Pin Bar System

This is a discussion on Pin Bar System within the Trading Journals forums, part of the Reception category; Originally Posted by Kingdom2008 Pocrel have you ever used this method on individual stocks drawing your own supports and resistance ...

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Old Nov 29, 2011, 12:16pm   #2985
 
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Re: Pin Bar System

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Originally Posted by Kingdom2008 View Post
Pocrel have you ever used this method on individual stocks

drawing your own supports and resistance lines and waiting for daily pin bars to cross?

Attached is just a recent example of morrisons
I traded this in the live room this morning, let me know if this answers your question, just not using daily time frame but 30min

audusd.gif
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Old Nov 29, 2011, 12:33pm   #2986
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Re: Pin Bar System

Quote:
Originally Posted by pocrel View Post
I traded this in the live room this morning, let me know if this answers your question, just not using daily time frame but 30min

Attachment 125268
In regards to your own S/R yes thats what i mean, but regarding individual stocks in the FTSE on the daily time frame there is two reasons i am looking in to this,

1) on the daily timeframe it is easy to trade with your day job but with the 30M indices and forex you need to be at the computer from 7-5 daily...

2) If you haven't got 10k that you are willing to risk you can trade daily stocks with as little at 500/1k as many of the stocks are you only risk 5-20 pips per trade

so just wondering if you had ever looked into this also?

Thanks
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Old Nov 29, 2011, 12:45pm   #2987
 
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Re: Pin Bar System

Quote:
Originally Posted by Kingdom2008 View Post
In regards to your own S/R yes thats what i mean, but regarding individual stocks in the FTSE on the daily time frame there is two reasons i am looking in to this,

1) on the daily timeframe it is easy to trade with your day job but with the 30M indices and forex you need to be at the computer from 7-5 daily...

2) If you haven't got 10k that you are willing to risk you can trade daily stocks with as little at 500/1k as many of the stocks are you only risk 5-20 pips per trade

so just wondering if you had ever looked into this also?

Thanks
I have had the same thought as you for a while now. Just can't find a pin bar screener for uk stocks. Don't fancy clicking through hundreds of charts every evening!
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Old Nov 29, 2011, 12:56pm   #2988
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Re: Pin Bar System

lol lazy lazy it doesn't take that long...
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Old Nov 29, 2011, 12:56pm   #2989
Joined Feb 2002
Re: Pin Bar System

Sharescope is a pretty efficient and good value programme if you only want EOD candlestick patterns.

From there, to find tradable pins in the UK market, you would only have to review a few dozen charts - the most tradable stocks are in the FTSE350, and you might find the largest caps, in the FTSE100, have lower overhead in terms of bid/offer spread. The majority follow the general direction in any given week of the main FTSE100 index, so you could eliminate those that are contrarian to the index and let it give you your cue. There's probably 50 of the 350 worth a look on any given day and if you can't find a well set-up trade with reasonable r:r from one of them, just let it go until the next session.
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Old Nov 29, 2011, 1:37pm   #2990
 
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Re: Pin Bar System

pocrel started this thread
Quote:
Originally Posted by Kingdom2008 View Post
In regards to your own S/R yes thats what i mean, but regarding individual stocks in the FTSE on the daily time frame there is two reasons i am looking in to this,

1) on the daily timeframe it is easy to trade with your day job but with the 30M indices and forex you need to be at the computer from 7-5 daily...

2) If you haven't got 10k that you are willing to risk you can trade daily stocks with as little at 500/1k as many of the stocks are you only risk 5-20 pips per trade

so just wondering if you had ever looked into this also?

Thanks

No Kingdom, I never look at stocks, I have enough things on my plate but no reason for it not to work on stocks but please do your back testing before putting any money on the line

Just back watching now after lunch and eurusd has retraced into an interesting area, if we can get a pin bar formation at these levels I will be get long eurusd

here is the chart

eurusd.gif


nothing else on radar for the min but everything pulling back nicely for some long positions to develop
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Old Nov 29, 2011, 2:25pm   #2991
 
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Re: Pin Bar System

pocrel started this thread Heads ups on some trades, watching either eurusd or audusd for long positions charts and trades to follow if it happens on the 30min
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Old Nov 29, 2011, 2:32pm   #2992
 
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Re: Pin Bar System

pocrel started this thread order pending on audusd

1.0002

30 point stop

chart

audusd.gif
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