What do you guys think about pin bars?

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Old Jul 19, 2012, 2:54pm   #1
Joined Jul 2012
Thumbs up What do you guys think about pin bars?

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.
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Old Jul 19, 2012, 3:23pm   #2
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Re: What do you guys think about pin bars?

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I can turn my measly $75 micro account into $1000 in a couple months or so.
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Old Jul 19, 2012, 3:35pm   #3
 
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Re: What do you guys think about pin bars?

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Originally Posted by ForexProdigee View Post
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?
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Old Jul 19, 2012, 3:49pm   #4
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Re: What do you guys think about pin bars?

ForexProdigee started this thread 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.
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Old Jul 19, 2012, 4:04pm   #5
 
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Re: What do you guys think about pin bars?

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.
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Old Jul 19, 2012, 4:11pm   #6
Joined Apr 2010
Re: What do you guys think about pin bars?

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Originally Posted by ForexProdigee View Post
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.
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Old Jul 19, 2012, 4:27pm   #7
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Re: What do you guys think about pin bars?

ForexProdigee started this thread
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Originally Posted by justtrader View Post
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.
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