Pin Bar System

[brettus]

Good point. I am convinced the main reason why people are not patient is because they are undercapitalised. It's not the only reason but I am sure it is the main reason.

The fact of the matter is, if you trade, at say, £100 a tick, you get one setup and it makes 10 ticks, you patiently wait for the next one. Even if you made just one trade that day. You've made £1,000 in the example and that's not a bad result for 9 hours work.

But let's say you trade at £1 a tick and you get one setup that makes 10 ticks. You are immediately on the look out for next thing that looks half decent - even if its a complete punt. Because £10 for 9 hours work makes you feel like a failure- it's simply not enough.

This was one of the single most important things to realise in my personal development as a trader.

I think the same thing. I'm alot mentally stronger when i have a good balance behind me.

 

[pozzyp]

Good point. I am convinced the main reason why people are not patient is because they are undercapitalised. It's not the only reason but I am sure it is the main reason.

The fact of the matter is, if you trade, at say, £100 a tick, you get one setup and it makes 10 ticks, you patiently wait for the next one. Even if you made just one trade that day. You've made £1,000 in the example and that's not a bad result for 9 hours work.

But let's say you trade at £1 a tick and you get one setup that makes 10 ticks. You are immediately on the look out for next thing that looks half decent - even if its a complete punt. Because £10 for 9 hours work makes you feel like a failure - it's simply not enough.

This was one of the single most important things to realise in my personal development as a trader.

Yeah but its all relative, if you're trading £100 a tick with a chunky balance a grand a day will soon lose its value.

 

[pozzyp]

Yeah but its all relative, if you're trading £100 a tick with a chunky balance a grand a day will soon lose its value.

Not that I have or do either.

 

[redart]

Yeah but its all relative, if you're trading £100 a tick with a chunky balance a grand a day will soon lose its value.

Amazingly, That's true.
i mentioned my dad's trading in another thread this morning, about when he took his 8k account to about 150k or so.
I remember when he was around the 120k mark, he would take some risky trades/punts because he felt as though his balance wasn't moving.
He kind of lost touch with reality and the value of money.
he might of took his account from 124k to 127k that day, but he felt as though he needed to get it into the 130's very soon to feel as though he was actually making progress and could call it a good day. The fact that 3k for a days work is very good money was kind of dismissed.
I'd like to one day be in a situation with a big account to be able to experience such emotions! lol

 

[pocrel]

i was contemplating taking this

so close

chart

 

[DDI]

i was contemplating taking this

so close

chart
View attachment 109170

wow..why didnt you? i think it closed just above pivot

 

[pocrel]

wow..why didnt you? i think it closed just above pivot

always easy to see it in hindsight, but the open was below the R1 and that put me off a little

 

[pocrel]

wow..why didnt you? i think it closed just above pivot

this was so close to DDI



but rules are rules

 

[DDI]

yup...rules are rules...I know you are much more familiar with this way of trading (I tried something similar briefly in 2007-8) but I would take the trade if its short 1 or 2 pips, given that different chart packages give slightly different pivot levels...

I also definitely wouldve taken usdjpy trade had I been there, but then again I am trigger happy...

 

[pocrel]

we should have a vote, who would have taken the trades usd/jpy and brent in real time?

this is something that i have been in conflict with especially when it comes to oil as the spreads etc can be a little bit different so i think if its this close again i will take an oil trade

please vote: yes or no

 

[DDI]

what do u think of wti if it closes like this? no longer a hammer (or pin) but very bullish.

I would have hesitated to enter the brent but would have entered usdjpy for sure.

 

[Mata Nui]

we should have a vote, who would have taken the trades usd/jpy and brent in real time?

this is something that i have been in conflict with especially when it comes to oil as the spreads etc can be a little bit different so i think if its this close again i will take an oil trade

please vote: yes or no

Didnt see the jpy real time but looking at it i probably wouldnt so - No
Took the Brent but i add the spread for a long and i didnt get filled next bar so cancelled -Yes

 

[DDI]

was cac a valid set up?

 

[pocrel]

was cac a valid set up?

cac40 was valid too

 

[pocrel]

great reversal bars off the r1 on DOW AND S AND P but risk/reward terrible, shame

 

[pocrel]

Well nearly 8 hours of watching the market and i got no trades thats a lesson on discipline, if its not there then dont trade it

totals : 0 trades

0 total points

 

[MajorDutch]

Well nearly 8 hours of watching the market and i got no trades thats a lesson on discipline, if its not there then dont trade it

totals : 0 trades

0 total points

If you are able to sit for 8 hours and not make a trade it shows you have iron discipline.

 

[Gas in exile]

we should have a vote, who would have taken the trades usd/jpy and brent in real time?

this is something that i have been in conflict with especially when it comes to oil as the spreads etc can be a little bit different so i think if its this close again i will take an oil trade

please vote: yes or no

Better to be safe than sorry. I vote 'No'

 

[mcclaine]

cac40 was valid too

Hi, would this not be one of the "negative" pin bars to avoid - i.e. it is a long trade to take but the close of the starting pin was less than the open?

Also, on DDI's chart, why were bars at 9.30 (long) and 10.30 (short) not trades? If they were, they would both have been losses?

Thanks for sharing your method - it looks very simple and has great results, but as I read through the thread and see the ones you avoided, it becomes clear that this is a very subtle method that you have finely honed with great amounts of practice.

Well done indeed, and thanks in advance for answering the questions.

 

[Gas in exile]

Would anyone have taken this out of interest?