - I see this system is working pretty well and I have always regardded pin bars as a pattern worth looking for.

However, I increasingly these days have problems with lines on charts that are calculated or derived from price - sloping trend lines, MAs and pivots fall into this category for me, and I am very sceptical about them. You are filtering your pins by requiring them to breach one of your calculated pivot or R/S levels, and looking to use a subsequent calculated level as target / stop. Whilst they may be good reference levels to gauge the 'energy' of a particular pin and manage the position to profitability, I assume the price levels they are located at are not significant in themselves. So any reference levels would do equally well? What about, say, simple horizontal lines drawn every 20 or 30 pips?

 

[Splitlink]

Hi pocrel - 3 I assume the price levels they are located at are not significant in themselves. So any reference levels would do equally well? What about, say, simple horizontal lines drawn every 20 or 30 pips?

If I might put my tuppence in, Tom, because I never have thought too much of horizintal lines, in themselves, either. However, all lines and averages have significance to the user mainly because he has backtested them and is working on a percentage of wnners against losers. So, I believe that you are right. Before this thread I never used pivot points but, on the other hand, I have had a preference for averages for many years.

To be frank, I don't believe that it matters much what you use, as long as it has a workable porcentage of success over a given period of time and one stays with it. If one does not have a specified level to use as an entry what is one going to use? We, then, come down to a haphazard entry rule and that is hit or miss that we cannot explain to anyone, not even ourselves.

You, yourself, use the 1000 hours high and low for entry on Big Ben which confounds me because of the random use of the stop distance between high and low plus a reversal if breached but, there, again, I admit that I do not go into the research that you do.You have my sincere respect for that. and I am sure that there is a good reason for what you do.

Have you read Black Swan's "The Coke Bottle Trader" (Mar25 1248 pm)? The guy kept his losses small because, then, he would not get ridiculed, provided he won more than he lost- That is the main secret of successful trading.

 

[tomorton]

Cheers Split - I had assumed that Pivot, R1, S1 etc. were random in the sense that their actual values were irrelevant, but their relative values would be a useful guide, e.g. in the same way that a round number can be significant on a chart but actually means nothing in terms of value of the underlying instrument. This is encouraging, I can find my own relative value levels on which to base a variation of this strategy.

(As for Big Ben, that system has moved on (though ironically in a somewhat backwards direction towards the original model as used on the GBP/USD) - using the 0800-0900 time range and a fixed points target and stop. Do have a look - it's been only just OK so far but with Libya and Japan making the market so jittery I am just happy to be making any money at all.)

 

[isatrader]

I think the Pivot point, R1, S1 etc would have relevance on products that have a lot of day traders like indexes mainly because a lot of traders are looking at them as potential support and resistance. They might not mean anything, but like Fibonacci levels, if traders use them then they have relevance if that makes sense.

 

[Splitlink]

I think the Pivot point, R1, S1 etc would have relevance on products that have a lot of day traders like indexes mainly because a lot of traders are looking at them as potential support and resistance. They might not mean anything, but like Fibonacci levels, if traders use them then they have relevance if that makes sense.

I'm leaving poor Pocrel's thread at this point, just in case it goes OT. . I'll be back tomorrow, though, strictly for business!

 

[pocrel]

morning all, hope everyone had a good weekend ? lines are drawn and ready for some action

 

[pocrel]

Hi pocrel - I see this system is working pretty well and I have always regardded pin bars as a pattern worth looking for.

However, I increasingly these days have problems with lines on charts that are calculated or derived from price - sloping trend lines, MAs and pivots fall into this category for me, and I am very sceptical about them. You are filtering your pins by requiring them to breach one of your calculated pivot or R/S levels, and looking to use a subsequent calculated level as target / stop. Whilst they may be good reference levels to gauge the 'energy' of a particular pin and manage the position to profitability, I assume the price levels they are located at are not significant in themselves. So any reference levels would do equally well? What about, say, simple horizontal lines drawn every 20 or 30 pips?

some serious debate between you guys over the weekend

i dont think i have much else to add, i will stick to trading the setups and see how important the levels are, Thanks tomoton, splitlink and isatrader for your input

 

[pocrel]

trade alert ftse short

 

[Splitlink]

trade alert ftse short

I spotted that, but is it a pin? I have not entered. My definition is that it must close inside the shadow of the previous bar.

 

[pocrel]

trade alert ftse short

short is on

but ranges very tight on this

chart

 

[Splitlink]

It's behaved itself, so far, though.