Pin Bar System

[davechilde]

Was also tempted by USD/JPY, but although a pin and clearly breaching S1, the close looks a little positive and PA is already close to the low of the week so far and not far from the all time low, so I fear there could be a bounce first, if indeed it is going to push lower.

 

[splashy]

gbpusd long

dollar index just had another poke out of the channel and gave up again so if it heads south gbpusd should go north...

 

[Gelly]

dollar index just had another poke out of the channel and gave up again so if it heads south gbpusd should go north...

Hi Splashy, this is how I saw it..

 

[Gelly]

Hi Splashy, this is how I saw it..

Didn't take this, with news coming up.

 

[davechilde]

I missed USD/CHF, just touched S1 already, although may not have taken it as R/R not ideal.

(Apologies by the way, I can't post screen shots, as I reply to this forum from my office PC, which won't run my MT4 platform, so my trading is done via a small laptop at the side of my desk with a mobile broadband dongle)

 

[splashy]

Didn't take this, with news coming up.

...

lol. actually, i didn't end up taking it either but mainly because i didn't like the previous bar...and also becasue eurgbp and eurusd all had identical pins which was a weird correlation for me...

 

[Gelly]

...

lol. actually, i didn't end up taking it either but mainly because i didn't like the previous bar...and also becasue eurgbp and eurusd all had identical pins which was a weird correlation for me...

Right decision

 

[davechilde]

Took +40 on GBY/JPY, but only countered the -40 on cable

 

[Gelly]

Long pin on Brent

 

[splashy]

I knew my trendline would come in handy...any takers?

 

[Gelly]

Long pin on Brent

Finally some profit. Off for the rest of the day.

 

[pocrel]

Afternoon, just popped in to catch up and see everyone was busy this morning, i think it was a mistake to take a trade on gbpusd if you had this morning to much news events to blow you out of the water but there was a fine setup on audusd



and not sure where the pivot levels are on the s and p today but a lovely setup coming into the open, breakout pullback continuation pattern



enjoy the afternoons trading i am off to the pub :cheesy:

 

[pocrel]

morning, looking to get long cable if the pin bar finishes like it is now, but need to be out before retail sales

 

[pocrel]

morning, looking to get long cable if the pin bar finishes like it is now, but need to be out before retail sales

 

[pocrel]

going to cancel my order on cable now due to retails sales at 930

my bias is to be short the dollar this morning so looking or long entries

 

[pocrel]

dollar index giving clues

 

[pocrel]

going to cancel my order on cable now due to retails sales at 930

my bias is to be short the dollar this morning so looking or long entries

ahh cable made a nice little jump up before the numbers shame it did take off 30 mins ago

 

[Gelly]

Morning Pocrel. I looked at this eur setup at 7am (although broken 2 bars later). However would value your opinion as to validity - pin didn't quite reach pivot either. What do you think? (S1 incorrect).

 

[pocrel]

Morning Pocrel. I looked at this eur setup at 7am (although broken 2 bars later). However would value your opinion as to validity - pin didn't quite reach pivot either. What do you think? (S1 incorrect).

Morning gelly, i think the setup is good, i was tempted to take the trigger bar myself but only spotted it after the event and it had a nice little run up

i think once we have tested the pivot level which we had done and we get a reaction then the likely hood of price pushing pass the pivot on the next attempt is very likely

we need to treat these pivot levels as areas were we are just watching for price action so if its sitting a little below or a little above i think you still need to seriously consider the trade

the reason why we use pin bars is they are easy to see and if you find one around the pivot level then you can analysis price action and make a decision based on all that is going on on the chart and not just is it a pin bar or is 1 pip below the pivot etc

hope that makes sense

 

[pocrel]

the R and R put me off on the DAX but everyone should be spotting these setups by now

powerful move