Pin Bar System

[MajorDutch]

What were you trading £1 a point?

various lot sizes but normally I was trading 1 lot on the majors. there was a great story about 2 traders talking at a dinner table one of them accidently knocked his knife off the table both traders watched as the knife fell, the knife stuck in the other traders shoe. The 1st trader asked why didn't you move your foot out of the way you could see it falling? 2nd trader replies I thought it was going back up. both traders laughed.

 

[brettus]

various lot sizes but normally I was trading 1 lot on the majors. there was a great story about 2 traders talking at a dinner table one of them accidently knocked his knife off the table both traders watched as the knife fell, the knife stuck in the other traders shoe. The 1st trader asked why didn't you move your foot out of the way you could see it falling? 2nd trader replies I thought it was going back up. both traders laughed.

The risk is limited on this strategy, and you can have continuation pinbars, so you can trade with the trend alot too. It's quite easy to lose £5k trading a 1 lot.

 

[pozzyp]

various lot sizes but normally I was trading 1 lot on the majors. there was a great story about 2 traders talking at a dinner table one of them accidently knocked his knife off the table both traders watched as the knife fell, the knife stuck in the other traders shoe. The 1st trader asked why didn't you move your foot out of the way you could see it falling? 2nd trader replies I thought it was going back up. both traders laughed.

I read this in a Michael Covel book Trend following. Def worth a read its full of little quotes like that.

But think its the difference between a trader and an investor.

 

[pocrel]

i am so tempted to short the s and p here but i am going to leave it as it brakes my rules

chart

 

[Mata Nui]

I am guessing you also play the mid points as todays cable trade was off m4. Do you assign any difference in weight to these and how do you work the targets? For example a short off r2 would go for a target of r1, what would your target for the cable trade (short off m4) be?

Great thread by the way. Looks a very profitable method.

 

[pocrel]

I am guessing you also play the mid points as todays cable trade was off m4. Do you assign any difference in weight to these and how do you work the targets? For example a short off r2 would go for a target of r1, what would your target for the cable trade (short off m4) be?

Great thread by the way. Looks a very profitable method.

hi mata nui and thanks for question,

i assume you mean 50 % fib level? as cable was at that today?

or do you mean something else?

 

[Mata Nui]

hi mata nui and thanks for question,

i assume you mean 50 % fib level? as cable was at that today?

or do you mean something else?

yes. I use an indicator for mt4. It just plots them as 'm' levels.

 

[Gas in exile]

Potential setup on Brent crude?

Do we not trade Brent using this method?

 

[pocrel]

Incredible case for shorting cable today

you have it at the 50% fib level i know pozzyp loves the fibs

double top

sitting at r1

oh how i would have loved a pin at the double top but you cant have everything

anyway i dont want to bring fibs in but great confluence and a very low risk trade

 

[pocrel]

Do we not trade Brent using this method?

you can trade what you lie with this method Gas in exile, i just cant keep up with everything please feel free to post your trade just double check your levels if you use auto pivots

 

[pocrel]

yes. I use an indicator for mt4. It just plots them as 'm' levels.[/


sorry i am not really understanding your question? what is m4?

 

[pozzyp]

Incredible case for shorting cable today

you have it at the 50% fib level i know pozzyp loves the fibs

double top

sitting at r1

oh how i would have loved a pin at the double top but you cant have everything

anyway i dont want to bring fibs in but great confluence and a very low risk trade

Haha I do indeed I had a short order in at 58 and got bored of waiting for it so cancelled. wont make that mistake again.

 

[Gas in exile]

you can trade what you lie with this method Gas in exile, i just cant keep up with everything please feel free to post your trade just double check your levels if you use auto pivots

I'm in the habit of doing them each morning as I know I'll forget to check the auto's. Got them from Livecharts as recommended. A cool +60 from this one.

Great method!

 

[pocrel]

I'm in the habit of doing them each morning as I know I'll forget to check the auto's. Got them from Livecharts as recommended. A cool +60 from this one.

Great method!

trade of the day fella, well done :clap:

 

[Gas in exile]

trade of the day fella, well done :clap:

 

[pocrel]

I'm in the habit of doing them each morning as I know I'll forget to check the auto's. Got them from Livecharts as recommended. A cool +60 from this one.

Great method!

i think after that lesson we should all add brent to the morning chart s

 

[pocrel]

well i have had enough for the day cant find a trade

totals : 1 trade

+10.5 full points

 

[Mata Nui]

I just want to post up a chart for EUR/USD today. I have indicated some potential setups.
(in time order).
The first is a potential long 11am close (broker time) which is off what my indicator plots as m3. Its basically the mid point of PP and R1. This would have been a pretty good trade. I didnt take it because i was out but i notice nobody else took it either.

The second is a potential continuation off R1. Again i dont think anyone took it (good job as it was a loser).

Third is a second stab at the cherry for a long continuation off R1. I would have had my stop at BE by then so wouldnt have lost on it. Would have been about 13 points or so in the table.

Last is a reversal off R1. Went all the way to what my indi plots as m3 and would have been 25 points for anyone who took it.

Comments on the possible trades would be good. Which would you have taken or not and reasons. It looks like nobody took any of them.

 

[mags_g]

Been quite a day today on the GBP/USD. I managed to get in on the early pin this morning and then had to pop out so set the stop just above the entry pin's top tail. I see that it it bounced back to R1 but did not take out the stop (very close though) and in the meantime is making its way back down to the pivot point. Think i'll drop the stop down to 1.61280 in case it want's to return back to R1 and let it run, hopefully down to the pivot point.

I'm watching Gold for any sign of a long entry after seeing today that even Tesco's is buying old gold from its customers. Seem's like everyone wants to buy your old gold nowadays all around the world. That can only mean the 'blow off' stage in gold has not happened yet and if mania time in gold is to come I need to get digging!

 

[mags_g]

Thats me out of GBP/USD.