Pin Bar System

This is a discussion on Pin Bar System within the Trading Journals forums, part of the Reception category; Originally Posted by pocrel i am tempted to get long the ftse here, nothing done yet trade alert : long ...

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Old Jun 2, 2011, 9:39am   #1697
 
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Re: Pin Bar System

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i am tempted to get long the ftse here, nothing done yet
trade alert : long ftse now
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Old Jun 2, 2011, 9:42am   #1698
 
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Re: Pin Bar System

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trade alert : long ftse now
chart
ftse.gif
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Old Jun 2, 2011, 9:55am   #1699
 
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Re: Pin Bar System

pocrel started this thread Missed euro long trade this morning, well i did nt miss it but i had in my mind that the euro was going down instead of just following the price action

its hard to get something out of your mind when its implanted itself in there

chart
euro.gif
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Old Jun 2, 2011, 10:11am   #1700
 
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Re: Pin Bar System

Hi Pocrel would you be able to give an idea of your win rate and average R:R? Also have you tried trading this method using support and resistance line instead of pivot levels?
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Old Jun 2, 2011, 10:27am   #1701
 
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Re: Pin Bar System

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scratching the ftse trade for +0 no momentum like watching paint dry, that not what we are looking for

so +0 on the ftse
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Old Jun 2, 2011, 10:36am   #1702
 
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Re: Pin Bar System

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Originally Posted by Hits76 View Post
Hi Pocrel would you be able to give an idea of your win rate and average R:R? Also have you tried trading this method using support and resistance line instead of pivot levels?
hi hits76

on average r and r is 1 to 1 but can go much further, so average trade looks for about 20 points but it can be more or less

hit rate is about 60 to 70 % but will depend on what r and r you use, this reduces if you look for more than 1 to 1 or just automate the whole thing but of course you only need one big winner to gain back losses

as for support and resistance i use them in conjunction with the pivots, you will find me not taking all the trades that have setup on the pivots that s because of support and resistance levels may not agree with the pivots or they are in the way, but as i am trying to keep the system simple i prefer people to try and figure this stuff out for themselves,
but i will point out what i am thinking and seeing if i feel its significant

patrick
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Old Jun 2, 2011, 10:49am   #1703
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Re: Pin Bar System

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mine is an autopivot indicator (posted many times on the journal), which is very reliable its only off by a pip so cant complain on that and the pin would cut all those levels shown on livecharts anyway so trade away and good luck with it

yours sounds a bit off and this can be to brokers times so if your broker times are not reliable then you ned to double check the pivot levels with live charts before taking the trade

cheers

patrick
Your comments about gold pivots yesterday saved my bacon today - as you say they are quite a bit different. (So are silver). However I missed the eur trade this am because my pivot levels were different to yours. I use indicator mentioned above, but this is different to Livecharts by enough to prevent me getting into a couple of trades you have found recently. It means I have to manually enter forex pivots to see if there is a trade, as well as if it is valid. I'm having trouble with all these differences, although I use SML & am in UK, so should be same as yours. Yet your pivot seems the same as livecharts. Any advice well appreciated. Thanks, Geoff
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Old Jun 2, 2011, 11:06am   #1704
 
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Re: Pin Bar System

Quote:
Originally Posted by pocrel View Post
Missed euro long trade this morning, well i did nt miss it but i had in my mind that the euro was going down instead of just following the price action

its hard to get something out of your mind when its implanted itself in there

chart
Attachment 115380
I had this as my first PB trade 2day +25 couldve went way further
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