pin bar trading

Good morning from Texas , The 2nd chart Aud4hr above was a loser ...my signal was a strong inside candle during my 8gmt and 12gmt times ...us and london sessions.The strong
outside candle --(the one i have been mentioning all along with a strong close took it out . This particular candle should be in your arsenal.If you only traded this candle alone as a signal in the zone it boost your confidence .

Ok the above chart has completed its 2 waves ..if you rode it out you or went in seperate times you woud have done well.No need to go in again unless it takes out a low orliquidity pool, Have a great Sunday !!!

Hi Tex

Sorry for being away - im trying to find a new broker (with a decent UK platform)



I (demo'ed) this pullback, the only thing is the MAs are not aligned.

Hopefully i found a good broker, with decent spreads (IG Index) so will move once they accept my application

Pervaz

No problem Pervaz and no big hurry . I havent had much time today doing my daily stuff . The daily charts are not near as smooth as the
4 hr charts when comes to pullbacks ...although if you can get in on nice break out on the daily charts you can ride it. Take care

The chart above c/chf was kind of messy ...there was 2 signals there with the outside candle entries . The best signal was above the 20ema which is kind of risky with no momentum but great RR if you stayed with it-- still
within the 5 wave count . The other signal was a good momentum (outside candle ) but more or less a scratch/loss depending on when you covered . These wave counts or not elliot wave ...just wave counts above the 50/20ma 's.

The below chart e/nzd was good momentum ..20ema above resisitance ..outside candle entry with 20ema still above resisitance . This outside entry candle is simply the entry candle's needs to be lower and higher than the previous candle with at least 25% close....looking to the least for at least a 1 to 1 to close . There was other winners pairs that were winners but not with this entry criteria .

All rules applied --12gmt time. entry .

Nice setup here . Great entry in 2nd wave - great entry on another outside engulfing on the 4hr chart and the rsi 50 /60 zone. Daily rsi up . 8gmt time .Have a great weekend !!

Nice entry (outside candle) and lower close . Daily rsi 5 down too . I know some traders that trade engulfing candles (not outside candles) like this ..when there is two red candles down followed by a green candle up that is a bullish buy.The green candles body needs be larger than the previous red candle's body.Sell is opposite with 2 greens and one red.I never done a thorough back test to see how accurate it is...probably worth checking out anyway.

Good run on the yen chart above above if you rode it out . Have a good weekend !!

cover now to break even now .

The daily usd/jpy had some signals in the past week as well.

eur/gbp 4hr and eur /cad 4hr had nice signals.If i have time i will post an engulfing trending strategy i have been looking at for awhile also and
can be traded as low as the 1 hr chart . So for it's pretty consistent so will see. You all have a great weekend !!

I know some people are gettig confused on the 25% outside candle/ bar signal entry . 1. On buys We want to make sure its lowest low in the turn . 2. The close on the entry candle has to close above the previous candle's close. 3. We want to make sure it makes a higher high than the previous candle ...and does not have to close above the previous candles high. Of course last by not least it needs to close in the top 25% .oppposite for sells. It does not have to be a color change like the engulfing pattern .
2. On buys we want to make sure the candle or bar closes below the highest point when we look for pullbacks .opposite rules for sells.
3. This particular entry is real consistent as for as winners versus losers.
I hope this clarifies some confusion . Take care

I'll be keeping my eye on this level. ..fibs are drawn from daily chart so will be in line with 4hr chart . 61/32 fib .If it pulls back this far . 50/32 is ok too. Some times price will reverse on the 3 wave so have to be careful there too .

Correction : Not 32 but 61/38.2 50/38.2 which is on my chart above

https://www.fidelity.com/learning-ce...oints-high-low
Some people get confused about the 5 bar or candle pivot highs and lows .Some hedge fund traders use this technique for entries using fibs and trendlines .This is good explaination if you can copy this to your browser which speaks about the 11 bar high and low . Basically you have 1 bar or candle in the middle with 5 on each side .The one candle in the middle would be your high and low point . You can identify your lows and high from these points and then wait for a pullback in a trend . Also you can wait for a pullback once you get to the highest high or the lowest low of the last 6 candles from your swing point depending on the direction of the trend . If i get time i will post some charts been real busy lately. The 50% and 61.8 is a good entry location if the pivots low and high line up. Have a great day !! Take care

That's a Pin Bar

Yes Erubus , Good trade and nice entry .Yes fundementals trumps technicals . Now you look at that Set up .What do you see ? 1. That is an obvious pin bar probably closed in top 25% or draw a fib from high to close on that pin bar it lands above the 38 percent. 2 . You have at least 5 candles to the left of that entry right ? So that qaulifies for a pivot . 3. So now if you go to the pivot candle right above the reuters signature if you have a pivot there right( at least 5 candles to the left of that candle and 5 to the right ) That could be a 50% retrace from there to top and then your entry..dont know but i bet its close ...not required but helps with comfidence 4. This is very important ...probably the most important on your entry ...Is the range of your entry candle equal or larger than the day before ? Now if you like see if you can find entries on the daily charts of the usd/jpy , aud /usd earlier .. . The cad had one early but broke even no winner . Im looking at the usd/cad now again.
1. daily charts i would place a buy stop above (cover at half of risk ) . 2.Also you can place a limit at 25% or 50% but dont get triggered often - at 50% you will have more losers but RR better.
If i ever get some time i will post an engulfing strategy on the forex daily charts ..very simple ...and blends in with the 5 candle pullback strat using one indicator RSI at 14 ,50moving average and whatever fast moving average you like from 15 to 20 ema . Take care and have a good week .