is a bullish pin bar still bullish if it is red and not green?

[dgtrading]

is a bullish pin bar still bullish if it is red and not green?

the stock I'm watching (BMW) closed today with a bullish pin bar on the upward trend line, trouble is it is red and not green.

is the probability of it rising further still quite strong?

 

[MajorMagnuM]

is a bullish pin bar still bullish if it is red and not green?

the stock I'm watching (BMW) closed today with a bullish pin bar on the upward trend line, trouble is it is red and not green.

is the probability of it rising further still quite strong?

if this is on a longer term chart, try looking at the info broken down into more candles on a quicker chart. does this reveal any other structure?

 

[tomorton]

Its still a pin bar regardless of whether the Open is higher or lower than the Close. But its just not that great a signal. See e.g. http://thepatternsite.com/index.html for some hard data on probabilities of such signals indicating a reversal.

 

[Fugazsy]

is a bullish pin bar still bullish if it is red and not green?

the stock I'm watching (BMW) closed today with a bullish pin bar on the upward trend line, trouble is it is red and not green.

is the probability of it rising further still quite strong?

Maybe you can show us a chart together with its surrounding, many factors needs to considered...

 

[alexaherself]

If it's genuinely a pin, then the difference between its open and close must be very small, when compared with its overall length? That's what matters. And if that's so, it makes very little difference whether it's red or green, and the answer to your question is therefore, in principle, "yes: it's still bullish".

 

[MajorMagnuM]

If it's genuinely a pin, then the difference between its open and close must be very small, when compared with its overall length? That's what matters. And if that's so, it makes very little difference whether it's red or green, and the answer to your question is therefore, in principle, "yes: it's still bullish".

yes. attached doc may be of help to OP

 

[dgtrading]

heres the graph, the 95.22 level is a longer term resistance that price has broken through.

i plan to buy into this trade. with a stop loss 111.89 and TP 117.5

 

[Fugazsy]

heres the graph, the 95.22 level is a longer term resistance that price has broken through.

i plan to buy into this trade. with a stop loss 111.89 and TP 117.5

Regarding Pin bars, I think the wick should be twice the body if a I am not mistaken and I would like to see a close near the high.... the bar has closed below the previous low...

Yes the bar in discussion has rejected the UPTL which might be considered support creating that bit of a wick....

Regarding conditions, looking and comparing swings and depths from where she broke looks like it is slowing down a bit......

Those are only clues based on my own perception on TA that I quickly spotted, nothing more....

GL what ever you do....

 

[dgtrading]

took the trade, panned out for a nice profit

 

[VeerTrade]

took the trade, panned out for a nice profit

That is a pin bar, what is know as a 'hammer'!

Well done on the trade, based on the chart you are with the trend, waited for a pull back, 'hammer' confirmation which signals the trend might continue which you say it did!!

Good trading! :cheesy:

 

[dgtrading]

That is a pin bar, what is know as a 'hammer'!

Well done on the trade, based on the chart you are with the trend, waited for a pull back, 'hammer' confirmation which signals the trend might continue which you say it did!!

Good trading! :cheesy:

thanks man, I'm learning that these hammers on the trend line are strong signals

 

[ichbinkeinroboter]

took the trade, panned out for a nice profit

thanks man, I'm learning that these hammers on the trend line are strong signals

best think about that and decide whether you want to un-learn

 

[dgtrading]

best think about that and decide whether you want to un-learn

what do you mean

 

[wilczek]

Well, looking around at info on this and thanks for the link to - http://thepatternsite.com/index.html - Quite useful actually - I think the most important thing here I have discovered so far is - Make sure there is a preceding trend, e.g. a Bearish pin bar in a flat market is quite useless - This was helpful - https://forexuseful.com/price-action-reversals-the-preceding-trend-by-nigel-price/

The second most important thing is - It matters not one iota what you call it

The third thing - It doesn't matter what colour it is - Or how you measure it - Does it look like a pin bar following a preceding trend - Yes (trade it) - It is maybe, maybe not - If it's not obvious it's not there!

 

[forker]

I don't think it matters. Candle formations in its singular form is really smoke and mirrors.

 

[zaysev36]

I don't think it matters. Candle formations in its singular form is really smoke and mirrors.

So what's your way to read chart then? What signals, or their combinations, do you consider major and most transparent?

 

[radex78]

thanks man, I'm learning that these hammers on the trend line are strong signals

Might this hammer candle giving strong signal, like as we trade with pinbar, but not always this sign will become long run of trend, sometime only move short time and rebound back and still need stop loss to mnaged capital

 

[forker]

So what's your way to read chart then? What signals, or their combinations, do you consider major and most transparent?

I look at support\resistance with trend but I define signals with time and price instead of price bar patterns. If you had a pin bar on the hourly, it won't be a pin bar in any other time frame. So that fact alone should make you think