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Daily PIN Bars

  • #121
  • Sep 25, 2007 7:14pm Sep 25, 2007 7:14pm
Well a new day has dawned and we have a nice selection of PB's to chose from.
NZD/USD
NZD/JPY
AUD/JPY
USD/JPY

NZD/USD
This is probably my favourite PB for the day.

  1. Meets 35% rule
  2. Nice long nose
  3. bounces of the 150ema
  4. Bounces of a rising TL

NZD/JPY
Also a nice looking PB

  1. Meets 35% rule
  2. Nice long nose
  3. bounces of the 365ema
  4. Bounces of a rising TL

AUD/JPY
I combined two days for this one

  1. Meets 35% rule
  2. Nice long nose
  3. bounces of the 150ema
  4. It broke through the 100.00 barrier and closed, snuggled right up against it.

USD/JPY
Of the for trades for the day this will be the most high risk one.

  1. Meets 35% rule
  2. Nice long nose
  3. bounces of 114.00 Area which has in the last few weeks provide a strong support area.

Also my GBP/USD was stopped out at BE
the two EUR/USD are still going strong.
Enjoy
Ademac

  • #122
  • Sep 25, 2007 7:18pm Sep 25, 2007 7:18pm
Today I am looking to go long on the break of the USDJPY daily pinbar.
There appears to me to be a double bottom low, first one at 113.98 and today's PB at 114.00
Today's PB touched the lower trend line of a triangle pattern and may break out later at the top of the pattern.
Also there are PBs on the JPY crosses GBP/JPY and AUD/JPY
I am thinking that the best of the PBs is the US/JPY
Good trading to all.
Ray
Attached Image
  • #123
  • Sep 25, 2007 7:31pm Sep 25, 2007 7:31pm
Quoting 1234
Today I am looking to go long on the break of the USDJPY daily pinbar.
There appears to me to be a double bottom low, first one at 113.98 and today's PB at 114.00
Today's PB touched the lower trend line of a triangle pattern and may break out later at the top of the pattern.
Also there are PBs on the JPY crosses GBP/JPY and AUD/JPY
I am thinking that the best of the PBs is the US/JPY
Good trading to all.
Ray
Hey Ray,

Be careful with the USD/JPY PB's it has some factors going for it like the retesting of the 114.00 level but going against it, is the traffic that is amongst. Traffic is the biggest killer of PB's

The GBP/JPY i am stay well clear of as it has been bouncing around in it it s triangle for the last couple of weeks. I could also say the same thing about the USD/JPY.

If the USD/JPY breaks long i will be moving my stop to BE pretty quickly as My confidence is low for this trade. Hell the more i think about it the less i want to trade it.

Enjoy
Ademac
  • #124
  • Sep 25, 2007 7:50pm Sep 25, 2007 7:50pm
Man you are right on the money here !! Been stopped out too many times lately with PBs in traffic or in trangle situations... I am learning my lessons quick...

And I truly truly agree... traffic is the biggest killer of PBs !!! Going to stay with A+ PBs from now on....

Quoting ademac
Hey Ray,

Be careful with the USD/JPY PB's it has some factors going for it like the retesting of the 114.00 level but going against it, is the traffic that is amongst. Traffic is the biggest killer of PB's

The GBP/JPY i am stay well clear of as it has been bouncing around in it it s triangle for the last couple of weeks. I could also say the same thing about the USD/JPY.

If the USD/JPY breaks long i will be moving my stop to BE pretty quickly as My confidence is low for this trade. Hell the more i think about it the less i want to trade it.

Enjoy
Ademac
  • #125
  • Sep 25, 2007 7:58pm Sep 25, 2007 7:58pm
ademac... you clearly are far ahead of me on PBs... but I am also concerned on the nzd/usd...

4 hr had a nice PB... and then on the daily too... but on the 4 hr, I see price has already gone up from the 4 hour PB and now we are getting little pins in the other direction against the daily PB...

Don't know if you are catching what I am saying... but maybe the daily PB is not so great and we have already gotten what we are going to get on the 4 hr ??
Attached Images
  • #126
  • Sep 26, 2007 5:41am Sep 26, 2007 5:41am
Quoting ademac
Hey Ray,

Be careful with the USD/JPY PB's it has some factors going for it like the retesting of the 114.00 level but going against it, is the traffic that is amongst. Traffic is the biggest killer of PB's

The GBP/JPY i am stay well clear of as it has been bouncing around in it it s triangle for the last couple of weeks. I could also say the same thing about the USD/JPY.

