pinbar fx

Scotty2Cues

Scotty2Cues

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Hi,

Cant sleep so looking at pinbars on fx :-D

If fx is a 24hr market what is the timeframe for a candlestick on the daily chart.

If the time frame changed, how would the candlesticks change? Do they all change by the same 'amount' (bit like transforming a function in maths). So are there 'hidden' pin bars?

thanks
 
The close depends upon when your broker / charting package sets it. IG Index in the UK closes at midnight, a lot of US brokers on the East Coast close around 5pm - 7pm eastern, and so on.

Pin bars do not exist - if you see one, it is just one way of displaying price. If you change the period start / finish, or change the timescale, then yes of course the pin will change (or more likely disappear altogether).

Pins themselves do not have any significance - they can't have. However, you can use them to show you a record of price behaviour, one that might be a clue to future behaviour.

Location is far more important - think of the pin as a trigger, a confirmation, a supporting factor, whatever makes sense to you.

As far as different times and so on, I shouldn't worry too much - trade what you see. Having said that, there's nothing wrong with having different brokers with feeds in different timezones to give you a different perspective.

It's hard to accept, but price is the only real thing on your chart - everything else is a fiction. That goes for all indicators, candles, patterns, the trend, support and resistance and all the rest. They only exist within the parameters that you establish.

This is not to say that these things are not useful - clearly they can be very useful. It just helps to remember that they are only one way of looking at any given situation.
 
Whilst I'm rambling on, think of a pin. All it shows is that price moved sharply in one direction, then reversed sharply. Do you want to trade this? Well, maybe, maybe not. If there is a resistance area straight above it, or a big round number, maybe not. If the pin closes above the BRN, and is sitting on top of support, then maybe.

If there's MACD divergence, again then maybe. If the pin is a good shape, another tick. If there is a good bit of space until the next identifiable trouble area, good good, if the pin occurred after a sharp run down, if it lines up with a fib, if it is significant in size, and so on and so on.

The pin, or any type of bar, is just price's footprint. I like them, but I just consider them to be one factor that needs confirmation from other factors.
 
One recent example of a bearish pinbar setting up at potential resistance was in Gbpjpy this morning....potential sbr on the daily t/f with 2 x fibs and a pinbar on 30min and 1hr, (30min bearish divergence set-up and pinbar shown below.) Pinbars have been well covered on this forum and remain a useful tool in the tech PA armoury when they develop with other tech factors at potential supp/res areas...as always confluence preferred.

G/L

23l3s3.jpg


4voghh.jpg
 
Here is an example of a 15min bullish pinbar this time with hidden divergence for a re-entry to 1hr uptrend after the pullback @ pot supp confluence of the steepest ascending 1hr t/line with 61.8% of today's rise ...in Gbpusd pairing.

Pinbars, Pinbars everywhere, you used got to use them (and other PA triggers) in the highest probability overall price action and potential supp/res circumstances.

G/L

dqm05j.jpg

1hr is below
2e5ntjp.jpg
 
maiden22 said:
The close depends upon when your broker / charting package sets it. IG Index in the UK closes at midnight, a lot of US brokers on the East Coast close around 5pm - 7pm eastern, and so on.

Pin bars do not exist - if you see one, it is just one way of displaying price. If you change the period start / finish, or change the timescale, then yes of course the pin will change (or more likely disappear altogether).

Pins themselves do not have any significance - they can't have. However, you can use them to show you a record of price behaviour, one that might be a clue to future behaviour.

Location is far more important - think of the pin as a trigger, a confirmation, a supporting factor, whatever makes sense to you.

As far as different times and so on, I shouldn't worry too much - trade what you see. Having said that, there's nothing wrong with having different brokers with feeds in different timezones to give you a different perspective.

It's hard to accept, but price is the only real thing on your chart - everything else is a fiction. That goes for all indicators, candles, patterns, the trend, support and resistance and all the rest. They only exist within the parameters that you establish.

This is not to say that these things are not useful - clearly they can be very useful. It just helps to remember that they are only one way of looking at any given situation.
Click to expand...

ok thanks. I knew that pinbars are supposed to be important and thought if the open/close times were different then the bars would change. So with a diff open/close time, could 2 bars make pin bar and what characteristics would they have?
 
bbmac said:
One recent example of a bearish pinbar setting up at potential resistance was in Gbpjpy this morning....potential sbr on the daily t/f with 2 x fibs and a pinbar on 30min and 1hr, (30min bearish divergence set-up and pinbar shown below.) Pinbars have been well covered on this forum and remain a useful tool in the tech PA armoury when they develop with other tech factors at potential supp/res areas...as always confluence preferred.

