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Daily PIN Bars

  • #241
  • Nov 8, 2007 9:55pm Nov 8, 2007 9:55pm
First time uploading a chart, someone mentioned using a tinypic.com link to do it. Not sure if it's the most efficient, any advice is appreciated.

I wanted to post this one because it has two good examples (towards the right of the chart) of would be pin bars at a swing high and then right after at a swing low, except for the fact that they're missing the ear on the previous bar. Disregarding whether or not they're actually good setups from the regular criteria, I'm wondering if you guys know if James (or any of you) have an alternative method of playing these particular bars that are missing an ear, assuming all other conditions are met.

Reason I ask is from observation they seem to work out about as often as the real pin bars. Though my guess as to why they're not ideal is that the missing ear on the prior bar demonstrates that momentum may not have dried up sufficiently to trade the pin, making it more risky.

http://i11.tinypic.com/73my5ub.gif
  • #242
  • Nov 8, 2007 10:18pm Nov 8, 2007 10:18pm
Quoting Philww
First time uploading a chart, someone mentioned using a tinypic.com link to do it. Not sure if it's the most efficient, any advice is appreciated.

I wanted to post this one because it has two good examples (towards the right of the chart) of would be pin bars at a swing high and then right after at a swing low, except for the fact that they're missing the ear on the previous bar. Disregarding whether or not they're actually good setups from the regular criteria, I'm wondering if you guys know if James (or any of you) have an alternative method of playing these particular bars that are missing an ear, assuming all other conditions are met.

Reason I ask is from observation they seem to work out about as often as the real pin bars. Though my guess as to why they're not ideal is that the missing ear on the prior bar demonstrates that momentum may not have dried up sufficiently to trade the pin, making it more risky.

http://i11.tinypic.com/73my5ub.gif

Funny, now that I think of it, I'm not really sure why I didn't post this in the James16 chart thread. Maybe because I'm only about halfway through it and subconsciously I didn't want to touch it (make it longer!!!) til I finished reading.
  • #243
  • Nov 8, 2007 11:40pm Nov 8, 2007 11:40pm
Quoting Philww
First time uploading a chart, someone mentioned using a tinypic.com link to do it. Not sure if it's the most efficient, any advice is appreciated.

I wanted to post this one because it has two good examples (towards the right of the chart) of would be pin bars at a swing high and then right after at a swing low, except for the fact that they're missing the ear on the previous bar. Disregarding whether or not they're actually good setups from the regular criteria, I'm wondering if you guys know if James (or any of you) have an alternative method of playing these particular bars that are missing an ear, assuming all other conditions are met.

Reason I ask is from observation they seem to work out about as often as the real pin bars. Though my guess as to why they're not ideal is that the missing ear on the prior bar demonstrates that momentum may not have dried up sufficiently to trade the pin, making it more risky.

http://i11.tinypic.com/73my5ub.gif
have a look at my 35% rule. it is somewhere back in this thread.

Enjoy
  • #244
  • Nov 9, 2007 7:45am Nov 9, 2007 7:45am
Quoting ademac
have a look at my 35% rule. it is somewhere back in this thread.

Enjoy
Sorry, I was saying ear in my last post, I meant eye. That's an effective rule ademac and it seems it would keep you out of some less than ideal pin bars, thanks.

To clarify a little further though, if I'm not mistaken, an actual pin bar requires the open and close, not only to be close to one end of the bar, but also within the "eye" of the previous bar. So are you saying you would play pin bars like the ones in my chart (all other conditions being met of course) as long as your 35% rule is met, and even though the O/C aren't within the "eye" of the previous bar?
  • #245
  • Nov 9, 2007 9:17am Nov 9, 2007 9:17am
Tiki
But I would really like to know where you get a gold chart on mt4...!!!

Gold, Oil, Silver available on ODL Metatrader
  • #246
  • Nov 9, 2007 1:40pm Nov 9, 2007 1:40pm
OK THX for that... I will check it out !!!


