Pin Bar System

[pozzyp]

the closing price is along way away from the opening price

as with this pin if you are been picky i would prefer to see the close much closer to the open within a few pips,

now if the pin was the other way around and the close was above the open i would see that as a very positive close to the pin and and a very valid pin to trade

this is me been fussy and if you wan to trade every pin then thats fine to as i am sure you would have to do in an automated EA

A valid point mate, 👍

 

[brettus]

the closing price is along way away from the opening price

as with this pin if you are been picky i would prefer to see the close much closer to the open within a few pips,

now if the pin was the other way around and the close was above the open i would see that as a very positive close to the pin and and a very valid pin to trade

this is me been fussy and if you wan to trade every pin then thats fine to as i am sure you would have to do in an automated EA

Thanks mate. I like your style. Pocrel is definitely a special geezer...

 

[pocrel]

But usually when price falls the bars are red. I don't get it mate. Please explain.

this is not always the case, yes price falls and the bars are red but i think for me if this is the case then price may keep falling, perhaps there is not enough support buying around that level and we get a weak bounce

but imagine if there is great demand at that level you will get a positive pin (blue bar or what ever colour you use for a positive bar)

price opens moves down and a nice bounce back up to either the open area or past it that is a great sign, a positive pin bar

 

[brettus]

this is not always the case, yes price falls and the bars are red but i think for me if this is the case then price may keep falling, perhaps there is not enough support buying around that level and we get a weak bounce

but imagine if there is great demand at that level you will get a positive pin (blue bar or what ever colour you use for a positive bar)

price opens moves down and a nice bounce back up to either the open area or past it that is a great sign, a positive pin bar

I should have a go at fading the negative pinbars, with a stop above the high.

 

[DDI]

guys audusd looking interesting now

 

[pozzyp]

guys audusd looking interesting now

Agree DDi im getting involved!

 

[pocrel]

guys audusd looking interesting now

trade alert: will be long audusd from 10379 stop 10360

 

[pocrel]

trade alert: will be long audusd from 10379 stop 10360

chart

and a great example of a positive pin bar

 

[mags_g]

Aud/usd >>>

 

[pocrel]

Aud/usd >>>

looking at your chart mags it looks like your pin got broken already?

i have 3 brokers and they only got within 2 points of the pins top so i do not have an entry

are you in this trade?

 

[pocrel]

chart

and a great example of a positive pin bar
View attachment 109036

ok two 30 min bars have past and no break of the pin so

order cancelled to go long audusd

 

[pocrel]

going to have a break for a few hours

trades: 1

points : +10.5 full points

 

[mags_g]

looking at your chart mags it looks like your pin got broken already?

i have 3 brokers and they only got within 2 points of the pins top so i do not have an entry

are you in this trade?

Hi Pocrel, not yet, waiting for 1 point above the top of my signal pin which is 103775 on the 30 minute chart with CityIndex. I probably won't take it though as I have to pop out.

 

[MajorDutch]

I certainly favour the pin bars in ranging markets and with trend trending markets only. Taking a pin bar against a strong trend isn't a great trade in my book.

 

[DDI]

guys was the last bar formed on cable a pin?

 

[DDI]

doesnt matter now as its low was just broken!

 

[pocrel]

no pin on cable DDI and i disagree with sh5467 statement when every one else is buying sometimes its better to be a seller

 

[MajorDutch]

no pin on cable DDI and i disagree with sh5467 statement when every one else is buying sometimes its better to be a seller

Hi Patrick,

I should have mentioned that my dislike of trading against the trend is down to losing around £5k in the last 2 years mainly trading counter trend. It is difficult for this to not steer my judgement going forward. I am certainly not saying your system doesn't work for counter trend trades.

I am not saying I don't want to be a buyer when everyone else is selling. All pin bars are reversals in price on that time frame. I just prefer to take reversals (pinbars) which are re-entries into longer t/f trends.

 

[brettus]

Hi Patrick,

I should have mentioned that my dislike of trading against the trend is down to losing around £5k in the last 2 years mainly trading counter trend. It is difficult for this to not steer my judgement going forward. I am certainly not saying your system doesn't work for counter trend trades.

I am not saying I don't want to be a buyer when everyone else is selling. All pin bars are reversals in price on that time frame. I just prefer to take reversals (pinbars) which are re-entries into longer t/f trends.

What were you trading £1 a point?

 

[Gas in exile]

Potential setup on Brent crude?