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; Closed SCMP for a 10 cent loss, wasn't behaving as planned. 4 trades: 3 losses, 1 breakeven. -2.5R Entering two ...

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Old Dec 11, 2016, 6:43pm   #25
Joined Oct 2016
1RISH started this thread Closed SCMP for a 10 cent loss, wasn't behaving as planned.

4 trades: 3 losses, 1 breakeven.

-2.5R

Entering two shorts on AKS and HDTL: AKS formed a good tailed pin bar (the body and close could have been better, but the resistance level which was broken was a massive pivot which goes back 20 years).

HDTL formed a nice bearish hammer (almost a pin bar, closer to an engulfish bar), off resistance.

Target for AKS is the gap fill at 7.60, entry at market and stop loss 11.40.
HDTL entry at market, stop loss 22.47, target 20.10.
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htld.png   aks-ppz.png   aks.png  

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Old Dec 14, 2016, 5:08pm   #26
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1RISH started this thread After some discussion with a trader who is teaching/mentoring me, we have decided it's now time to add a few more tools to my trading toolbox, which i've been researching and testing plenty.

From now on I will be using MACD as a divergence indicator, and will also be adding bearish and bullish engulfing bars to my setups.

Performance so far has been worse than expected, though by no means is 4 trades a large enough sample size. I am confident after a year's trades the positive expectancy should begin to reveal itself. I look forward to implementing these new tools.

Last edited by 1RISH; Dec 14, 2016 at 5:24pm.
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Old Dec 14, 2016, 6:59pm   #27
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1RISH started this thread As an example of how I plan to use outside bars with the Macd: see ANW which I am hoping closes good this Friday, cracking setup IMO.
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Old Dec 16, 2016, 3:50pm   #28
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1RISH started this thread Trailing Stop to Breakeven on HTLD, almost hitting my +1.3R target
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Old Dec 16, 2016, 10:02pm   #29
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1RISH started this thread Placing a sell limit order on ANW, entry at 10.20: Bearish outside bar which closed under a swing high, coupled with MACD divergence. Stop loss 11.70 (150 cents). Target 8.60 (160 cents).

For AKS, I am closing the trade given price tested a recent gap fill which acted as support (note to self, gaps should be treated as s/r), for a small -45 cent loss (-0.35R)

- 2.85R overall so far
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Old Dec 19, 2016, 7:24pm   #30
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Quote:
Originally Posted by 1RISH View Post
Placing a sell limit order on ANW, entry at 10.20: Bearish outside bar which closed under a swing high, coupled with MACD divergence. Stop loss 11.70 (150 cents). Target 8.60 (160 cents).

For AKS, I am closing the trade given price tested a recent gap fill which acted as support (note to self, gaps should be treated as s/r), for a small -45 cent loss (-0.35R)

- 2.85R overall so far
Correction , my sell entry for ANW is 10.50 not 10.20
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Old Dec 27, 2016, 10:11pm   #31
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Correction , my sell entry for ANW is 10.50 not 10.20
Order filled , price traded up to 10.55 so I'm going to assume a real trade would have had been 100% filled
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Old Dec 30, 2016, 1:04pm   #32
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1RISH started this thread It goes without saying that taking trades this week is pretty pointless , so no setups this week , back to business next week though !

HTLD is very close to the target area , and ANW has pinged right off my sell entry area, so looking good .
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