Pin Bar System

[pozzyp]

only problem I can see with this system is you are trading against the trend, in an uptrend selling R1, R2 etc. will only give so many pips before uptrend continues. Also you seem to be buying at R1 and target at R2? should you not only ever sell at R and buy at S ?

Nothing wrong with trading counter trend you are just looking at logical areas of support or resistance. You can buy at R1 once its broken as resistance acting as support. If you've seen a decent pop upwards to R2 and then get a pull back to R1 its a logical place to buy a dip in an up trend.

You don't have to trade against the trend if you don't want to, On a bullish move you could look for pins on a dip as a decent place to buy in an up trend or to sell on a rally in a down trend. Its just a reversal pattern at a logical place of interest.

 

[SurfDog]

Spot on pozzyp, it would be interesting to know what has the better hit rate continuation pin bars or reversal ones.

Did anyone take the pin on Dollar Yen, I'm having trouble posting charts for some reason.

 

[wackypete2]

Excellent thread.

I don't normally trade using pin bars but this getting my interest up.

Peter

 

[redart]

Excellent thread.

I don't normally trade using pin bars but this getting my interest up.

Peter

I think He's a shoe-in for the next trade2win awards

Posting realtime trades as opposed to the usual hindsight stuff seperates this journal from most others. Very good.
Well done, Pocrel

 

[DDI]

Excellent thread.

I don't normally trade using pin bars but this getting my interest up.

Peter

I think He's a shoe-in for the next trade2win awards

Posting realtime trades as opposed to the usual hindsight stuff seperates this journal from most others. Very good.
Well done, Pocrel

tell me about it....it is helping me so much as this system gives at least 2-3 valid signals a day. My own system gives 2-3 good signals a week (where at least 7 out of 9 conditions are met).

Thus with using this system, it also helps me avoid the incomplete signals of my system. I took them before as I dont have the discipline to sit all week in front of pc and only trade 2 or 3 times..

 

[advfntrader]

i found this book which covers the method very well :

http://books.google.co.uk/books?id=...ook_result&ct=result&resnum=1&ved=0CDMQ6AEwAA

in particular this chapter:

http://books.google.co.uk/books?id=...&resnum=4&ved=0CCsQ6AEwAw#v=onepage&q&f=false

 

[BlackBison]

Good job so far pocrel, keep it up

 

[wackypete2]

i found this book which covers the method very well :

http://books.google.co.uk/books?id=...ook_result&ct=result&resnum=1&ved=0CDMQ6AEwAA

in particular this chapter:

http://books.google.co.uk/books?id=...&resnum=4&ved=0CCsQ6AEwAw#v=onepage&q&f=false

Thanks for the link.

Peter

 

[pocrel]

morning all, not trading but looked at the charts and see the eur/usd looks a great short

 

[pocrel]

morning all, not trading but looked at the charts and see the eur/usd looks a great short

 

[pocrel]

A big thanks to everyone for adding to the journal over the last few days, i think its been busy and plenty of setups, profitable i hope? and thanks to pozzyp for adding some samples
, as for advfntrader link to a google book that perked my interest, i have never read it and did nt know someone had wrote a book on it but trading has been around along time and i am sure everything is covered many times over, as for the little i read its seems a bit different to my setups so please anyone reading it try not to get to side tracked as you will just get more confused and end up with something totally different to what i have set out here.

 

[brewski1984]

I took that eur/usd trade earlier on a demo, good to know you would have done the same. As a rough example, any idea where would you have got out? I tried to pretend it was real and ended up taking only around 2 points profit as it was starting to go back up and I didn't want to lose fake money lol

 

[pocrel]

I took that eur/usd trade earlier on a demo, good to know you would have done the same. As a rough example, any idea where would you have got out? I tried to pretend it was real and ended up taking only around 2 points profit as it was starting to go back up and I didn't want to lose fake money lol

There is only one thing worse than losing fake money its losing real money

you should still be in the euro short taking half off at or around the 1 to 1 level and the rest off at the S1 if you have the nerve to hold out

not an easy one as its been choppy so you could even scratch it as we really want a strong breakdown of the pin but thats is a personal call (seems u made that call already)

 

[brewski1984]

Yeah, not a lot was happening so I decided not to risk it, I wouldn't have had the nerve to hold out on a live trade so I closed it.

Thanks pocrel.

 

[MajorDutch]

you got your strong breakdown pin now! lol.

 

[pocrel]

View attachment 108744

euro hit target one, if i was in this i would close all before non farm casino results come out

 

[DDI]

I took the euro position but exited at breakeven later on after it kept reversing up..but main reason for exit was non farm numbers today.

I did profit from this audusd though....thanx again patrick

 

[pocrel]

aud/usd was a very close call on the buy side this morning (not sure if i would have bought it) but great trade

i wonder where it turned ?

 

[brewski1984]

you got your strong breakdown pin now! lol.

Yeah but it's ages later so does the edge still count or could it just as likely gone the other way?

 

[MajorDutch]

Yeah but it's ages later so does the edge still count or could it just as likely gone the other way?

Hey Brewski

This is just my 2 cents worth and please note I am a novice trader. Personally I believe that you either have to trade a system or not. by the way have you read 'trading in the zone' would suggest that you would benefit from this greatly.