Pin bars...and let this be the last of it.

[Crap Buddist]

Hey guys it's a fashion, pinbars are the new pinstripes, i've just bought a lovely pinbar suit.

LOL...... nice couple of posts cheers....

So theres this guy , and he walks into a "pinbar". Oucch !





I've said it before and I'll say it again, Pins are for legs !

 

[Black Swan]

"OH, while I am here can anyone recommend any books on trading pure price, with little or no indicators?"


you're joking...right?

 

[Jason101]

"OH, while I am here can anyone recommend any books on trading pure price, with little or no indicators?"


you're joking...right?

Oops!,I am tempted to lie, post a smiley and pretend to be me more knowledgeable than I am. But I would not learn anything. I am feeling really silly now and do not know why No I am seriously after a good book to help me to place my support and resistance lines, and help with pattern recognition combined if possible with suggestions of placing the trades and stops. There is a lot of good stuff on all these threads, but it is nice to have something to read while relaxing away from the laptop. I have not placed a trade since reading dantes original thread, instead I have been studying charts, looking at as much as I can on websites on chart patterns, just studying until I know a lot more than I do now. Before reading dantes thread I did not realise I was just gambling. The reason I found spread betting was because I wanted to find a way of profiting from rising oil prices when it was about $65 a barrel. I new it was going to rise and stumbled upon spread betting. Little did I know that knowing that oil was going to rise had no real bearing on making any money trading it. I learnt enough about it to profit, by selling it on the way back down, but became fascinated by the concept of trading.

 

[N Rothschild]

never traded a pinbar..also who came up with the word pinbar? i call them hammers! anyway pins are gay so if you trade them YOU are gay

 

[RedGreenBen]

If you really want to end the pin bar debate....

1.Download OHLC data into a spreadsheet.
2. Identify the pins bars (e.g. look for large H-C relative to H-L).
3. Categorise price going forward from those bars.
4. Compare to price going forward from all other bars.

Or save yourself the time and believe me, because I have done this,...

Pin bars tell you very little on their own and need to be looked at in context of the 'bigger picture', especially S/R levels. The shorter the time frame the less they tell you.

Ben (The things I do to take a break from planting broad beans on a spring afternoon).

 

[montmorencyt2w]

Jason,

Your story about oil could almost be me, although at a different period. Similarly, I've not traded actively since reading (properly) TD's thread, because it taught me how little I previously really knew. I shall have to put my money where my mouth is sooner or later, but with a lot more patience than I used to have.

Regards,
Mike

 

[Trader333]

2. Identify the pins bars (e.g. look for large H-C relative to H-L).

What about L-C relative to H-L ?


Paul

 

[RedGreenBen]

What about L-C relative to H-L ?


Paul

Yep, there's 2 cases. I just thought I was the only person boring enough to actually be interested in the analysis so didn't go into the full detail.

Ben