Quoting attictrader
Tiki
But I would really like to know where you get a gold chart on mt4...!!!

Gold, Oil, Silver available on ODL Metatrader
  • #247
  • Nov 9, 2007 2:44pm Nov 9, 2007 2:44pm
I guess I will have no choice but to admit this is going to be a great weekly PB... Against the trend... but going to have to trade it !!! Hopefully I can find a way to not have the million pip stop.........
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  • #248
  • Nov 10, 2007 4:47pm Nov 10, 2007 4:47pm
Perhaps I have failed once again to take notice of an important IB... This in regards to USD/CAD... The saving grace is that perhaps also, I still have time to get in...

First mistake though probably was not to have taken notice of what I think is a "piercing pattern" on daily... At least that is what i think it is... when reading about candlesticks a pericing pattern requires a gap, but with forex that is more difficult... at any rate, if I were really any good at forex, I should have seen this... I did not... NEXT, the daily IB... This should have been traded and I did not... it has already fired off a long about 30 or 40 pips ago... NOW, we have a weekly PB...

IF, raczek is right, and oil price will fall off the next couple of months, this is a chance to help USD/CAD rise... Oil is priced in dollars... perhaps if oil price falls over the next couple of months, this will actually be some strengthening of the dollar. I am trying to base these thoughts on things Seeking and Rac have said... though I know I have not explained very well here...

I had told ademac I probably would not trade the weekly PB on CAD... but I have changed my mind... Because now I have found a way to do it without having to place my stop at the bottom of the PB... but more likely under the IB !!! First Profit Target .9700
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  • #249
  • Nov 14, 2007 3:59pm Nov 14, 2007 3:59pm
a so-so looking pin bar on daily aud/usd.
  • #250
  • Nov 14, 2007 4:47pm Nov 14, 2007 4:47pm
Quoting jamesbond007700
a so-so looking pin bar on daily aud/usd.
One word "Traffic"
  • #251
  • Nov 14, 2007 6:39pm Nov 14, 2007 6:39pm
ya the high doesnt stand out from the previous few bars high so i called it a so-so pb. not an a+ example.
  • #252
  • Nov 14, 2007 7:35pm Nov 14, 2007 7:35pm
Quoting ademac
One word "Traffic"
Ademac,
I was looking at the AUD/USD daily pin bar too and thought it didn't look so bad. Yes it isn't at an extreme high and it is against the trend right now. I guess I am having a hard time finding anything to trade today. Not much out there I guess. The AUD/JPY also formed a daily pin bar, but now it is back up again. Would love to hear if anyone else is looking at anything interesting tonight. Thanks
  • #253
  • Nov 14, 2007 7:49pm Nov 14, 2007 7:49pm
Quoting Wall_Street
Ademac,
I was looking at the AUD/USD daily pin bar too and thought it didn't look so bad. Yes it isn't at an extreme high and it is against the trend right now. I guess I am having a hard time finding anything to trade today. Not much out there I guess. The AUD/JPY also formed a daily pin bar, but now it is back up again. Would love to hear if anyone else is looking at anything interesting tonight. Thanks
When you trade PB's you have to be prepared to spend a lot of time just waiting, and watching.

There is stuff out there, problem is most of it is not pretty and if you are not careful it is going to turn you into road kill. That said i have my trades placed because i have a plan and i trade the plan.

Enjoy
Ademnac
  • #254
  • Nov 14, 2007 7:57pm Nov 14, 2007 7:57pm
Ademac,
Would you mind sharing some of your plans for tonight? I am currently waiting for USD/JPY to retrace some more. Looking for around 112.50 area if we can get there for possible sell with PA of course. USD/CAD around 9750 (sell), and watching EUR/USD around 4730 resistance (buy). Euro should break resistance and head to 1.5000 I think but will wait for confirmation with PA to tell me first. Just ideas right now I guess. Good luck all.
  • #255
  • Nov 14, 2007 8:06pm Nov 14, 2007 8:06pm
If nothing else.... DON"T trade this just because you are looking for something to trade... fight that urge... it is one of my problems too... While ademac may have entered to trade this, he does have a good plan and sticks to it... he won't lose much if he loses...

