What do you guys think about pin bars?

[ForexProdigee]

I have been off and on with my trading since I started, trying out countless strategies hoping one would be effective at a high rate. After watching a seminar about MTFA, I have only been trading pin bar setups on the daily, 4hr, and hourly. To my surprise, I haven't lost a trade yet. I'm glad it's working but I was curious, what other candlesticks patterns do you guys trade with generally good consistency? I believe if I can make 20 pips a day (100 pips a week), I can turn my measly $75 micro account into $1000 in a couple months or so.

 

[the hare]

I can turn my measly $75 micro account into $1000 in a couple months or so.

 

[dan1986ccfc]

I have been off and on with my trading since I started, trying out countless strategies hoping one would be effective at a high rate. After watching a seminar about MTFA, I have only been trading pin bar setups on the daily, 4hr, and hourly. To my surprise, I haven't lost a trade yet. I'm glad it's working but I was curious, what other candlesticks patterns do you guys trade with generally good consistency? I believe if I can make 20 pips a day (100 pips a week), I can turn my measly $75 micro account into $1000 in a couple months or so.

From what I know about pin bars they don't occur that frequently. How would you make your 20 pips a day?

 

[ForexProdigee]

I totally understand that $75 is an extremely small account size but it'll be good if I can turn it into $150. 100% increase. I'm already up 23% in today. Pin bars surprisingly show up a lot from what im seeing. Out of the 10-15 pairs I trade, there's usually 2-3 every couple hours. Buyers and sellers move the market so finding a pin bar on most pairs should result in profits. Hourly and 4hr signals are fairly strong.

 

[justtrader]

ForexProdigee,
I agree with you, Pin bars are great I use them all the time what i do is look for pin bars or reversal candles around major support/resistance points.
I am impressed that you can watch 10-15 pairs I only trade 2 pairs which is enough to give me 20 points a day and headache!
Talking about reversal candles take a look at the 1 hr and 4 hr on aud/usd.

 

[kimo'sabby]

I have been off and on with my trading since I started, trying out countless strategies hoping one would be effective at a high rate. After watching a seminar about MTFA, I have only been trading pin bar setups on the daily, 4hr, and hourly. To my surprise, I haven't lost a trade yet. I'm glad it's working but I was curious, what other candlesticks patterns do you guys trade with generally good consistency? I believe if I can make 20 pips a day (100 pips a week), I can turn my measly $75 micro account into $1000 in a couple months or so.

Pin bars are brilliant, and i'm not joking. Small print: It's all about how the individual uses them.

Make of that what you will.

 

[ForexProdigee]

ForexProdigee,
I agree with you, Pin bars are great I use them all the time what i do is look for pin bars or reversal candles around major support/resistance points.
I am impressed that you can watch 10-15 pairs I only trade 2 pairs which is enough to give me 20 points a day and headache!
Talking about reversal candles take a look at the 1 hr and 4 hr on aud/usd.

lol i don't actually watch 10-15 pairs. since the good pins bars are formed on the 4hr and some hourly I scroll through them occasionally. Most of them generally run for at least 15 pips. Open two lots on it and you just made your 20 pip goal. Easy.

 

[forker]

Personally I think anything time based leaves plenty of room for arbitrary thinking. A pin bar can be painted as a result of news but doesn't necessarily mean a reversal. People trading candle formations need to be aware that the period threshold is a new bar and this leaves plenty of opportunity for false positives, regardless of the levels at play.

 

[justtrader]

Pin bars are brilliant, and i'm not joking. Small print: It's all about how the individual uses them.

Make of that what you will.

yes Kimo'sabby, good point !
To take a practical example look at the aud/usd
Nice doji formed at 12 gmt by a major resistance, I had sold earlier as stated on the live thread.

Ideal entry wait for pin bar to form at support/res , wait for test of high of pin bar and sell/buy, having a decent stop loss so it will give you a chance to get out when it retracts if it goes against you.

 

[justtrader]

Personally I think anything time based leaves plenty of room for arbitrary thinking. A pin bar can be painted as a result of news but doesn't necessarily mean a reversal. People trading candle formations need to be aware that the period threshold is a new bar and this leaves plenty of opportunity for false positives, regardless of the levels at play.

Best way to deal with that is try not to be in a trade at least a hour before and after news

 

[ChocolateDigestive]

pure lulz. up there with baghdaddy 300% per trade.

 

[ForexProdigee]

Personally I think anything time based leaves plenty of room for arbitrary thinking. A pin bar can be painted as a result of news but doesn't necessarily mean a reversal. People trading candle formations need to be aware that the period threshold is a new bar and this leaves plenty of opportunity for false positives, regardless of the levels at play.

Absolutely. I always have my dailyFX calendar up, showing me major news releases so I'm never caught up in volitile swings. I'm enjoying the pin bar setups but it's the only strategy in repertoire. I already feel the need to branch out after a day of this.

 

[forker]

Best way to deal with that is try not to be in a trade at least a hour before and after news

That's not enough to circumvent the problem

 

[ForexProdigee]

pure lulz. up there with baghdaddy 300% per trade.

lol that's where I hope to be eventually. Need to keep gaining profits to open leverage like that.

 

[kimo'sabby]

yes Kimo'sabby, good point !
To take a practical example look at the aud/usd
Nice doji formed at 12 gmt by a major resistance, I had sold earlier as stated on the live thread.

Ideal entry wait for pin bar to form at support/res , wait for test of high of pin bar and sell/buy, having a decent stop loss so it will give you a chance to get out when it retracts if it goes against you.

Pinbars are not the problem, pinbars work

People start second-guessing the market, instead of taking what's on offer. That is a very human characteristic.

Thinking that we are cleverer than the market. How crazy/dumb is that?

 

[justtrader]

pure lulz. up there with baghdaddy 300% per trade.

I don't believe the OP claimed 300% per trade! or is aimimg for 300%

 

[justtrader]

Pinbars are not the problem, pinbars work

People start second-guessing the market, instead of taking what's on offer. That is a very human characteristic.

Thinking that we are cleverer than the market. How crazy/dumb is that?

Wise words Kim'sabby

 

[rsh01]

From what I know about pin bars they don't occur that frequently. How would you make your 20 pips a day?

They occur very frequently on the M1 chart.

But then again its probably not a pin bar on another t/f, and therein lies the issue.

 

[justtrader]

They occur very frequently on the M1 chart.

But then again its probably not a pin bar on another t/f, and therein lies the issue.

No trade should be based on M1 analysis.
M1 should only be used to pinpoint entry

 

[forker]

Monday to Friday you wakeup, get dressed, and drive to work at 6am. Most days you arrive at work on time however some days you are stopped by almost every traffic light and arrive 10 minutes late. Does this mean you woke up late? Does it mean you will arrive late tomorrow?

However silly this example may be, it highlights one thing, time. Every hour, on the hour an hourly candle will close and a new one open. Does a pin bar reflect anything other than the close of a candle? The candle itself isn't important it merely reflects an hours trading. So what is important then? I'll give you a hint, the level and context of price. If you understand this, you won't need pin bars because you will be in the trade long before any pin bar trader ever will be. There is more to price than just candles grasshopper