What do you guys think about pin bars?

justtrader said:
No trade should be based on M1 analysis.
M1 should only be used to pinpoint entry
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I didn't say it did. I was countering your claim that they didn't occur frequently.
And you obv didn't understand the point of my post - its just a pattern, which is a different pattern on a different t/f. Anyone who only uses pin bar candlesticks for any part of trading is missing out on a whole number of other patterns which mean the same - price rejection at a certain level.
 
rsh01 said:
I didn't say it did. I was countering your claim that they didn't occur frequently.
And you obv didn't understand the point of my post - its just a pattern, which is a different pattern on a different t/f. Anyone who only uses pin bar candlesticks for any part of trading is missing out on a whole number of other patterns which mean the same - price rejection at a certain level.
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\\

I don't believe it was me who claimed that.


Originally Posted by dan1986ccfc
From what I know about pin bars they don't occur that frequently. How would you make your 20 pips a day?
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I do not use just pin bars for my trading.
I use a lot a lot of very basic stuff really like support/resistance and not trading during news,waiting 12 hours for a trade to come about. stuff that is beyond the comprehension of Gann and Elliott wave experts and designed for simpletons like myself , which thankfully has kept me going for 9 odd years
 
ForexProdigee said:
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.
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:LOL::LOL::LOL::LOL: so if you get 10:1 every 2 months thata 10mil by the end of next year. i tell you what,why not call out some live trades,be careful as you havent lost yet though,good luck
 
I do quite like pinbars personally. As with everything they don't work all the time, in fact they probably fail more than they work if you were to just take every one of them. Forker makes a very good point.
 
brewski1984 said:
I do quite like pinbars personally. As with everything they don't work all the time, in fact they probably fail more than they work if you were to just take every one of them. Forker makes a very good point.
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Yes, I second that motion. I've been used Pin Bars selectively along with confluence from S&R, fibs and other price action bars (think inside and outside bars). Even with great confluence these bars can fail quite dramatically. However the trick is to approach a pin bar strategy with greater discipline by combining it with other criteria (such as the aforementioned) and then in conjunction with a decent money management strategy. Granted, it may not be conducive to trading on a regular/daily basis, but at least it gives me sleep at night.
 
Pin bars can be tuned to work brilliantly in hindsight trading. Just jiggle the TFs and starting times and you can convince yourself you have the Holy Grail. In the real world, they're just one way of recording history.
 
Surely it's what happens after the pin bar that matters. How are you getting trade confirmation?
 
Lord Flasheart said:
:LOL::LOL::LOL::LOL: so if you get 10:1 every 2 months thata 10mil by the end of next year. i tell you what,why not call out some live trades,be careful as you havent lost yet though,good luck
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Im still new to trading and need to discipline myself. Trading in the Sydney Session is something i haven't been able to preform well at and I lost some trades there yesterday. During the London Session and NY up to noon is where I have seen good results so far. I set big goals for myself, what can i say...
 
forker said:
So what is important then? I'll give you a hint, the level and context of price. If you understand this, you won't need pin bars because you will be in the trade long before any pin bar trader ever will be.
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Could you show me where I could find something to learn this? I might be confused on what you mean by context of price, fib or s/r lines? Not sure. Every bit of forex knowledge will help me in the long run. thanks.
 
justtrader said:
No trade should be based on M1 analysis.
M1 should only be used to pinpoint entry
Click to expand...

Why not?
The price remains the same no matter what time frame you are looking at or what indicator you have or what chart style you set. It's how you interpret what's happening that's important.

Peter
 
justtrader said:
\\

I don't believe it was me who claimed that.
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Yeah I was referring to the 4hr and daily bars, as the OP stated thats what he was looking at, and wondering how that would yield 20 points a day as I don't see pin bars that regularly on the longer TF's.
 
forker said:
Context of price :
-Is it trending or stuck in a range
-where is price relative to price pivots
-what's likely influencing price, other markets or news
-what time of day is it, what month is it
-how volatile is price movement

Get it...
Click to expand...

okay, all of that has been noted.
 
D70 said:
I cant take ANOTHER pin bar thread. I really cant.
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Totally agree, there should be a sticky saying:
~Pin bar is not a pin bar on another t/f.
~anyone who is trading PBs and making money is more likely to be trading levels / s & r. Price rejection - perhaps a pin bar on one t/f is one way of confirmation.
~if you are taking the close of the pin bar you are missing out on a decent amt of the move

The ppl in here have already talked about the levels they are trading, yet seem to think its all to do with PBs.
 
forker said:
Context of price :
-Is it trending or stuck in a range
-where is price relative to price pivots
-what's likely influencing price, other markets or news
-what time of day is it, what month is it
-how volatile is price movement

Get it...
Click to expand...

Hi Forker, when you say pivots do you literally mean high low close divided by 3 etc.. daily pivots?
 
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