Pin Bars

[galvinjoe]

Hi,

Newbie question, re trading Forex and pin bar indicators. I cant seem to find an answer to this but have tried! I have a relatively good undertsanding of what constitutes a pin bar and when is a good time to act upon the formation of one, however....if looking at a green pin bar with large tail at the top of an uptrend, so small green body at bottom of bar and large tail above (red being bearish and green being bullish), do I act upon this as being an indicator of the start of a downtrend?It appears to me that I shouldnt, that I should only act if the body is red but I am not entirely sure. Obviously the same applies to the reverse.
Hope that makes sense

Thanks

 

[NVP]

read the entire work of james 16.........as mentioned before

 

[galvinjoe]

I am and will but theres probably a years worth of reading to do!

 

[brewski1984]

Don't expect to make a single penny before that years worth of reading is up and probably for at least a year or two (or 10) after that.

 

[galvinjoe]

Point taken

However if anyone feels they can or would like to answer the question that would be great, probably not too much to ask however I get the feeling it might be.

 

[neil]

Point taken

However if anyone feels they can or would like to answer the question that would be great, probably not too much to ask however I get the feeling it might be.

James16 has all you need if you can make the effort to read and extract what applies to your question.
Type "pin bars" into Google for another source of info. (Again you sift what does and what doesn't apply to your question.)

There is no perfect answer that will give you 100% winning trades - never.

Have a look at this guy - beware the last few pages of posts since many there can't even identify a correct Pin Bar.
Jankone M5 thread @ Forex Factory

trading pin bar @ Forex Factory (Post 2.)

You will spend months studying and demo testing before finding your style (and dumping indicators etc along the way) before you make money. Those without stamina and willingness to learn rarely make it , hence why 90% or whatever it is, traders fail.
Good luck -but you will need more than that

 

[timsk]

Point taken

However if anyone feels they can or would like to answer the question that would be great, probably not too much to ask however I get the feeling it might be.

Hi galvinjoe,
I'll answer it happily, although I fear it won't be the answer you want!


No one can say whether or not you should go long, short, sit on your hands or go fly a kite. Why? Because without any context it's impossible to say. Even if you provided charts of different timeframes, you might get one or two opinions - but that's all they'll be - opinions. What matters is what your rigorous and extensive study and testing reveals! That's where your answer lies - not in the opinions of people you don't know who have no idea of what or how you trade and, in all probability, have a totally different approach to trading than you. Does that make sense?

I suggest you put up some charts coupled with a brief analysis, giving your reasons why you think you should - or shouldn't - take the trade. Members can then say 'I agree with analysis A because . . .' or 'I don't agree with analysis B because . . .' and 'have you considered XYZ' etc. That way you might get some feedback that is useful to you.
Tim.

 

[galvinjoe]

Thanks for the answers guys!Ill keep my head in the books and keep testing strategies!