pin bar trading

First target hit .. I have one more position covered. Will monitor and see what happens.

I'm still milking this one

Nice little run with #2 position. Have a good weekend !

You can refer back to this post for the rules :I'm going to try to post this on my 1st post..the page # anyway. I'm no longer trading the pin bar trading strategy. This 5 bar--candle pullback is much more consistent on winners trading with the trend. Here's how i trade it .
1. Trade only 4 hr charts..with a 20ema and 50 sma. 20 ema over 50 sma in trend.
2. We try to get the first couple of pullbacks in the trend.
3.Learn how to count the 5 bar candle set up.Highest high on sell and lowest low on buy. Does not have to be consecutive.Number of candles don't matter in the pullback. We are looking for a top or bottom 25% close for entry.
4. rsi 5 on daily charts and rsi 5 on 4 hr charts. Sweet spot on buy is between the 50 and 60 ---sell is between the 50 and 40.I prefer the 4 hr and daily rsi going in the same direction on time of entry.Also make sure the price goes up over the 50 rsi line and back down on sell and vice versa on buy on the 4 charts.
5.Very important : The risk of the entry candle or candles ( 2 at the most) needs to be equal pips or less from the low/high of entry candle to the pivot low/high depending on the trend.Another words we are looking for at least a 1:1 or better to the pivot low/high from the low/high of entry.
6. Personally i identify a pivot low or pivot high as 2 candles on each side of the middle candle.Middle candle being the lowest low or highest high.This is for targets not entries.
7. If i'm selling and anticipating a potential sell entry i do not won't HH's and HL's going up.Vice versa for buy HL and HH.Watch the swing points- pivots for high's and low's. Example below.

#7 on rules I meant on on buys LL and LH. Take care

I missed this one. The entry candle(risk) was within 4 pips of being 1 to 1 to pivot low.. Not too bad. Should be in good shape if you covered at half your
risk.

Nice run !!!

Beauty ! Stops are covered !

Ok target hit and closed out for the weekend.One position here only because didn't won't to carry over the weekend. Here is a more detailed explanation on the Aud/cad. You can see our risk which is our entry candle versus the top pivot to the left....so we had room to run.
1.Got filled on the next candle with buy stop above entry candle.I allways negate if not filled on next candle.
2.No heat all...covered stops at half the risk--which is half the distance of entry candle.
3.Daily RSi up.
4. We had no LL and LH coming down so the trend was still in the buy mode.
5. We had a SR zone to the left covered in the green shade.
Have a great weekend !!!!!

I have some quiet time tonight so i wanted to post this one. In my rules i stated we could enter on the next candle after the highest high of the last 5 candles as long as it met the risk criteria to the pivot low and in the sweet spot zone of the rsi on entry. Here it met all conditions. So this is a #2 entry candle i spoke of. When i say cover stops i mean bring all orders or postions to break even. Could be one or more depending on the situation. You can see my covered price red line meaning the candle needs to be red and closed on that price before we cover stops.

Ok we have a loser...this is another #2 entry that qualified.Did get filled on the next candle after the entry candle but the spike took us
out. No matter how good a strategy is the market will humble us and that is a fact I'll keep trading this set up until the market says no.

This is a descent setup but the daily rsi is down so i'm going to pass on this one. This is a top 25% close and engulfing type candle.Still may go up since there
is room to the pivot high to the left.I prefer my daily rsi going up and it's not .

If you did happen to trade this one it's time to cover imo. We met half our risk with a green closed candle on the halfway point. Great job if you
did trade it .I want to wish everyone a happy thanksgiving.

Ok here we have a double top--v like formation....not quiet in a range yet. Conservative MM would have been break even ---take it down to pivot low
would have been a clear winner. Not a bad trade. 4 pip spread.#2 entry which is right after my highest high of my last 5 candles. I'm done for the week.Hopefully i'll be back.

Time to cover now on the conservative MM. From the low of entry to the pivot low was within 2 pips of being a 1 to 1 RR.I'm anticipating low liquidity being the
US holidays .But again i've seen it bust wide open during the holidays Protect the capital.Correction on chart : LL and LH not HL and HH.

1st target hit.....nice momentum and our stops did not get taken(no retrace) out trading conservative MM. Trading aggressively to the pivot low
should have worked out too.Very very important to all-ways look to the left of chart ---- entry-risk versus distance to pivot low or high.A pro trader told me this
once when i first starting trading but never thought much of it until later on . Any other position or positions should be covered (break even) now. Take care

This spread was a little high for me--5 pips.Can anyone tell me where the entry here would be ? Pm me

Conservative MM right here. Strict MM will keep you in the game.This is the chart above.Also i never count the spread just the range of the entry candle or #1 and #2 candle combined and divide by 2 to calculate my cover price.It's important to check the spread first.5 pip spread isn't too bad but can be better.So all this being said you have a break even trade here and another day to trade.

I can understand why some folks traded this one.The risk was ok within a pip or 2 to the pivot low versus my candle risk and this is the first thing i allways look at before i consider a trade.Very good time which was the start of the us open where the london and US traders overlap. The reason i did not trade this pair because my price went below my sweet zone and i normally don't like to trade on Fridays because of the carry over on the weekends....but sometimes i will.
Have a good weekend !