G/L

23l3s3.jpg


4voghh.jpg
Click to expand...

Are the tails long enough and the open/close close enough together for them to be classed as pinbars?
 
Scotty2Cues said:
ok thanks. I knew that pinbars are supposed to be important and thought if the open/close times were different then the bars would change. So with a diff open/close time, could 2 bars make pin bar and what characteristics would they have?
Click to expand...

Absolutely - you can have two bar pins - or indeed any number of bars.

Consider two paralell 15 minute bars - one straight up, close at top, next straight down, close at bottom. That's just a 30 minute pin.

I look at 15m, 30m, 1hr and 4hr charts - there's no shortage of top hole pins at good locations. If you're patient and selective - wait for well formed, big pins, at good locations (support or resistance, big round numbers), with space to run, after strong moves in the other direction, they can be deadly.

In terms of method, this is really all you need (well, I've skipped a few details lol). Then you just have to sort out money management and confidence, and away you go (ok, skipped a few more details, but you get the picture).
 
Scotty, the best free place for pins (in my opinion) is the James 16 Chart Thread at Forex Factory - there is a ton of information there. If you want to take it further, there is a private forum as well. I think it is well worth the money to join, but of course you might not find it necessary. Anyway, have a look at that thread - it's long, but you'll find a lot of ideas. Just bear in mind it is just ideas - this way of trading is not a "system". You have to assemble the elements in a way that suits you.
 
maiden22 said:
Location is far more important - think of the pin as a trigger, a confirmation, a supporting factor, whatever makes sense to you.
Click to expand...

That's what I use them for. It's no guarantee but it's saved me from taking stupid trades as the price smashes through a level.
 
maiden22 said:
Absolutely - you can have two bar pins - or indeed any number of bars.

Consider two paralell 15 minute bars - one straight up, close at top, next straight down, close at bottom. That's just a 30 minute pin.

I look at 15m, 30m, 1hr and 4hr charts - there's no shortage of top hole pins at good locations. If you're patient and selective - wait for well formed, big pins, at good locations (support or resistance, big round numbers), with space to run, after strong moves in the other direction, they can be deadly.

In terms of method, this is really all you need (well, I've skipped a few details lol). Then you just have to sort out money management and confidence, and away you go (ok, skipped a few more details, but you get the picture).
Click to expand...


yeah sure but I meant using the same time scale but changing the open close times.

Started the J16 thread a few days ago. thanks
 
Scotty2Cues said:
based in uk (norfolk). Does this affect the markets or do candlesticks depend on location?:)
Click to expand...

Your 4hr and daily candles will probably be different from someone who has a broker in NY, for example, but 15m, 1 hr, weekly, 5 minute etc, it doesn't matter.

I think you're over-complicating things - just trade what you see.

I know of people trading in NY, for example - their broker has a daily close at 5pm eastern, 10 pm here. By that time things have ususally gone pretty quiet, so in effect there will often be little practical difference between that and a UK broker closing at midnight GMT.

Honestly, it's really not something I'd get too concerned about.
 
maiden22 said:
Your 4hr and daily candles will probably be different from someone who has a broker in NY, for example, but 15m, 1 hr, weekly, 5 minute etc, it doesn't matter.

I think you're over-complicating things - just trade what you see.

I know of people trading in NY, for example - their broker has a daily close at 5pm eastern, 10 pm here. By that time things have ususally gone pretty quiet, so in effect there will often be little practical difference between that and a UK broker closing at midnight GMT.

Honestly, it's really not something I'd get too concerned about.
Click to expand...

was joking about the location... :)
 
Just taken this trade - out at BE.
 

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maiden22 said:
Just taken this trade - out at BE.
Click to expand...

Trading 30mins is hard?
Im just gonna look for daily setups (4hr too if successful) but how many trades could I expect per month with, say, 6 marksts. Im basically gonna use the techniques in the J16 thread and Trader_dantes thread. I dont know whether to spread bet or get a forex broker

Oh how on earth did you get over 3000 on the shape game (I cant get past 2795)
 
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