Pin Bar System

This is a discussion on Pin Bar System within the Trading Journals forums, part of the New Traders category; Originally Posted by pocrel This is not a pin bar system setup but it has some elements, I love fading ...

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Old Oct 5, 2012, 11:57am   #3153
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This is not a pin bar system setup but it has some elements, I love fading the 1.27 fib extension of the previous up trust, no need for a confirmation bar just enter at that level and ride it back to previous days high or previous weeks high which happen to be the same from yesterday. The zigzag indicator help to measure the the move just for anyone who wants to try something a little bit different, I find this works very well on the 1 hour time frame and also we should be close or at Average Daily range to reduce stoploss risk

Attachment 146554
I've been trying the SP, too, but have not been able to get too enthusiastic about it. I found it very slow, perhaps because it has been running sideways for a while. The Ft has a 1 point spread and, although it is OOH two hours after Wall Street opens, it seems to move the same and has more points to the move. Probably my imagination.
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Old Oct 5, 2012, 2:06pm   #3154
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pocrel started this thread
Quote:
Originally Posted by pocrel View Post
This is not a pin bar system setup but it has some elements, I love fading the 1.27 fib extension of the previous up trust, no need for a confirmation bar just enter at that level and ride it back to previous days high or previous weeks high which happen to be the same from yesterday. The zigzag indicator help to measure the the move just for anyone who wants to try something a little bit different, I find this works very well on the 1 hour time frame and also we should be close or at Average Daily range to reduce stoploss risk

Attachment 146554

and there you go pattern complete, last weeks high becomes support now

s-p500.gif


I would always recommend having the previous weeks high and lows and previous days high and low and use them as support and resistance if your struggling to find levels
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Old Oct 5, 2012, 3:25pm   #3155
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pocrel started this thread Just to show people what I mean by using previous highs and lows

here are a few examples from today and this can be used on all time frames and the levels you might want to keep an eye, this is very easy support and resistance to mark on your chart, now just like anything else it does not work all the time and you should base your entry on a few other things

usdcad
usdcad.gif

wti
wti.gif

gold
gold.gif
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Old Oct 5, 2012, 4:45pm   #3156
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Threads back up!
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Old Oct 7, 2012, 12:37pm   #3157
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Threads back up!
Not sure D70, not seeing alot of interest in it, 14 versus 2 at the moment not a huge interest so perhaps I should put it to bed
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Old Oct 7, 2012, 1:59pm   #3158
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14 versus 2? 14 what?
by the way, do you have a link for that indicator which draws prev week hi and low. thanks
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Old Oct 7, 2012, 2:59pm   #3159
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Selfishly I think you should keep the thread going. Price action and pin bars seem to be the way ahead to me, and I (along with many others I suspect) need all the help I can get.
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Old Oct 8, 2012, 11:48am   #3160
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pocrel started this thread Great little trade today on the audusd

using the previous weeks low and fridays low again which are the same for the reversal area

audusd-pin-bar-1.gif
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