Pin Bars on the Weekly charts of Equities

This is a discussion on Pin Bars on the Weekly charts of Equities within the Trading Journals forums, part of the Reception category; New short setup on MAT, entry 2723, stop 2885, target 2385...

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Old Feb 20, 2017, 2:25pm   #46
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1RISH started this thread New short setup on MAT, entry 2723, stop 2885, target 2385
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Old Feb 22, 2017, 4:42pm   #47
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1RISH started this thread +2R on DUP,

+0.45R running total

Last edited by 1RISH; Feb 22, 2017 at 11:50pm.
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Old Feb 23, 2017, 12:00am   #48
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1RISH started this thread So far the scorecard of these trades are:

3 wins (average 1.67R)
6 losses (average 0.68R)
2 breakevens

11 trades is not a huge sample size, but it's pretty clear that the win rate thus far is low compared to to losing or breaking even.

Given profitability is a balance between win rate and risk reward, I have decided from now on to impose a strict minimum of 2:1 risk:reward.Previously I didn't like the idea of blindly taking 2:1 as it almost seemed cliched, but in this case I believe it to be a necessity given a low win rate.
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Old Mar 7, 2017, 1:14am   #49
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1RISH started this thread Sell limit order on MIDD, nice pin bar with MACD divergence. entry 140.95, stop 147.10, target 127.45 (2.2R)
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Old Mar 11, 2017, 1:13am   #50
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1RISH started this thread Closing out TDY for a -0.1R loss

+0.35R overall
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Old Mar 11, 2017, 10:23pm   #51
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1RISH started this thread Entering a couple of new setups.

1) Long PII- bullish outside bar, close over trend line/ head and shoulders pattern. Entry 90.20, stop 84.34, target 101.92 (2R)

2) Long SYMC: similar to TDY/PRI, bullish outside bar, strong uptrend. entry 29.54, stop 28.37, target 31.94 ( 2R)
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Old Mar 16, 2017, 12:15pm   #52
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Originally Posted by 1RISH View Post
Sell limit order on MIDD, nice pin bar with MACD divergence. entry 140.95, stop 147.10, target 127.45 (2.2R)
Yellen give the go ahead for another bull leg it seems , order filled here. I find it amazing how markets just continue to defy what we would expect fundamentally . Text books tell us rising interest rates are a bearish macroeconomic sign. I guess 0.25 rise was expected and the markets thought it was fine
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Old Mar 18, 2017, 10:56pm   #53
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1RISH started this thread Closing buy limit on SYMC- its moved too far from the original entry that it would be catching a falling knife rather than a quick pullback . Remaining in MIDD and PII.

no new setups this week
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Old Mar 28, 2017, 11:08pm   #54
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1RISH started this thread Stopped out on PII -1R

-0.7R overall.

New setup on ACN:bearish outside bar close under two swing highs , entry short on a pullback (entry 120.68) stop loss 125.28, target 111.46
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Old Mar 28, 2017, 11:23pm   #55
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1RISH started this thread Just thought i'd chime in here.

it's been around six months since I started this journal, and I have been creamed by the market averages. The purpose here is not to demonstrate a profitable approach but instead to give myself some simulated experience, a sample population of trades to reflect on come year end.

I am not a profitable trader but merely sticking with this approach, refining it until I see consistent gains and then slowly funding an account . But still some time left - 6 months until the 'trading year' ends for me .

It takes a lot of time to become competent at a single approach in trading. It definitely requires a feedback loop of trial and error. Trading weekly charts is a very slow feedback cycle: a scalper has 20 trades a day, I would have 20 trades a year, etc. So , grinding through this chopping up and down, win some lose some, is vitally important for me imo.
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Old Mar 29, 2017, 1:09am   #56
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Hello 1rish,

I have only looked at this one page and can see you have taken a lot of trades against the longer term trend.
It made me wonder how trading with the longer term trend effects your win/lose ratio?
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Old Mar 30, 2017, 10:40am   #57
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Hello 1rish,

I have only looked at this one page and can see you have taken a lot of trades against the longer term trend.
It made me wonder how trading with the longer term trend effects your win/lose ratio?
That's a fair point , you are right on that one lol. And the trades that have won have been with the trend funny enough !

Again, something I'll have to look at once the year is finished , then establish some rules around what I do well and what I don't !
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Old Apr 4, 2017, 9:30pm   #58
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New short setup on MAT, entry 2723, stop 2885, target 2385
This limit order is still pending 😁
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Old Apr 11, 2017, 2:46pm   #59
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1RISH started this thread Trailing stop on ACN down to 0.5R risk

Trailing stop on MIDD down to 125
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