There is a lot of talk about price action setups (pin bars, dbhlc, dblhc etc) and how they are generally quite high probability trades. OK, i know some people think they dont work any more than most indicators but it is something a lot of traders are quite successful with.
I was wondering if anyone has had any luck using these methods on lower timeframes like 5 min charts. I was looking at the EUR/USD and GBP/USD 5 min charts for today and there seem to be a few pin bars (and 2 bar pins) with very good RR. Looks similar over the past few days. Even the not so good setups that i probably wouldnt take look good for an RR of 2:1 or 1:1.
Just wondering if anyone has tried it.
[Edit]
Also - if anyone has looked at TROs 'sweetspots' indicator (the lines at 25 points apart) these lines seem to act as SR lines. Most of the better pin bars etc seem to form on these lines (although his sweetspots strategy sucks)
I was wondering if anyone has had any luck using these methods on lower timeframes like 5 min charts. I was looking at the EUR/USD and GBP/USD 5 min charts for today and there seem to be a few pin bars (and 2 bar pins) with very good RR. Looks similar over the past few days. Even the not so good setups that i probably wouldnt take look good for an RR of 2:1 or 1:1.
Just wondering if anyone has tried it.
[Edit]
Also - if anyone has looked at TROs 'sweetspots' indicator (the lines at 25 points apart) these lines seem to act as SR lines. Most of the better pin bars etc seem to form on these lines (although his sweetspots strategy sucks)
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