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 Morning gelly, i think the setup is good, i was tempted to take the trigger bar ...

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Old Aug 18, 2011, 10:05am   #2661
Joined Apr 2011
Re: Pin Bar System

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Originally Posted by pocrel View Post
Morning gelly, i think the setup is good, i was tempted to take the trigger bar myself but only spotted it after the event and it had a nice little run up

i think once we have tested the pivot level which we had done and we get a reaction then the likely hood of price pushing pass the pivot on the next attempt is very likely

we need to treat these pivot levels as areas were we are just watching for price action so if its sitting a little below or a little above i think you still need to seriously consider the trade

the reason why we use pin bars is they are easy to see and if you find one around the pivot level then you can analysis price action and make a decision based on all that is going on on the chart and not just is it a pin bar or is 1 pip below the pivot etc

hope that makes sense
Yes sure does, thanks for advice. Looking at a little pin on silver now.
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Old Aug 18, 2011, 10:13am   #2662
 
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Re: Pin Bar System

pocrel started this thread
Quote:
Originally Posted by Gelly View Post
Yes sure does, thanks for advice. Looking at a little pin on silver now.
for me gelly that is an easy trade to pass on, if you look at the preceding bar one is a large red the next is a large green both equal in size so i am getting no sense of direction (i have no bias to were we are going next)

so i am not going to play a little pin against the long term trend, that would be suicide, hold back and let the market tip its hand there will be far better chances to get short or long silver

Last edited by pocrel; Aug 18, 2011 at 10:20am. Reason: wrong colour of bar
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Old Aug 18, 2011, 10:28am   #2663
 
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Re: Pin Bar System

pocrel started this thread if you did not have pivots you would be short this now purely on price action, nice clear setup, perhaps remove pivots if you find they are getting in the way of your setups, the pivots should only be used to attract our attention to the chart

but the pivots give us an idea were the market might head to next and perhaps stall and we can estimate risk reward from this which are what we really need to be successful in this game

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Old Aug 18, 2011, 11:05am   #2664
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Re: Pin Bar System

Thanks again Pocrel, learning every day. Knocking off now. Cheers.
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Old Aug 18, 2011, 11:26am   #2665
 
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Re: Pin Bar System

pocrel started this thread take care Gelly, i need to shoot out for a while back later

morning round up

no trades


back in a few hours
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Old Aug 18, 2011, 2:28pm   #2666
 
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Re: Pin Bar System

Quote:
Originally Posted by pocrel View Post
Morning gelly, i think the setup is good, i was tempted to take the trigger bar myself but only spotted it after the event and it had a nice little run up

i think once we have tested the pivot level which we had done and we get a reaction then the likely hood of price pushing pass the pivot on the next attempt is very likely

we need to treat these pivot levels as areas were we are just watching for price action so if its sitting a little below or a little above i think you still need to seriously consider the trade

the reason why we use pin bars is they are easy to see and if you find one around the pivot level then you can analysis price action and make a decision based on all that is going on on the chart and not just is it a pin bar or is 1 pip below the pivot etc

hope that makes sense

And your pin is rather high up inside the left hand bar
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....Indicators show the past. Price Action "Indicates" the future.
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Old Aug 18, 2011, 4:10pm   #2667
 
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Re: Pin Bar System

pocrel started this thread its funny how a trading day pans out, you can look back on a chart and see these beautiful setups and yet i never took any very frustrated but what can you do, nothing lost nothing gained

0 trades for the day

back in the morning
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