If the USD/JPY breaks long i will be moving my stop to BE pretty quickly as My confidence is low for this trade. Hell the more i think about it the less i want to trade it.

Enjoy
Ademac
Hi Ademac,
Thanks very much for your summary of the pins it is really helpful.
I have just a couple of Questions.....if you can help.


1. You have said NZD_USD Bounces of a rising TL ??? can you tell me where this TL is added as I cannot see it on my chart there is not 3 points that bounce ????

2. Also I see you use a 35% rule this is for the pin length I guess compared to the open close ???

3. You have said to leave the USD/JPY PB's it has some factors going for it like the retesting of the 114.00 level but going against it, is the traffic that is amongst. Traffic is the biggest killer of PB's

Can you tell me what you mean by in traffic I can see the USD_JPy has been bouncing up and down for a while is this the case in that it is not trending, is there any indicator like ADX that can help with telling if we are in traffic...???

4. Also on the NZD_USD do you play the entry on the break of the pin ???

Stay Lucky Mimas.
  • #127
  • Sep 26, 2007 6:11am Sep 26, 2007 6:11am
Quoting mimas
Hi Ademac,
Thanks very much for your summary of the pins it is really helpful.
I have just a couple of Questions.....if you can help.


1. You have said NZD_USD Bounces of a rising TL ??? can you tell me where this TL is added as I cannot see it on my chart there is not 3 points that bounce ????
Mimas,

I am going to answer these individually

OK went back and looked at my chart to find 'n' save as a picture and the TL wasn't even close. My Bad. Goes to show that you should always do your own leg work and never trust anyone else.
  • #128
  • Sep 26, 2007 6:22am Sep 26, 2007 6:22am
Quoting mimas
2. Also I see you use a 35% rule this is for the pin length I guess compared to the open close ???
I get asked about this quite a lot simply. If the open and the close are not within the 0-35% range. then i don't trade that PB as i don't believe it is a PB See the attached pictures

you can make this easy to check just modify your fib indicator, delete all the other fibo levels except 0, 38 & 100 the change the 38 to a 35 and you are good to go.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: good.gif Size: 7 KB
Click to Enlarge Name: bad.gif Size: 7 KB
  • #129
  • Sep 26, 2007 6:35am Sep 26, 2007 6:35am
Quoting mimas
3. You have said to leave the USD/JPY PB's it has some factors going for it like the retesting of the 114.00 level but going against it, is the traffic that is amongst. Traffic is the biggest killer of PB's

Can you tell me what you mean by in traffic I can see the USD_JPy has been bouncing up and down for a while is this the case in that it is not trending, is there any indicator like ADX that can help with telling if we are in traffic...???
You pretty much hit the nail on the head with this one. Sideways markets = traffic. I try not to use indicators just a basic couple of tools and practice heaps. It wont take you long before you can instantly recognize the trend if its there. If you've got young kids show them the chart and ask which way the trend is, they will pick it every time.
Attached Image (click to enlarge)
Click to Enlarge Name: traffic.gif Size: 10 KB
  • #130
  • Sep 26, 2007 6:40am Sep 26, 2007 6:40am
Quoting mimas
4. Also on the NZD_USD do you play the entry on the break of the pin ???
Yes at 0GMT i look at the charts then for any PB i see i just put a pending order with the entry above the High and my stop below the low.

Here is some reading for you will pretty much cover most questions you have.

I often read these as it helps to reinforce how to trade PB's

Enjoy
Ademac
Attached File(s)
File Type: pdf PIN Bars intro.pdf   175 KB | 347 downloads
File Type: pdf PIN Bars advanced.pdf   113 KB | 294 downloads
  • #131
  • Sep 26, 2007 7:48am Sep 26, 2007 7:48am
Quoting ademac
I get asked about this quite a lot simply. If the open and the close are not within the 0-35% range. then i don't trade that PB as i don't believe it is a PB See the attached pictures

you can make this easy to check just modify your fib indicator, delete all the other fibo levels except 0, 38 & 100 the change the 38 to a 35 and you are good to go.
Hi, ademac,
In the top chart, shouldn't the bar to the left of your pin bar be lower than the pin bar's body?
Thanks
  • #132
  • Sep 26, 2007 8:01am Sep 26, 2007 8:01am
Quoting billbss
Hi, ademac,
In the top chart, shouldn't the bar to the left of your pin bar be lower than the pin bar's body?
Thanks
Hey Billbss

In the classic sense i think you may be right but through back testing, forward testing and now live trading i have found it to be not so important. I am more interested in the open and close of the bar being within the top 35% of the bar. I do take into consideration how big the left eye is, and in this case it is quite small. so it gives me confidence to take this trade.

