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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Thanks! The following members like this post: wackypete2
Old Mar 15, 2011, 7:01pm   #2
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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
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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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Old Mar 15, 2011, 7:29pm   #7
 
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Re: Pin Bar System

pocrel started this thread
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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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Old Mar 16, 2011, 9:32am   #9
 
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Re: Pin Bar System

pocrel started this thread order to go long ftse 5705.4 stop 5677.8

here is the chart
ftse.gif
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Old Mar 16, 2011, 9:40am   #10
 
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Re: Pin Bar System

pocrel started this thread
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Originally Posted by pocrel View Post
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
Attachment 106210
1/2 off at +20

leaving the other half to run to target or stop me out
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Old Mar 16, 2011, 9:43am   #11
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Re: Pin Bar System

Interesting idea, Pocrel, do you not find it easier with candlesticks to identify pinbars?
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Old Mar 16, 2011, 9:46am   #12
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Re: Pin Bar System

Hi pocrel,
As you will doubtless be aware, the subject of pin bars has been discussed at length elsewhere, most notably in trader-dante's famous thread: Making Money Trading Some members might be put off reading your journal because they'll assume it's just more of the same.

I have a suggestion for you to consider. Might it be a good idea to outline how your methodology and ideas compare and contrast to those set out by TD and others, so that members will feel that reading your journal will add to their overall understanding of the subject, rather than just repeat stuff they already know? Just a thought.

Whatever you decide - good luck with it anyway!
Tim.
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Old Mar 16, 2011, 9:52am   #13
 
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Re: Pin Bar System

pocrel started this thread
Quote:
Originally Posted by pocrel View Post
order to go long ftse 5705.4 stop 5677.8

here is the chart
Attachment 106212
ok ftse trade just kick in so now long the FTSE
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Old Mar 16, 2011, 9:57am   #14
 
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Re: Pin Bar System

Quote:
Originally Posted by pocrel View Post
ok ftse trade just kick in so now long the FTSE
I'm liking the simplicity of your trading edge...wish you well with it.

G/L
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Old Mar 16, 2011, 10:00am   #15
 
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Re: Pin Bar System

pocrel started this thread
Quote:
Originally Posted by Dubai View Post
Interesting idea, Pocrel, do you not find it easier with candlesticks to identify pinbars?
Hi Dubai, i find bars i trade may not be classic pin bars per say and i find it easier to judge the bar with BAR charts, i am sure i will get comments on the entry bars and some will say thats not a classic pin

but i find both are good and whichever you use should nt make much difference to your decisions

thanks for the comment
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