Pin Bar System

Should Pocrel trade the "pin bar system" live again

  • Total voters
    24
  • Poll closed .
pocrel said:
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
Click to expand...
Yes sure does, thanks for advice. Looking at a little pin on silver now.
 

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Gelly said:
Yes sure does, thanks for advice. Looking at a little pin on silver now.
Click to expand...

for me gelly that is an easy trade to pass on, if you look at the preceding bar one is a large red the next is a large green both equal in size so i am getting no sense of direction (i have no bias to were we are going next)

so i am not going to play a little pin against the long term trend, that would be suicide, hold back and let the market tip its hand there will be far better chances to get short or long silver
 
Last edited:
if you did not have pivots you would be short this now purely on price action, nice clear setup, perhaps remove pivots if you find they are getting in the way of your setups, the pivots should only be used to attract our attention to the chart

but the pivots give us an idea were the market might head to next and perhaps stall and we can estimate risk reward from this which are what we really need to be successful in this game

brent.gif
 
take care Gelly, i need to shoot out for a while back later

morning round up

no trades


back in a few hours
 
pocrel said:
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
Click to expand...


And your pin is rather high up inside the left hand bar:)
 
its funny how a trading day pans out, you can look back on a chart and see these beautiful setups and yet i never took any very frustrated but what can you do, nothing lost nothing gained

0 trades for the day

back in the morning
 
morning, the sell off continues this morning, lets hope we can get in on a move today
 
splashy said:
What would you use as your stop for this trade pocrel? Still the bottom of the pin -1?
Click to expand...

yes my stop is there, shame about the reversal not what i am looking for, if we drop below 16469 then i will cut the trade
 
I think i am going to give the chart analysis and just buy GOLD from now on, i would be rich after just 2 days :)
 
Decided that i am finished for the week, dont like to give back profits on a friday afternoon especially after this violent week

weekly round up:

3 trades
2 scratch trades

+63.5 full points

back monday have a great weekend and thanks to everyone who have contributed
 
pocrel said:
Monthly round up of live points made:

Week 10: 25 trades +14

week 11: 7 trades +147.5

week 12: 15 trades -123 (gold pivots wrong)

week 13: 5 trades +77.5

week 14: 1 trades +10 (working most of week)

week 15: 10 trades +47


Trades: 63 Total Points: +173
Click to expand...


I forgot to do my monthly round up last month due to holidays but here it is :


Week 16: 11 trades +47

Week 17: 16 trades +10

Week 18: 12 trades -89

Week 19: 3 trades +9

Week 20: 7 trades +79

Week 21: holidays

Week 22: holidays

Week 23: half week holidays and 2 trades +1.5

Week 24: 2 trades -45

Week 25: 5 trades +58

Week 26: 3 trades +63.5


Total Trades : 61 Total points +134
 
Morning hope everyone had a nice weekend, the dollar looking weak this morning so looking to get long against it
 
Good work pocrel, like the summary. May I ask, do you normalise your trades to a given £ total, so that every trade of the same type incurs the same risk in £, regardless of pips? I always do do this but I get the feeling I am on my own.

I couldn't see anything yet on 1hr or 4hr time frames myself so far today but will take another loook at midday.
 
tomorton said:
Good work pocrel, like the summary. May I ask, do you normalise your trades to a given £ total, so that every trade of the same type incurs the same risk in £, regardless of pips? I always do do this but I get the feeling I am on my own.

I couldn't see anything yet on 1hr or 4hr time frames myself so far today but will take another loook at midday.
Click to expand...

thanks tomorton, as an example, every trade i will be risking 1.5% of my account so if my stop is 50 points away i still risk the same as if my stop was 30 points away

i found since reporting my results it is easier for me to just put a simple summary as my average stop is about 25 points so over all there is not much in it if i am to do a % increase or decrease

i shall be doing a more details p and l in the future but just not yet
 
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