pin bar trading

Thanks Tex - Did you receive my email ?

Some traders did trade this one.This was a signal but wasn't my cup of tea. We had 2 pivot low for potential targets. Just wasn't a smooth pullback for me..even though it worked out.It's not really worth getting into detail.

I'll check now Monk--thanks

Monk i just checked my personal e-mail and did not receive it. I'll pm you again.

I called this signal on post #413 earlier in the week...Price bounced around for awhile but look where it finally ended up...right at the pivot high to left of signal.Of course a conservative trade would have gotten out much sooner.Not saying i have a magic wand but i truly believe traders look at the pivot high's for targets.So if you traded aggressively and didn't move stops you did well.This wasn't a perfect trade per rules but it was close.Have a good weekend !

This has nothing to do with my current 4 hr strategy.I just like this setup.

Hey Elway, Gbp/chf ?

Actually, it was gbp/aud. The 5 RSI wasn't in line the way you trade it, but it was a "pin bar", and was highest of last 5. I like your way of trading the 5 HiLo bar with 5 RSI though. I have seen a similar system traded where the sell trade is triggered when the 5th bar is Higher than the previous 4 and closes lower than the open. Reverse of course for buys. Your way will produce more trades. The other way is good in a very strong trend where you don't get a chance for the 5RSI to return and cross over 50 line.

Thanks for your imput Elway. Yes there is several ways to trade it.Some don't look at the 1:1 RR to pivot low...and some trade with oversold and overbought
conditions....as long as we try to be consistent.Forex can be a beast at times Take care and thanks for stopping by,and come back anytime.

16.00 gmt time.All rules applied.

Hi Tex

Im back from vacation now and hopefully will review more trades this evening when the markets open. Hope you are well

Monk

Hi Monk,
Hope you had a nice vacation. I've had some personal issues come up so been dealing with them lately.The market has been ranging lately ...so will see how it does this week. Ok i got a teaching assignment for you Go to the Gbp/usd 4 hr chart from around feb 7th till now and let me know what you see.

did you mean this candle ?

This is a trade which would have resulted in a loss ? Is that correct ?

Good day Monk,
You are absolutely correct on both signals ...great job. Unfortunately we did get stopped out on the second chart you posted....and
i bet more traders did as well.You can see how price on both signals went to the pivot lows to left (potential targets) and beyond...and we
never know how far price is going to go.

Hi Monk,
Look at chf/jpy and eur/jpy . One was a 1 to 1 RR to pivot high....the other was very close to a 1 to1 to pivot high .

Imo the best time that we are going to get runners is in the 1st 2 pullbacks in the trend. This is not a guarantee just a probability.There is different scenerios
as for as taken profit. You figure your risk out and adjust your multiple lots out. ....for example you take 70% first tp at 1 to1 --then 30% remaining for runner--so that would be your 2 positions.Then move your stop up or down accordingly on second position. Also 60/20/20 .There is advantages and disadvantages when doing this .....so this all depends on the trader.The main thing we want to be consistent and have more winners than losers. Hope this helps.

We have no idea how far this one is going to go...but we can take a fresh deep of fresh air,relax and monitor the 2nd position or 3 position if that is the case. You
should allready be in the money on your 1st position(good momentum on fill of next candle) even if you left your stop alone on the 2nd position right.Let me make this real clear...the majority of the time your not going to get a runner.I know of traders that have to trade everyday...don't have too.I'll be out of town tomorrow but will check charts periodically.

Not perfect but acceptable.A strong conservative trader would of waited for a pivot high to left to be broken. The entry candle was not quiet a 1 to 1 to pivot high to left...off just a few pips.With all that said price got filled after entry candle and went beyond a 1 to 1 with great momentum...and the early bird got the worm Take care.