Enjoy
Ademac
  • #133
  • Sep 26, 2007 8:03am Sep 26, 2007 8:03am
Quoting ademac
Yes at 0GMT i look at the charts then for any PB i see i just put a pending order with the entry above the High and my stop below the low.

Here is some reading for you will pretty much cover most questions you have.

I often read these as it helps to reinforce how to trade PB's

Enjoy
Ademac
Hi Ademac,
Many thanks for your answers to the above it is much appreciated your a helpful chap.

I'm in the UK so will be hard to hang around till midnight to place my entries but more than often there's no movement till London session opens anyhow.

I have read those PDF's from the J16 thread and very helpful they are...
and thats a great idea to use the fib indicator for the 35%.

Will be with you on the NZD_USD trade just waiting to see if it triggers....

Stay Lucky Mimas.
  • #134
  • Sep 26, 2007 8:03am Sep 26, 2007 8:03am
Quoting ademac
Hey Billbss

In the classic sense i think you may be right but through back testing, forward testing and now live trading i have found it to be not so important. I am more interested in the open and close of the bar being within the top 35% of the bar. I do take into consideration how big the left eye is, and in this case it is quite small. so it gives me confidence to take this trade.

Enjoy
Ademac
That is good information!
Thanks
  • #135
  • Sep 26, 2007 7:21pm Sep 26, 2007 7:21pm
Well the market has provided me another opportunity to profit.
EUR/CAD
USD/CAD

EUR/CAD
This is probably my favorite PB for the day.

  1. Meets 35% rule (borderline decision)
  2. Nice nose
  3. bounces of an area of previous support
  4. At the end of a possible correction.

USD/CAD
Also a nice looking PB

  1. Meets 35% rule (borderline decision)
  2. Nice nose
  3. At the end of a possible correction

NZD/USD has failed to fly so the pending order has been withdrawn.
AUD/JPY -66 pips or -0.31% loss locked in
NZD/JPY -75 pips or -0.33% loss locked in
USD/JPY -47 pips or -0.47% loss locked in
EUR/USD 1D +425 pips or +4.94% profit locked in
EUR/USD 4HR +188 pips or +4% profit locked in

Enjoy
Ademac

  • #136
  • Sep 26, 2007 8:08pm Sep 26, 2007 8:08pm
I almost thought you weren't gunna take the USD\JPY! How did it do you in? Did you play straight off the pin bar, or off of the 2nd eye?
"Please sir, may I have some more pips?"
  • #137
  • Sep 26, 2007 8:12pm Sep 26, 2007 8:12pm
ademac, the nose of the pinbar on the eur/cad and the usd/cad are pointing in opposite directions.Are you predicting a stronger or weaker Cad?
sorry I`m kind of new to pinbars
  • #138
  • Sep 26, 2007 8:33pm Sep 26, 2007 8:33pm
Quoting J2FcM
I almost thought you weren't gunna take the USD\JPY! How did it do you in? Did you play straight off the pin bar, or off of the 2nd eye?
Hey Mate,

I played it like any other PB but i watched it like a hawk and still am. Looking for any sign of weakness and ill pull up stumps on this and go home.

All my PB entries are done on the break of the the high/low with my stops at the opposite ends high/low.

Still feeling iffy on it. But by the time i was going to pull it yesterday, as i didn't have any confidence in it, it was to late and i was already in the market. so now i am in for the ride

Enjoy
Ademac
  • #139
  • Sep 26, 2007 8:39pm Sep 26, 2007 8:39pm
Quoting randomlight
ademac, the nose of the pinbar on the eur/cad and the usd/cad are pointing in opposite directions.Are you predicting a stronger or weaker Cad?
sorry I`m kind of new to pinbars
Hey RL,

No prediction just a possibility given PA
CAD to get stronger against the EUR and the USD
so i have pending shorts for both these pairs.

Enjoy
Ademac
  • #140
  • Sep 26, 2007 9:11pm Sep 26, 2007 9:11pm
And why did u bail on NZd\USD? Your personal comfort time frame wasnt met???? My second eye hasnt closed yet, and if it breaks through my pivot I thought it might be nice... or just a fake out, and its really just a down trend retracement
"Please sir, may I have some more pips?"
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