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Daily PIN Bars

  • #141
  • Sep 26, 2007 9:50pm Sep 26, 2007 9:50pm
Quoting J2FcM
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
When i place a pending order i have two ways to cancel it

  1. when the next daily bar opens and the order hasn't been executed.
  2. the PB becomes invalidated as the nose is broken.

The NZD/USD just didn't move so i binned it. It is still a valid 2 day PB and a three day PB. and the reasons are still valid for it is i was to choose to trade it. but i am not have other trades to pursue today.

I will still watch it to see what happens, as i have a theory about IB that come after PB.

Enjoy
Ademac

  • #142
  • Sep 26, 2007 11:17pm Sep 26, 2007 11:17pm
is the theory something like this;

"PB then IBs then price a splodes"
"Please sir, may I have some more pips?"
  • #143
  • Sep 26, 2007 11:53pm Sep 26, 2007 11:53pm
Quoting J2FcM
is the theory something like this;

"PB then IBs then price a splodes"
Something like that. It doesn't occur very often. have seen about 6 of them in the past 4 months across 19 pairs, so i am just watching and paying attention to them when i spot them. but i am not trading them yet as i am working on perfecting my pin trades. maybe in 6 months when i am a gun pb trader i will revisit till then i just wait and watch them when they occur.

Enjoy
Ademac
  • #144
  • Sep 27, 2007 3:07am Sep 27, 2007 3:07am
Quoting ademac
When i place a pending order i have two ways to cancel it

  1. when the next daily bar opens and the order hasn't been executed.
  2. the PB becomes invalidated as the nose is broken.

The NZD/USD just didn't move so i binned it. It is still a valid 2 day PB and a three day PB. and the reasons are still valid for it is i was to choose to trade it. but i am not have other trades to pursue today.

I will still watch it to see what happens, as i have a theory about IB that come after PB.

Enjoy
Ademac


Hi Ademac,
Have to agree this NZD_USD is moving extremely slow, it triggered the trade and I am still in but only for a few pips at the moment will have to see how it pans out…….I hope your theory about the IB is not going to go against my trade LOL’s …..
Can I ask a quick question you mentioned about changing the parameters on the fib tool to 35% instead of 38% how is this done in MT4 I can only find out how to change on the chart itself not the fib tool, any ideas or am I barking up the wrong tree….????

What sort of trailing stop were you using on your EUR/USD 1D 50-60pips...????

I hope your trade on the USD_CAD and EUR_CAD work out for you I will stay out of this one for now as I was burned last week when I took a trade on the pin of the EUR_CAD, not my favourite pair at the moment.





Randomlight,
I cannot see where the pins are in opposite directions on USD_CAD and EUR_CAD ???
Both pins are pointing up !!!!!
Are you on the same TF on your chart ??

Stay Lucky Mimas.
  • #145
  • Sep 27, 2007 3:16am Sep 27, 2007 3:16am
Ademac,

I truly appreciate your 35% rule for grading pin bars. During my backtesting/practice the idea came to my mind if not to also check how far the pin sticks out compared to the 1st eye. So far I have found that pins sticking out less than at least 50% of their whole range to be quite unreliable. Do you have similar experiences or just grade them visually?

RM
  • #146
  • Sep 27, 2007 5:49am Sep 27, 2007 5:49am
Hi Ademac and all other PB traders,

nice thread. Just want to mention that USDCAD is at the magical level 1,000. Trading against such round numbers i wouldn't expect much momentum coming up. Look at the swissy for example. It stalled at at the 1,20 level and it needed several weeks to break through. Personally I took the Daily PB long few days ago as I think it is a nice place for correction move.

Ademac, would you please explain your exit strategy? How do you trail? Actually I think that's the hardest part of trading PB. Thanks.

Best regards
janson
  • #147
  • Sep 27, 2007 8:13am Sep 27, 2007 8:13am
Quoting mimas
Can I ask a quick question you mentioned about changing the parameters on the fib tool to 35% instead of 38% how is this done in MT4 I can only find out how to change on the chart itself not the fib tool, any ideas or am I barking up the wrong tree….????
Put a fibo on the chart, then just right click the chart, go to the object list, select you fibo and click edit. Go to the Fibo levels tab and make the changes there. See attached pic

Quoting mimas
What sort of trailing stop were you using on your EUR/USD 1D 50-60pips...????
Normal trail along behind the previous days high or low but i do include a component of discretion. Can really explain that but it is something that just comes from screen time. some days i will just leave my stop where it is and give the trade some room to develop.

Enjoy
Ademac
Attached Image
  • #148
  • Sep 27, 2007 9:38am Sep 27, 2007 9:38am
I`m a candle guy and just can`t seem to make the switch to bars. I have looked all over but with no success. Has anyone posted what an ideal pinbar looks like on a candle chart yet?
  • #149
  • Sep 27, 2007 9:58am Sep 27, 2007 9:58am
Daily Pin candle style.

Quoting randomlight
I`m a candle guy and just can`t seem to make the switch to bars. I have looked all over but with no success. Has anyone posted what an ideal pinbar looks like on a candle chart yet?
Attached Image
  • #150
  • Sep 27, 2007 12:15pm Sep 27, 2007 12:15pm
Sir - I believe you are looking for hammers and shooting stars (or something very similar which name I don't know offhand.)! Not our graceful pin bars.
"Please sir, may I have some more pips?"
  • #151
  • Sep 27, 2007 7:11pm Sep 27, 2007 7:11pm
Nothing new to trade today just update my stops where necessary.

