Pin Bar System

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Old Mar 15, 2011, 6:54pm   #1
 
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Pin Bar System

This is my system that i have been trading for a while now, its very profitable and i want to share it with you :

What you need to do if you want to trade along with me :

1/Pin bars

2/ 30 min charts

3/ Daily Pivot points (which can be found here) http://www.livecharts.co.uk/Members/...rex_pivots.php

4/ Markets : eur/usd, gbp/usd, eur/gbp, eur/jpy,aud/usd, and usdjpy for currencies and ftse, dax, cac40, s and p, dow, gold and wti oil


Rules for entry:

1/Pin bar must cut the Daily Pivot points this can be the DP, R1, R2,R3, S1,S2,S3

2/ The pin bar can be in the direction of the trend or counter trend

3/Entry is 1 point above or below the pin in direction of the pin

4/ Stop is 1 point below or above the pin

5/ Risk/reward must be at least 1 to 1,

6/ If you take a trade off the Daily Pivot point short then your target is S1 or if you go long then the target would be R1

example trades:
aud.gif
aud2.gif
dow.gif
s-p.gif
oil.gif

you can use an indicator to plot your pivot points for currencies which i find very accurate but if you want to plot the index, gold and oil you can use the one here on number 6 http://www.trade2win.com/boards/gene...djustable.html

you will have to input all the levels before you trade in the morning from livcharts.co.uk this should take you a few minutes

also just to add, i will trade ftse dax and cac till 430 uk time and all the currencies from 830 to 4pm uk time
i will trade the dow and s and p just after the US open which is normally 230pm here in the uk
and i will trade Gold and OIL from 830am uk time to 430pm
any question please shout

Last edited by pocrel; Mar 15, 2011 at 7:49pm. Reason: trade times
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Old Mar 15, 2011, 7:01pm   #2
Joined Sep 2010
Re: Pin Bar System

do you wait for the pin bar to close and enter the trade on the open of the next candle or do you try to spot the pin bar forming and get in early?
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Old Mar 15, 2011, 7:05pm   #3
 
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Re: Pin Bar System

pocrel started this thread
Quote:
Originally Posted by brewski1984 View Post
do you wait for the pin bar to close and enter the trade on the open of the next candle or do you try to spot the pin bar forming and get in early?
you always have to wait for the pin bar to close, do not try to get in early also its not a valid signal if the pin bar top or bottom has not been broken

you could enter on a retrace of the pin if you have missed the original entry for a better price but you may not get a retrace of the pin
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Old Mar 15, 2011, 7:12pm   #4
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Re: Pin Bar System

ah cool. is there a specific reason for 30 min timeframe? is it discretionary on taking profits/cutting losses or do you always let it run?

you did say ask questions lol
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Old Mar 15, 2011, 7:22pm   #5
 
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Re: Pin Bar System

pocrel started this thread
Quote:
Originally Posted by brewski1984 View Post
ah cool. is there a specific reason for 30 min timeframe? is it discretionary on taking profits/cutting losses or do you always let it run?

you did say ask questions lol
I have backtested it and live tested it on just this time frame (30min) so i can not say weather it works on any other time frame

as for taking profits : you need to take profits at least 1 to 1 risk reward ratio

the perfect trade would be to take profit at the next pivot level which can be much more than a 1 to 1

your stop is just below or above the pin, and you are trying to run the trade to the next Pivot level

IMPORTANT: if your nearest Pivot Level is to close to your entry and it does not give you a 1 to 1 risk/reward then the trade is not valid, move on to a better trade with more room to play with

no worries on the questions brewski, keep them coming
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Old Mar 15, 2011, 7:24pm   #6
 
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Re: Pin Bar System

Quote:
Originally Posted by brewski1984 View Post
ah cool. is there a specific reason for 30 min timeframe? is it discretionary on taking profits/cutting losses or do you always let it run?

you did say ask questions lol

You could look at a 5 and 15 minute time frame on a similar method (Tip: make sure you know what defines a Pin Bar )

http://www.forexfactory.com/showthread.php?t=163972

Good luck
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....Indicators show the past. Price Action "Indicates" the future.
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Old Mar 15, 2011, 7:29pm   #7
 
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Re: Pin Bar System

pocrel started this thread
Quote:
Originally Posted by neil View Post
You could look at a 5 and 15 minute time frame on a similar method (Tip: make sure you know what defines a Pin Bar )

http://www.forexfactory.com/showthread.php?t=163972

Good luck
PIN Bars may seem simple to explain on paper but i think in the real trading world there is a little bit of discretion with them

i have to say i will be trading bars that are not exactly what you would describe a PIN BAR as but sometimes it just looks right and is in the right area of the chart for me

as we progress this will become clearer
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Old Mar 16, 2011, 9:22am   #8
 
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Re: Pin Bar System

pocrel started this thread morning, first trade of the system live let hope its a good one

short eurjpy 113.13 stop 113.30

great risk/reward 112.00 is target area

here is the chart
eurjpy.gif
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