Pin Bar System

[pocrel]

trade alert short cable now

16513 stop 16546

chart

 

[DDI]

missed it. definitely would have taken that one. good luck

 

[DDI]

got in on retrace

 

[Mata Nui]

16513 stop 16546

chart
View attachment 112980

Thats a pretty poor looking pin.

 

[pocrel]

Thats a pretty poor looking pin.

you are correct Mata Nui, but not everything is perfect in trading, the bar to me is very bearish, very negative looking, now if the close was any higher i would have left it

other factors that i took on board was its pretty much a double top from yesterdays high

and my indicator is rolling over too

the only concern i have is the 16500 round number area is a big support area and already its proving difficult to get past

 

[pocrel]

nearly shorted brent wish i had now

chart

 

[pocrel]

16513 stop 16546

chart
View attachment 112980

i am afraid i am closing cable for +0 again

there is major us news in 15min so i prefer to let that shake out i dont like gambling 🙂

so cable closed for +0


trades today

2 trades

both scratched +0

 

[geewcee]

slow day today...

 

[pocrel]

back watching, there is a long setup on the eurjpy but its already moved up its average daily range so i am only looking for shorts on this pair

 

[DDI]

I lost on cable..good job patrick for getting out and breakeven

 

[pocrel]

I lost on cable..good job patrick for getting out and breakeven

i thought you might have closed out too best to get out before major news, but you did get a nicer winner this morning so you should be flat like me if your position sizing is right?

 

[DDI]

i thought you might have closed out too best to get out before major news, but you did get a nicer winner this morning so you should be flat like me if your position sizing is right?

yup, lost 30 pips on cable and made 10 on usdjpy but cash wise am breakeven.

 

[pocrel]

how close was that on the s and p ?

the news would have kept us out anyway 👎

chart

 

[pocrel]

Hi Patrick. Thanks for sharing your system (as I've said before)! Apologies! Now I've checked, I see you don't trade USDCHF - although livecharts give the pivots. And you don't trade Brent? Yes I won't post trades outside your markets. Yes I won't post trades outside your trading times (830am to 430pm BST I believe). Yes I'll work out how to post charts. Regards, Chris.

Apologies to chris

just as you where stopped out the chf produced a great signal

so please feel free to add that to the list

chart

 

[pocrel]

losing patience here i was very close to shorting this bar on silver, not ideal but it would have been a very quick 75 points

anyway i think the market has left without us today

silver chart

 

[DDI]

missed that too! got my head so stuck in learning how to program so i could code this and my own strategy...so excited by the challenge and prospects.

 

[MajorDutch]

losing patience here i was very close to shorting this bar on silver, not ideal but it would have been a very quick 75 points

anyway i think the market has left without us today

silver chart
View attachment 113038

Hi pocrel. What was your rationale for not taking the silver pin, was it that the pivot went through the body not the nose? Would be interested to get your take on it.

Simon

 

[pocrel]

Hi pocrel. What was your rationale for not taking the silver pin, was it that the pivot went through the body not the nose? Would be interested to get your take on it.

Simon

hi simon,
well if you look back on the failed cable trade earlier the bar is exactly the same so maybe that played in my head also the major concern i had was we were very close to major support

if the pin had formed and was sitting on the support i would have thought we could get a lovely break to the downside which we did get, but was to concern of a bounce from this level anyway as it turned out it collapsed and what we have now is a break out pull back continuation pattern

without us 👎

oh also forgot to mention we where having a disccusion on the pivot levels been wrong today for gold and silver so if in doubt stay out

 

[pocrel]

thats me done for the day folks, back in the morning

2 trades

+0 full points

 

[MajorDutch]

hi simon,
well if you look back on the failed cable trade earlier the bar is exactly the same so maybe that played in my head also the major concern i had was we were very close to major support

if the pin had formed and was sitting on the support i would have thought we could get a lovely break to the downside which we did get, but was to concern of a bounce from this level anyway as it turned out it collapsed and what we have now is a break out pull back continuation pattern

without us 👎

oh also forgot to mention we where having a disccusion on the pivot levels been wrong today for gold and silver so if in doubt stay out

all good reasons to stay out. I am having problems with pivots which is a real pain as it helps to have a reliable indicator for backtesting. I am using livecharts pivots on the currencies only at present.