EUR/CAD -73 pips or -0.65% loss locked in
USD/CAD -45 pips or -0.51% loss locked in
AUD/JPY +47pips or 0.22% profit locked in
NZD/JPY B/E pips or 0% locked in
USD/JPY B/E pips or 0% 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
  • #152
  • Sep 27, 2007 7:34pm Sep 27, 2007 7:34pm
I am envious !!!

Quoting ademac
Nothing new to trade today just update my stops where necessary.

EUR/CAD -73 pips or -0.65% loss locked in
USD/CAD -45 pips or -0.51% loss locked in
AUD/JPY +47pips or 0.22% profit locked in
NZD/JPY B/E pips or 0% locked in
USD/JPY B/E pips or 0% 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
  • #153
  • Sep 27, 2007 8:27pm Sep 27, 2007 8:27pm
meh -

Not really too cute.
Attached Image (click to enlarge)
Click to Enlarge Name: eur gbp.gif Size: 19 KB
"Please sir, may I have some more pips?"
  • #154
  • Sep 27, 2007 9:20pm Sep 27, 2007 9:20pm
Quoting BeachBum
FWIW...........this pair has kicked my butt more times than I care to remember. IF you want to take this trade, play it conservatively:
S/L = 0.9950
Take profit at a 1:1 RR on the first lot and then move to B/E.
The 4 hour Fozzy chart is just OK for this trade.
Bail early if it stalls.

Of course, all this is on a DEMO account for you............

PS...........cool green in the foreground of your chart, kinda 'art-deco' style!
Time for an update...........

I'm still "playing" in traffic with this trade; even added to it today with a Buy signal on the 4 hour chart.

This is one pair that absolutely confounds me sometimes............and yet like a 'bad habit', I can't seem to break away.

In the past I have broken my own rules and regretted that; so this time I will patiently wait for the USD/CAD to make up it's mind. Either I get stopped out at 0.9950 or I make some $$$. Time will tell.........:
  • #155
  • Sep 28, 2007 3:03am Sep 28, 2007 3:03am
Quoting ademac
Nothing new to trade today just update my stops where necessary.

EUR/CAD -73 pips or -0.65% loss locked in
USD/CAD -45 pips or -0.51% loss locked in
AUD/JPY +47pips or 0.22% profit locked in
NZD/JPY B/E pips or 0% locked in
USD/JPY B/E pips or 0% 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

Hi Ademac,
Thanks very much for the information on the Fibs......

Your certainly ahead of the game well done on your above trades......it's a nice position to be in....!
I'm still in the NZD_USD trade that I placed on Wednesday and triggered yesterday.....it really has been a slow slog but up 83 pips at the moment and will probably trail my stop if it continues, it has broken above last months low...!
As said previously by Janson this is probably the hardest part the EXIT

Stay Lucky Mimas.
  • #156
  • Sep 28, 2007 3:38am Sep 28, 2007 3:38am
i play all daily pinbars, but tend to post in the james16 pf journal area only. i didnt realise this thread was here as i tend not to look in the public side much.
but, i love daily pinbars (and other time frames) and will add to this where i can.

starting with the pinbar showing on euro, of which i now se a 1hr pinbar forming for a possible good entry. will look to enter on break of support @ 1.4152
Attached Image (click to enlarge)
Click to Enlarge Name: euro pinbar sept 28th.gif Size: 21 KB
Its gonna happen, it will happen.....i know!
  • #157
  • Sep 28, 2007 5:17am Sep 28, 2007 5:17am
Quoting rockrat
i play all daily pinbars, but tend to post in the james16 pf journal area only. i didnt realise this thread was here as i tend not to look in the public side much.
but, i love daily pinbars (and other time frames) and will add to this where i can.

starting with the pinbar showing on euro, of which i now se a 1hr pinbar forming for a possible good entry. will look to enter on break of support @ 1.4152

Rockrat,
Welcome to the pin bar thread.....same thing as J16 really just another thread....!!!!

I can see it's hitting a strong resistance line going back to summer of 1995....with a good pin but there is such a strong trend for long not sure if it will ever trigger only time will tell I guess..!!!
  • #158
  • Sep 28, 2007 5:47am Sep 28, 2007 5:47am
Quoting rockrat
i play all daily pinbars, but tend to post in the james16 pf journal area only. i didnt realise this thread was here as i tend not to look in the public side much.
but, i love daily pinbars (and other time frames) and will add to this where i can.

starting with the pinbar showing on euro, of which i now se a 1hr pinbar forming for a possible good entry. will look to enter on break of support @ 1.4152
Welcome aboard Rockrat,

I am only trading daily PB's but if you want to cover the smaller TF feel free to. I am sure we can learn something from each other. Most of the things i have learnt have come from the PF and J16 PA thread.

Enjoy
Ademac
  • #159
  • Edited 9:22am Sep 28, 2007 8:55am | Edited 9:22am
Quoting rockrat
i play all daily pinbars, but tend to post in the james16 pf journal area only. i didnt realise this thread was here as i tend not to look in the public side much.
but, i love daily pinbars (and other time frames) and will add to this where i can.

starting with the pinbar showing on euro, of which i now se a 1hr pinbar forming for a possible good entry. will look to enter on break of support @ 1.4152
Rockrat,
It's really going for it now broken long term TL and the pin is now invalid.....
Can it keep going ?????
Attached Image (click to enlarge)
Click to Enlarge Name: eur_usd.gif Size: 17 KB
  • #160
  • Sep 28, 2007 12:30pm Sep 28, 2007 12:30pm
Mimas did you take any profit on your 83 pips yet!?!?
"Please sir, may I have some more pips?"
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