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; Originally Posted by the hare pure lulz. up there with baghdaddy 300% per trade....

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Old Jul 19, 2012, 5:44pm   #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, 5:47pm   #12
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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.
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, 5:47pm   #13
 
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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, 5:50pm   #14
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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.
lol that's where I hope to be eventually. Need to keep gaining profits to open leverage like that.
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Old Jul 19, 2012, 5:51pm   #15
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Re: What do you guys think about pin bars?

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Originally Posted by justtrader View Post
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?
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Old Jul 19, 2012, 5:54pm   #16
 
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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.

I don't believe the OP claimed 300% per trade! or is aimimg for 300%
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Old Jul 19, 2012, 5:57pm   #17
 
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Re: What do you guys think about pin bars?

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Originally Posted by kimo'sabby View Post
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
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Old Jul 20, 2012, 3:07am   #18
 
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Re: What do you guys think about pin bars?

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Originally Posted by dan1986ccfc View Post
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.
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Old Jul 20, 2012, 7:53am   #19
 
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Re: What do you guys think about pin bars?

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Originally Posted by rsh01 View Post
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
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Old Jul 20, 2012, 7:55am   #20
 
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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
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Thanks! The following members like this post: justtrader , rathcoole_exile , Lord Flasheart
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