Good post. I think pinbars have to reject a certain price level for them to carry most weight with the accompanying buying or selling at that price. They're just a visualization of price rejection at the eod. No doubt this has been said before.
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Good post. I think pinbars have to reject a certain price level for them to carry most weight with the accompanying buying or selling at that price. They're just a visualization of price rejection at the eod. No doubt this has been said before.
Thanks for your kind words Options. It's good to know that I've managed to absorb something from 255 pages of reading - and what a cracking read it was!
I appreciate your point re: not jumping the gun. My take on it would be to go long on the breach of the high of the daily pin of 10/10/08 @1.7178 with a stop a tad over 400 points below (at the end of the nose of the pin) @1.6775.
Actually, that sounds scary, but clearly the price did not want to be there...
It's a fire sale - anyone care to pick a bottom?
Confucius say - Man who like to pick bottom end up with smelly finger
That would be quite a stop to have and as others have pointed out pins and good levels don't seem to be holding that well at the moment.
The fundamentals of this whole mess suggest we have a lot further to go yet (so far we have just had toxic debt from mortgages to deal with - wait till companies start failing and the banks will have more pain to come from business loans) and I agree with Grim - wouldn't be backing the £ - we don't have a whole lot to offer the world right now.
(Don't wish to sound like the voice of doom here)
dirtyrottenscoundrel
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Confucius say - Man who like to pick bottom end up with smelly finger
That would be quite a stop to have and as others have pointed out pins and good levels don't seem to be holding that well at the moment.
The fundamentals of this whole mess suggest we have a lot further to go yet (so far we have just had toxic debt from mortgages to deal with - wait till companies start failing and the banks will have more pain to come from business loans) and I agree with Grim - wouldn't be backing the £ - we don't have a whole lot to offer the world right now.
(Don't wish to sound like the voice of doom here)
Thanks for the wise words, I'm going to look for price action on the lower time frame (1hr), maybe a baby pin instead
Regards,
Mark
Hi Options
Thanks for your reply and insight in how you play/see the pin bars. I'm still not sure about the above statement though. Are you saying you can only call it a Pin bar after the 3rd bar has formed?? I have read the documents that you attached before and don't see where that is written.
The way I see it, a Pin Bar is a bar with a long nose and short body (and open and close ideally within left eye). Bars that look like this occur all over the place. Sometimes they lie, sometimes they don't. What we look for is obviously WHERE they occur. When they occur in ideal locations this makes them high probability setups.
Whether the 3rd bar forms in a certain way does not change the fact that it is a Pin bar. I can see what you mean that by looking at a chart after the fact and you see a 'Pin bar' with a left eye and a right eye you can say 'that was a good pin bar', but by the time the 3rd bar has formed ( or almost formed ) its probably too late. If one was to enter the trade after the 3rd bar the RR would be much greater.
Options we obviously (all) have different opinions and I don't want to get into an argument about how we see it but I was just concerned that if we comment about potential setups like dirtyrottenscoundrel posted and say that was not a Pin Bar and he had been follwing TD's original thread it would be very confusing for him.
I think his analysis was excellent and it is a great setup and he should get reps for it but he may be left feeling uncertain now by conflicting opinions.
rawrschach
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Does the definition really matter?
The 'pin' is not the point of the method, the rejection of price is.
The 'pin' is not the point of the method, the rejection of price is.
Yes I agree and I don't want to come across as argumentive ( I'm relatively new here too ) but don't want newer people that are following this strategy to get the wrong idea.
At the end of the day its the Price Action that counts and we may all interpret it in a different way.
superspurs
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superspurs
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superspurs
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lol,yes gonna have another go at intraday,thing is i wont be looking for home runs on this tf
Nice call, was trying to post a chart of it pre-move but almost missed the sell-off because i'm an amateur with computers. The thing with that exit was not to get too greedy in my opinion, because the day had been v bullish previously and on the daily chart long term buyers would've been looking for entry on weakness. I covered at 17305, much needed profit after a bad trade earlier.
trader_dante
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I just gave an order in to sell this to the risk team at my firm.
I've got a different setup but yep, short all the way...
rags2riches
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If eur gbp moves up and then bounces off at 7854 I will join you.
This is a pivot area, with daily P1 pivot confluence, and 1 hr 50 SMA
The earlier downside range breakout would have cleared out short orders.
well that didn't work the way it was supposed to
one day i'll post a setup that actually works
got stopped out as my stop was only 30pips
thought that the initial break through of that level may have been a fake out as the price retraced through my channel (highs/lows of the inside bars) and out the other side. But it hasn't really gone anywhere, and i thought it looked to be in a down trend
So not really sure if i did something wrong or if it was just one of those things, as this was the first time i have attempted to play an IB4 setup.
Perhaps i just had too small a stop for this trade setup?
4H pinbar on GBPUSD. off a decent level that it broke through yesterday so i think i'll give it a shot. 160 pip sl though
Entry 17570, First two Resistance' at 17650, 17840.
I know the feeling Simon!
This and the USDJPY both went tits up on me. Hmmm. the USDJPY i took long but later stopped out.
The GBPUSD trade i thought was a better trade off a good level but went down the swanny also.
Ce la vie (excuse my useless french if its wrong!)
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