Pin Bar System

Should Pocrel trade the "pin bar system" live again

  • Total voters
    24
  • Poll closed .
geewcee said:
Looks like my pivots are miles out on Gold,Silver and all the Indices. Didnt see the gold trade even though I looked!
Anyone any idea why some days the IG Index pivots are the same as Livecharts and then other days they are miles out?
Click to expand...
coz IG pivots are based on 24hrs, even when the actual futures exchange is closed. They are ok with fx though as the market is also open 24 hrs.

ignore ig for indices in particular. On gold and silver am not too sure on livecharts numbers. They've been wrong before. I prefer this site that patrick introduced a while ago.

http://www.oilngold.com/data/charts/pivot-points-summary-200808241260/
 
Looking at my trading journal some days the pivots have been fine. The forex pivots are ok today.
Probably best to manually add them each day, although its a bit laborious on IGs charts to do that.
Need to switch to MT4 platform!
 
geewcee said:
Looking at my trading journal some days the pivots have been fine. The forex pivots are ok today.
Probably best to manually add them each day, although its a bit laborious on IGs charts to do that.
Need to switch to MT4 platform!
Click to expand...
I definitely recommend it as with MT4 (or tradestation) you can learn to code your strategy, backtest and finally put it on autotrade.

Cant do that with IG's IT-finance.
 

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geewcee said:
Wouldnt class that as a pin really.
Click to expand...

Thats why i asked for the chart, i couldnt see anything tradable. Looks like it might go a bit though. I would get my stop to BE ASAP with that one. I dont mind coming out at 0 but i would kick myself if i lost anything on a bar like that.
 
pins occur off pivots because people trade them for reversals...so why not just sell or buy the pivot and get in on the move early ??
 
Mata Nui said:
Thats why i asked for the chart, i couldnt see anything tradable. Looks like it might go a bit though. I would get my stop to BE ASAP with that one. I dont mind coming out at 0 but i would kick myself if i lost anything on a bar like that.
Click to expand...

out for +22 at next pivot. powering away south now.
 
advfntrader said:
pins occur off pivots because people trade them for reversals...so why not just sell or buy the pivot and get in on the move early ??
Click to expand...

yes price often turns at pivots however if you study the price action you will see that price often hangs around at pivots also, this is a period of indecision where the market is deciding which way to go. If you traded exactly at the pivot you would get chopped to bits. By trading the pin bar you are waiting for confirmation of price moving away from the pivot hence the high hit rate.

why dont you try 100 trades off the pivot and report back, i bet you will be down big time.
 
Lunch time grind, will have some lunch and a run

2 trades this morning

+5.5 full points

disappointed i took profit early on euro but glad i did nt take gold trade now

looks like monday was the big one but i am sure we will get many more, at least we did nt loose any points

be back for the us open
 
ouch how did we miss it. It was a double pin and indicators very supportive. :-(
 
pocrel said:
trade alert cac long but i missed the entry lets see if it comes back a bit
Click to expand...

I managed to place it but the price gapped to the next bar with my broker so only got in at 4093.8.😛

was there a cheeky little pin on the DAX also?
 
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