What do you guys think about pin bars?

ForexProdigee

Junior member
47 0
I have been off and on with my trading since I started, trying out countless strategies hoping one would be effective at a high rate. After watching a seminar about MTFA, I have only been trading pin bar setups on the daily, 4hr, and hourly. To my surprise, I haven't lost a trade yet. I'm glad it's working but I was curious, what other candlesticks patterns do you guys trade with generally good consistency? I believe if I can make 20 pips a day (100 pips a week), I can turn my measly $75 micro account into $1000 in a couple months or so.
 

dan1986ccfc

Active member
113 3
I have been off and on with my trading since I started, trying out countless strategies hoping one would be effective at a high rate. After watching a seminar about MTFA, I have only been trading pin bar setups on the daily, 4hr, and hourly. To my surprise, I haven't lost a trade yet. I'm glad it's working but I was curious, what other candlesticks patterns do you guys trade with generally good consistency? I believe if I can make 20 pips a day (100 pips a week), I can turn my measly $75 micro account into $1000 in a couple months or so.

From what I know about pin bars they don't occur that frequently. How would you make your 20 pips a day?
 

ForexProdigee

Junior member
47 0
I totally understand that $75 is an extremely small account size but it'll be good if I can turn it into $150. 100% increase. I'm already up 23% in today. Pin bars surprisingly show up a lot from what im seeing. Out of the 10-15 pairs I trade, there's usually 2-3 every couple hours. Buyers and sellers move the market so finding a pin bar on most pairs should result in profits. Hourly and 4hr signals are fairly strong.
 

justtrader

Well-known member
470 71
ForexProdigee,
I agree with you, Pin bars are great I use them all the time what i do is look for pin bars or reversal candles around major support/resistance points.
I am impressed that you can watch 10-15 pairs I only trade 2 pairs which is enough to give me 20 points a day and headache!
Talking about reversal candles take a look at the 1 hr and 4 hr on aud/usd.
 

kimo'sabby

Experienced member
1,623 287
I have been off and on with my trading since I started, trying out countless strategies hoping one would be effective at a high rate. After watching a seminar about MTFA, I have only been trading pin bar setups on the daily, 4hr, and hourly. To my surprise, I haven't lost a trade yet. I'm glad it's working but I was curious, what other candlesticks patterns do you guys trade with generally good consistency? I believe if I can make 20 pips a day (100 pips a week), I can turn my measly $75 micro account into $1000 in a couple months or so.

Pin bars are brilliant, and i'm not joking. Small print: It's all about how the individual uses them.

Make of that what you will.
 

ForexProdigee

Junior member
47 0
ForexProdigee,
I agree with you, Pin bars are great I use them all the time what i do is look for pin bars or reversal candles around major support/resistance points.
I am impressed that you can watch 10-15 pairs I only trade 2 pairs which is enough to give me 20 points a day and headache!
Talking about reversal candles take a look at the 1 hr and 4 hr on aud/usd.

lol i don't actually watch 10-15 pairs. since the good pins bars are formed on the 4hr and some hourly I scroll through them occasionally. Most of them generally run for at least 15 pips. Open two lots on it and you just made your 20 pip goal. Easy.
 

forker

Senior member
2,688 500
Personally I think anything time based leaves plenty of room for arbitrary thinking. A pin bar can be painted as a result of news but doesn't necessarily mean a reversal. People trading candle formations need to be aware that the period threshold is a new bar and this leaves plenty of opportunity for false positives, regardless of the levels at play.
 

justtrader

Well-known member
470 71
Pin bars are brilliant, and i'm not joking. Small print: It's all about how the individual uses them.

Make of that what you will.

yes Kimo'sabby, good point !
To take a practical example look at the aud/usd
Nice doji formed at 12 gmt by a major resistance, I had sold earlier as stated on the live thread.

Ideal entry wait for pin bar to form at support/res , wait for test of high of pin bar and sell/buy, having a decent stop loss so it will give you a chance to get out when it retracts if it goes against you.
 

justtrader

Well-known member
470 71
Personally I think anything time based leaves plenty of room for arbitrary thinking. A pin bar can be painted as a result of news but doesn't necessarily mean a reversal. People trading candle formations need to be aware that the period threshold is a new bar and this leaves plenty of opportunity for false positives, regardless of the levels at play.

Best way to deal with that is try not to be in a trade at least a hour before and after news
 

ForexProdigee

Junior member
47 0
Personally I think anything time based leaves plenty of room for arbitrary thinking. A pin bar can be painted as a result of news but doesn't necessarily mean a reversal. People trading candle formations need to be aware that the period threshold is a new bar and this leaves plenty of opportunity for false positives, regardless of the levels at play.

Absolutely. I always have my dailyFX calendar up, showing me major news releases so I'm never caught up in volitile swings. I'm enjoying the pin bar setups but it's the only strategy in repertoire. I already feel the need to branch out after a day of this.
 

kimo'sabby

Experienced member
1,623 287
yes Kimo'sabby, good point !
To take a practical example look at the aud/usd
Nice doji formed at 12 gmt by a major resistance, I had sold earlier as stated on the live thread.

Ideal entry wait for pin bar to form at support/res , wait for test of high of pin bar and sell/buy, having a decent stop loss so it will give you a chance to get out when it retracts if it goes against you.


Pinbars are not the problem, pinbars work(y)

People start second-guessing the market, instead of taking what's on offer. That is a very human characteristic.

Thinking that we are cleverer than the market. How crazy/dumb is that?
 
 
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