Pin Bar System

Should Pocrel trade the "pin bar system" live again


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Afternoon, and big thank you for anyone who voted for me for "Best Journal"

cheers for that

BE a slow start for me this year but here is the first trade

long eurgbp at 8249 stop 8238

chart

eurgbp.gif


target 1 is 8259
 
Afternoon, and big thank you for anyone who voted for me for "Best Journal"

cheers for that

BE a slow start for me this year but here is the first trade

long eurgbp at 8249 stop 8238

chart

View attachment 127308


target 1 is 8259

well I have given it 2 hours and eurgbp has gone nowhere so I will scratch it for 0

what a dull start

portfolio balance remains : £10250
 
pocrel

Thanks for this thread. It looks like the sort of strategy that appeals to me,simple but profitable. I have read 31 pages to date and intend to start demoing after I have read more. Where can I get the indicator shown in all your charts in Indicator Window 1
Wishing you good health and good luck for the new year.

here is the indicator Victor

View attachment #(T_S_R)-Daily Range Calculator .ex4

View attachment #(T_S_R)-Daily Range Calculator .mq4

happy trading
 
very interesting levels on the s and p, I just need a bar pattern to short it

s and p.gif
 
Afternoon, and big thank you for anyone who voted for me for "Best Journal"

cheers for that

BE a slow start for me this year but here is the first trade

long eurgbp at 8249 stop 8238

chart

View attachment 127308


target 1 is 8259

let me try and help you out here. your initial target was 8259. See attached chart. I have drawn in your target with orange line. Now once that pin broke it was very likely that price would go to the lows of the bar, 4 bars earlier (marked in blue) and it would have been wise to take action when price reached there. By action I mean take full profit/partial profit/do something. on the positive side at least you got our for b/e and didn't let price go all the way back down the pin that would have been criminal.
 

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let me try and help you out here. your initial target was 8259. See attached chart. I have drawn in your target with orange line. Now once that pin broke it was very likely that price would go to the lows of the bar, 4 bars earlier (marked in blue) and it would have been wise to take action when price reached there. By action I mean take full profit/partial profit/do something. on the positive side at least you got our for b/e and didn't let price go all the way back down the pin that would have been criminal.

Not sure what your helping me with Dutch but thanks for your input
 
Not sure what your helping me with Dutch but thanks for your input

Trading into overhead resistance - the Orange line - a typical problem area hence Dutch's advice to be cautious/get out.:smart
 
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Trading into overhead resistance - the Orange line - a typical problem area hence Dutch's advice to be cautious/get out.:smart:

blue area was first trouble area and a place where price was likely to stall before pushing through or pulling back. orange line was pocrels original target.
 
blue area was first trouble area and a place where price was likely to stall before pushing through or pulling back. orange line was pocrels original target.

Sorry - Blue line (slappamaface):)

Hmm...on second thoughts I think we're both right (treat both lines as containing a problem area/band):)
 
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There is resistance up there but I feel my target was conservative enough that price could get back up there, I think Dutch's resistance area is a bit low

Price is making higher high's and now higher low's also we have support around the .8238 level

Anyway trade has been scratched so not a big deal

No other trades on the cards so will call it a day and head to the gym
 
There is resistance up there but I feel my target was conservative enough that price could get back up there, I think Dutch's resistance area is a bit low

Price is making higher high's and now higher low's also we have support around the .8238 level

Anyway trade has been scratched so not a big deal

No other trades on the cards so will call it a day and head to the gym

the blue area I marked was what I call a 'first trouble area' this is the level at which price is likely to stall while the market decides what it is going to do. I wouldn't call it resistance per se as that would be misleading. Price may or may not go on to break through the blue level however at the very least I would expect it to react there and hang around a bit.
 
Not sure what your helping me with Dutch but thanks for your input

Not a very good response imo. Someone si trying to give you a reason why one of your trades failed. If you're not interested in why your trades fail and how to avoid them, then you've got no chance. All imo of course.
 
Not a very good response imo. Someone si trying to give you a reason why one of your trades failed. If you're not interested in why your trades fail and how to avoid them, then you've got no chance. All imo of course.

It's ok dude to be fair I have wound porcel up in the past about turning vendor. The guy sounds a good egg. He probably thought I was on the wind up again but I wasn't. A while back in the thread I was advising the edge was too small if any with pivots so I was going to illustrate why, but I don't know if I can be ar5ed. A year from now the demo account could be up 20% or down 20%. As strange as it may seem -20% would be the better result as that way a bigger blow up would be avoided in the future. One can only drop so many hints. Read some Taleb.
 
Not a very good response imo. Someone si trying to give you a reason why one of your trades failed. If you're not interested in why your trades fail and how to avoid them, then you've got no chance. All imo of course.

I thought that Dutch was trying to wind me up today so I did not bite to much so thats why I did nt give him a deserving response

And as for the trade it did not fail, I cut it for 0

but if I had let it run then it would have reached target 1

but as Dutch did point out I could have perhaps saved myself alot of draw down if I had watched for the resistance area above but sometimes you dont see everything when your in the heat of the battle (with my demo account as Dutch calls it :D)

eurgbp

eurgbp.gif
 
Pocrel,

Ignore the haters. They are flocking to the thread as per the usual on t2w.

All the best,
 
Perfect example of this method on the 30min chart for EUR/JPY today. Pin bar developed at 8:30am and hit the target of S1 by 10am.

Brilliant.
 
Sorry been away skiing in Switzerland so been neglecting the journal and now travelling in Asia till end of the month so not ideal for my trading but I will be posting even if its the dead of the night when I get a chance in the coming week

Currently up 2.5% after 25 trades, still to small a sample for any real analysis but at least we are not down
 
Evening from Sydney, watching the forex markets for signals, perhaps a pull back in euro dollar for a long is the only thing on the cards at the moment very little else going on for the system
 
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