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

dgtrading

Active member
205 16
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? :eek:
 
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MajorMagnuM

Legendary member
9,284 888
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? :eek:

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?
 

Fugazsy

Veteren member
3,661 677
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? :eek:

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

alexaherself

Established member
560 149
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

Legendary member
9,284 888
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
 

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dgtrading

Active member
205 16
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
 

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Fugazsy

Veteren member
3,661 677
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....
 

VeerTrade

Junior member
47 1
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

Active member
205 16
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
 

wilczek

Active member
138 1
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

Senior member
2,688 500
I don't think it matters. Candle formations in its singular form is really smoke and mirrors.
 
 
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