Pin Bar System

Should Pocrel trade the "pin bar system" live again

  • Total voters
    24
  • Poll closed .
pocrel said:
good trade brewski1984, nice pin bar, turned out to be a loser shame
Click to expand...

I didn't take the trade, mainly as I was heading out for a darts match not long after. I wasn't sure if it would be valid as price had already fluctuated around that line for 3 bars as well as it would have been a buy into a possible resistance of 12400. Do you take those things into consideration?
 
brewski1984 said:
I didn't take the trade, mainly as I was heading out for a darts match not long after. I wasn't sure if it would be valid as price had already fluctuated around that line for 3 bars as well as it would have been a buy into a possible resistance of 12400. Do you take those things into consideration?
Click to expand...

i do take support and resistance into consideration and for me that pin was bullish, a double bottom on the 30min chart and it looks like it had a bit of room to move up, r and r very good, it was worth a shot

but darts is always better :cheesy: (brewskii the power 1984?)perhaps
 
I took the eurjpy trade and came out 12220ish, ignored usdjpy as r:r wasnt good; took as pass on eurgbp as trend was too bullish...missed the audusd as it looked greatl

there was also a brent short (same chart I posted earlier with my questions). It would have been gut wrenching for those that took it as it hit the high of pin and then crashed. I had actually missed the short trigger but took the long (option 3 in my last post) and got stopped.
 
DDI said:
I took the eurjpy trade and came out 12220ish, ignored usdjpy as r:r wasnt good; took as pass on eurgbp as trend was too bullish...missed the audusd as it looked greatl

there was also a brent short (same chart I posted earlier with my questions). It would have been gut wrenching for those that took it as it hit the high of pin and then crashed. I had actually missed the short trigger but took the long (option 3 in my last post) and got stopped.
Click to expand...

mixed day for you soo, great exit on the eurjpy nearly 2 to 1

my r and r on the usdjpy was fine, and aussie was a beauty

as for eurgbp i would have got half off so it would have been a breakeven trade for 0

as for brent our charts are way off again

here is mine:
brent.gif

might keep you out of trouble if you check smartlive feed too

well done mate your spoting the trades well just need to watch the feeds 👍
 
I think our brent charts are representing different months. mine is June. yours?
 
DDI said:
I think our brent charts are representing different months. mine is June. yours?
Click to expand...

ah mine is MAY same for WTI, you need to do the nearest contract (MAY is the one) until the contract is near expire then we move to the front end contact
 
pocrel said:
There seems to be alot about different feed prices especially from the IG charts, brett and lewis have you anything to add on this, what did your charts look like Lewis for that Brent trade? and how does your charts compare to mine?

i find ig prices out a little on the advanced charts
Click to expand...

Think you are always going to get difference in prices feeds especially with companies like IG index and other spread bet firms because you are just trading a synthetic. It’s their representation of the market not the market itself which is why they will skew prices to fit their book (or to be ********s and tip you in a trade or stop you out) Brett will know more about this than me as he works for a brokerage.
I think the main discrepancy here though is the actual pivots points themselves. I have tried several indicators on different platforms and price feeds as well as several different websites and they all seem to produce different values for the day’s pivots particularly when relating to FX. I think this is due to session times. Pivots use close and opening prices so naturally if the brokers session times are different e.g one starts at 9 and the other at 10 then the prices going into the pivot calculation are different. Futures will have a set open and close time which is why I think that you have been having more success there (I might be wrong) but it looks like that’s where the value trades are coming from.

Done a little more backtesting and am finding that the value is more in the pin bar than the pivot itself. For price to reach “s1 or S2”(wherever they may be) it has to have made a downward move so a pin bar is a good indication of this move failing and or of a pullback occurring. The same applies for a move upwards.


Just my view but seems like youre smashing it up so whatever feed and pivot your using would stick with it 👍
 
Morning, lines are drawn and will be looking for trades from 830, see can we get a bit volume in the market
 
trade alert will short the ftse if we break low of pin, i have check this bar on a couple of feeds and it looks good to trade
 
missed trade,what a tight trade bar a bit small but worth a shot with r/r

brent
brent.gif
 
pozzyp said:
Think you are always going to get difference in prices feeds especially with companies like IG index and other spread bet firms because you are just trading a synthetic. It’s their representation of the market not the market itself which is why they will skew prices to fit their book (or to be ********s and tip you in a trade or stop you out) Brett will know more about this than me as he works for a brokerage.
I think the main discrepancy here though is the actual pivots points themselves. I have tried several indicators on different platforms and price feeds as well as several different websites and they all seem to produce different values for the day’s pivots particularly when relating to FX. I think this is due to session times. Pivots use close and opening prices so naturally if the brokers session times are different e.g one starts at 9 and the other at 10 then the prices going into the pivot calculation are different. Futures will have a set open and close time which is why I think that you have been having more success there (I might be wrong) but it looks like that’s where the value trades are coming from.

Done a little more backtesting and am finding that the value is more in the pin bar than the pivot itself. For price to reach “s1 or S2”(wherever they may be) it has to have made a downward move so a pin bar is a good indication of this move failing and or of a pullback occurring. The same applies for a move upwards.


Just my view but seems like youre smashing it up so whatever feed and pivot your using would stick with it 👍
Click to expand...


cheers bud for the response,

the reason why i like the pivot levels on livecharts is no one on here can go well my level is different and i cant fiddle the levels to suit me, people can use the auto pivot levels and then just tweek them to match livecharts

as for using the right broker thats more complex, but please use the nearest contract if trading futures
 
pls ignore..at 9:29 it looked like a pin (hammer), it must have crashed last min due to numbers..apologies
 
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