This is not a great PB by any means... I'm not trading it...


Quoting Wall_Street
Ademac,
I was looking at the AUD/USD daily pin bar too and thought it didn't look so bad. Yes it isn't at an extreme high and it is against the trend right now. I guess I am having a hard time finding anything to trade today. Not much out there I guess. The AUD/JPY also formed a daily pin bar, but now it is back up again. Would love to hear if anyone else is looking at anything interesting tonight. Thanks
  • #256
  • Nov 14, 2007 8:21pm Nov 14, 2007 8:21pm
Hi. My first post here. Thanks for a great thread.

I've just been trawling through my weekly charts, pretty much for the first time. I live in the 4hr/Daily world mainly, but this pin bar phenomenon has got me all fired up...

So I have two accounts; a live account with VT Trader (on EST) and a demo on MT4 (on GMT). I'm watching a near-perfect pin bar formed on the weekly GBPUSD in my MT4 platform — so perfect that I'm running up the walls envisioning buried treasure.

I switch over to VT trader to place a trade and huh? it looks very different. So much so that my faith in the pattern is diluted.

here are two screen grabs I made. I'd appreciate some wisdom on how to approach this potential 'mirage' effect — having patterns 'compromised' by the differences in timezones and data feeds etc...

Many thanks

(PS. The first image is the MT4 demo screen)
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Attached Image
  • #257
  • Nov 14, 2007 8:25pm Nov 14, 2007 8:25pm
first off both of those are great pinbars. Sometimes timezones data feeds can be very different. But remember, price is still price. So it may look different on one then the other, but price is still the same, just broken into chunks differently.

The general rule, is to play it as you see it. So stick to your charts and don't worry about the other feeds.

Mike
  • #258
  • Nov 14, 2007 8:56pm Nov 14, 2007 8:56pm
Quoting mbqb11

The general rule, is to play it as you see it. So stick to your charts and don't worry about the other feeds.

Mike
Thanks Mike.

I suspected as much, but it does get a person questioning the validity of patterns formed by bars and OHLC levels in a market that, technically, has no OHLC 'events' in the first place...

Thanks for your help
  • #259
  • Nov 14, 2007 9:01pm Nov 14, 2007 9:01pm
Quoting mbqb11
first off both of those are great pinbars. Sometimes timezones data feeds can be very different. But remember, price is still price. So it may look different on one then the other, but price is still the same, just broken into chunks differently.

The general rule, is to play it as you see it. So stick to your charts and don't worry about the other feeds.

Mike
Interesting, tho, that Both Pins APPEAR to have the Same Opening Value.
Coincedence? Perhaps.

The Other thing i think about is that Somewhere on the Planet, {Trading Sessions} There is a PB that does not show on {Y,Our Data Feed due to Brkr Session Times.
Oohhh, This may require a new Search Engine to discover whether to take a particular Trade with an East, Mid, Central or Western Brkr.

Things that make you go "Hmmmm...."
Could be a candidate for onekt discussion.
  • #260
  • Nov 14, 2007 9:09pm Nov 14, 2007 9:09pm
Quoting Bemac
Interesting, tho, that Both Pins APPEAR to have the Same Opening Value.
Coincedence? Perhaps.

The Other thing i think about is that Somewhere on the Planet, {Trading Sessions} There is a PB that does not show on {Y,Our Data Feed due to Brkr Session Times.
Oohhh, This may require a new Search Engine to discover whether to take a particular Trade with an East, Mid, Central or Western Brkr.

Things that make you go "Hmmmm...."
Could be a candidate for onekt discussion.
This broker discussion is ongoing. I have settled into watching two different brokers charts. My thinking is that sometimes one chart doesn't allow me to "see" what is going on as clear as another broker.

Always will be an interesting topic of discussion for the chartist out there

M
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