What do you guys think about pin bars?

This is a discussion on What do you guys think about pin bars? within the First Steps forums, part of the Reception category; Personally I think anything time based leaves plenty of room for arbitrary thinking. A pin bar can be painted as ...

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Old Jul 19, 2012, 4:28pm   #8
 
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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.
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Old Jul 19, 2012, 4:40pm   #9
 
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Re: What do you guys think about pin bars?

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Originally Posted by kimo'sabby View Post
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.
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Old Jul 19, 2012, 4:43pm   #10
 
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Re: What do you guys think about pin bars?

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Originally Posted by forker View Post
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
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Old Jul 19, 2012, 4:44pm   #11
 
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Re: What do you guys think about pin bars?

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pure lulz. up there with baghdaddy 300% per trade.
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Old Jul 19, 2012, 4:47pm   #12
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Re: What do you guys think about pin bars?

ForexProdigee started this thread
Quote:
Originally Posted by forker View Post
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.
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Old Jul 19, 2012, 4:47pm   #13
 
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Originally Posted by justtrader View Post
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
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Old Jul 19, 2012, 4:50pm   #14
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Re: What do you guys think about pin bars?

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Originally Posted by ChocolateDigestive View Post
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.
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