Last week's Pin Bars...

[sniper012]

These are basically all I trade now. There's plenty of good info on how to trade pins but I use the "standard" entry and stop loss. My entry is 10 pips above the high of the pin for a bullish pin and my stop loss is 10 pips below the low of the pin. Do the opposite for short trades. I only use 4hr and daily time frames. There were about 11 or so tradable pins last week. I also use monthly pivot points. If your trading software doesn't provide pivot levels, you can check a site called action forex and get the pivot levels. I always use the monthly levels! If you only took 30 pips per trade, depending on how you trade, you could have had a better than a $3,500 week..but one of the gbp/jpy pins was good for 190 pips alone so the potential is there. I usually wait til the pin forms at a support or resistance level or right on the pivot and then trade accordingly. I'll also add fibs and just as extra confirmation but I trust the pivots fully. I'm not going to attach all of the pins but trust me, they were there.

 

[wackypete2]

Nice trading.
I dont trade based off pin bars but they are good for confirming indicators. One question, what is the significance of using 10 pips for entry? I would have used 1 or maybe 2 pips, but perhaps thats because I only use smaller timeframes.

Peter

 

[RBurgess]

What trendline?

 

[pboyles]

These are basically all I trade now. There's plenty of good info on how to trade pins but I use the "standard" entry and stop loss. My entry is 10 pips above the high of the pin for a bullish pin and my stop loss is 10 pips below the low of the pin. Do the opposite for short trades. I only use 4hr and daily time frames. There were about 11 or so tradable pins last week. I also use monthly pivot points. If your trading software doesn't provide pivot levels, you can check a site called action forex and get the pivot levels. I always use the monthly levels! If you only took 30 pips per trade, depending on how you trade, you could have had a better than a $3,500 week..but one of the gbp/jpy pins was good for 190 pips alone so the potential is there. I usually wait til the pin forms at a support or resistance level or right on the pivot and then trade accordingly. I'll also add fibs and just as extra confirmation but I trust the pivots fully. I'm not going to attach all of the pins but trust me, they were there.

I use PIN bars as well but on much lower timeframes on futures. I had a quick look at your charts and I saw a few more PINs that you didnt mark off, is there a reason why you wouldnt have traded these or were you just marking off a few as examples? For example on GBPJPY I see possibly 3 long PINs after the last one you marked.

 

[Lord Flasheart]

sniper why not call them out on the forex live calls and set up thread.It would be great to have someone on there trade a method like that.

 

[Trader333]

sniper012,

On your charts there is one line that is white and moves in clear steps, can you say what it is ?

Thanks


Paul

 

[shadowninja]

Odd. I'd say it's the monthly pivot line being plotted automatically. Wonder why S1, S2, R1 and R2 do not have the steps. Manual plotting?

I was buggering about earlier with an EA that plots monthly De Marker pivots. I suppose if someone asks nicely I could re-bugger about and post the EA up as I didn't bother saving it. Can't guarantee accuracy as I didn't really bother testing it, either.

 

[shadowninja]

Sod it. Didn't take as long as I thought it might as I remembered what I did to debug the issues. No instructions. If you don't know what you're doing, you had better not be doing it.

Disclaimer: hidden code may empty your account. The value of investments may go down as well as up. Past performance is not an indication of future results. Koalas are vicious and not the fluffy, hugging balls of fun they're marketed to be. Black is the new black. Searching for "boobies" may not give the results you expect unless you are an ornithologist as well as a pervert.

 

[pssonice]

Pin Bars ... how it works !

http://www.forexfactory.com/showthread.php?t=27144
" what i do is
+ use a 4H chart and look for pin bars (I only take the best one's) then
+ once one is formed I draw fib levels on the actual pin bar and
+ place my entry at the 50% level with my stop just above the tip of the pin bar.
In my testing I noticed that
+ most of the time price will retrace to the 50-60% fib level of the pin
before heading in the direction the pin bar predicted.
I risk 3% of my account on each trade and use micro lots to get this as acreute as possible.
For example if the pin bar is 40 pips in length and my entry was at the 50% fib level my stop would be about 22pips to get it just past the tip of the pin. using an account of $1500 and risking 3% i would risk $45 on the trade.
Once the trade has opened and is at the other end of the pin gaining the 3% i risked I move stop to break even and normally close the trade once i have gained twice my risk.
Sometimes if the trend is strong and the pin is with the trend i will let it run."

 

[shadowninja]

For example on GBPJPY I see possibly 3 long PINs after the last one you marked.

I guess the answer is that they didn't bounce off P, S1, S2, R1 or R2 but I might have misread the chart.

 

[pboyles]

I noticed there is almost always a pullback of a tick or two even on a five minute PIN, I never did get round to testing for best entry points though. I'm not sure if it would make a massive difference to me, entering on a limit will reduce your risk but you'll also miss a few good trades. Sniper have you backtested your entry againt just getting in on the close of the PIN?

 

[wackypete2]

Re: Pin Bars ... how it works !

http://www.forexfactory.com/showthread.php?t=27144
" what i do is
+ use a 4H chart and look for pin bars (I only take the best one's) then
+ once one is formed I draw fib levels on the actual pin bar and
+ place my entry at the 50% level with my stop just above the tip of the pin bar.
In my testing I noticed that
+ most of the time price will retrace to the 50-60% fib level of the pin
before heading in the direction the pin bar predicted.
I risk 3% of my account on each trade and use micro lots to get this as acreute as possible.
For example if the pin bar is 40 pips in length and my entry was at the 50% fib level my stop would be about 22pips to get it just past the tip of the pin. using an account of $1500 and risking 3% i would risk $45 on the trade.
Once the trade has opened and is at the other end of the pin gaining the 3% i risked I move stop to break even and normally close the trade once i have gained twice my risk.
Sometimes if the trend is strong and the pin is with the trend i will let it run."

"I only take the best ones" ROFL

Peter