Pin Bar System

Should Pocrel trade the "pin bar system" live again

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The Pivots will make or break the EA i think. I check the pivots the EA calculates against my autopivot running on SLM and they match so i guess the method of calculating them is correct. I will look at the way the indicator bbmac posted does the pivots and try to incorporate that if it looks to be any better.

Anyway, New version. changes:

Magic number now exposed you you can use on many charts the same time (change the magic).
BarsTillExpire parameter now included (if your broker has disabled automated order expire times set this to 0).
Target parameter added (if you dont want to go for the next pivot use this. Its x risk based like the BE and Trail). Actually a very rapid test shows using this set to 1 on EUR/USD and BE or Trail set to 0.5 seems quite good.

There are a lot of parameters to configure now so we should find something that works (at least on some of the instruments).
 

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Hi Pocrel and everyone else, I'm an occasional reader of this thread. I have a suggestion which may improve Pocrel's system. I haven't done any research to back it up, so it's just a suggestion to think about.

Here's the suggestion. Pocrel sometimes aims for profit at 1:1 and sometimes aims for the pivot. What about aiming for the pivot when the nose (the long end of the pin) sticks out from the preceding bar? Here's an example from yesterday. My mouse pointer (partially cut off at the bottom of the screen) marks the pin. The pin is the 1430 bar.

 
clissold345 said:
Hi Pocrel and everyone else, I'm an occasional reader of this thread. I have a suggestion which may improve Pocrel's system. I haven't done any research to back it up, so it's just a suggestion to think about.

Here's the suggestion. Pocrel sometimes aims for profit at 1:1 and sometimes aims for the pivot. What about aiming for the pivot when the nose (the long end of the pin) sticks out from the preceding bar? Here's an example from yesterday. My mouse pointer (partially cut off at the bottom of the screen) marks the pin. The pin is the 1430 bar.

Click to expand...

We seem to be discussing this a bit at the moment. Although i have done an EA for the strategy i dont think it could ever be as profitable as manually trading it because of exactly what you have shown. I do look at the general situation the pin is in before i take the trade but others try to trade it mechanically. I see this as a general strategy rather than a system
 
pocrel said:
closing eurgbp for +0

inflation report due out in a few mins
Click to expand...

Hi Porcel,

I am enjoying your journal and admire your self confidence by trading live in front of an audience - well done. You are consistently profitable which is what we all strive for.

My question is, how did you know the inflation report was due at this time ?

I use Barrons calendar http://online.barrons.com/public/page/barrons_econoday.html. IS there a similar website for UK economic data releases ? Do you subscribe to any financial news sources ?

Cheers
Jimmy
 
Mata Nui said:
We seem to be discussing this a bit at the moment. Although i have done an EA for the strategy i dont think it could ever be as profitable as manually trading it because of exactly what you have shown. I do look at the general situation the pin is in before i take the trade but others try to trade it mechanically. I see this as a general strategy rather than a system
Click to expand...

agree on this. the results of the EA can never replicate live results where discretion on price action and news is used.
 
jimmy2 said:
Hi Porcel,

I am enjoying your journal and admire your self confidence by trading live in front of an audience - well done. You are consistently profitable which is what we all strive for.

My question is, how did you know the inflation report was due at this time ?

I use Barrons calendar http://online.barrons.com/public/page/barrons_econoday.html. IS there a similar website for UK economic data releases ? Do you subscribe to any financial news sources ?

Cheers
Jimmy
Click to expand...

thanks jimmy for the kind words, its a battle everyday trading but if your disciplined and stick to your plan then i think you can succeed, it take alot of hard effort and there is no easy money in this game

as for what i use for news as mentioned i do use forexfactory and dailfx they both give a good indication of whats happening for the day and week

everyone should be looking to what news event is coming out before taking a trade or how it could affect a trade your in

patrick
 
Mata Nui said:
We seem to be discussing this a bit at the moment. Although i have done an EA for the strategy i dont think it could ever be as profitable as manually trading it because of exactly what you have shown. I do look at the general situation the pin is in before i take the trade but others try to trade it mechanically. I see this as a general strategy rather than a system
Click to expand...

Hi Mata Nui. It's easy enough to create a mechanical rule if we want to. It sounds as if you have tried to. Eg one possible mechanical rule would be: "if 50% or more of nose sticks out from previous bar, aim for pivot, otherwise aim for 1:1". But would such a rule give better returns than eg "always aim for 1:1"? I don't know - but I hope to do some research and find out.
 
Just a warning to everyone dont trade crude till we get the inventories out very dangerous
 
pocrel said:
Just a warning to everyone dont trade crude till we get the inventories out very dangerous
Click to expand...
was thinking about it and contemplating coming out 10175, but took too long to decide and it bounced back up :-(
 
Great setup shame about the inventories

wti chart
wti.gif
 
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