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Daily PIN Bars

  • #261
  • Nov 14, 2007 9:43pm Nov 14, 2007 9:43pm
Quoting mbqb11
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
Always the idealist and dreamer, I can't help thinking there's a whole new way we could be depicting price action in the Forex — given that its 24hr, "always open" nature. The bar and the candlestick are 'borrowed' from markets that do have beginnings, middles and ends — and markets where volume makes a difference to the way we interpret them.

Anyway, veering alarmingly off-topic. Apologies.
  • #262
  • Nov 15, 2007 11:04am Nov 15, 2007 11:04am
Delicious Weekly PB

+155 pips from last night.
Attached Image (click to enlarge)
Click to Enlarge Name: usd cad.gif Size: 17 KB
"Please sir, may I have some more pips?"
  • #263
  • Edited 11:12am Nov 15, 2007 11:10am | Edited 11:12am
Quoting J2FcM
Delicious Weekly PB

+155 pips from last night.

Hi J2FcM,

So (in this case) you based your entry/confirmation on the break of the first bar's high? Not the high of the pin bar itself? How do you determine your stop level?
And I assume your red lines are fibo-based TPs?

Just trying to understand how people play the pinbar machine...

Many thanks
  • #264
  • Nov 15, 2007 1:41pm Nov 15, 2007 1:41pm
Quoting fiveshorts
Hi J2FcM,

So (in this case) you based your entry/confirmation on the break of the first bar's high? Not the high of the pin bar itself? How do you determine your stop level?
And I assume your red lines are fibo-based TPs?

Just trying to understand how people play the pinbar machine...

Many thanks

Well, in this case, the green dotted line is where I entered... its a poor entry IMO, because I entered late... I had family visiting and was very busy at work so I was unable to devote any time to looking at my charts.

So, last night I checked out the weekly on the USD CAD and saw this gigantic PB. Doing a Fib retarce of it, and the open and close are below 35% (Ademacs rules?)

Typically, I would set my entrance about 10-20 pips above the high of the PB, and my stop would be about 10 pips below the low of the PB. OR, since this PB is SOOOO nice, do a retracement of the pin bar and set the stop a little below the 68% or 50%.

The Aqua lines are lines of resistance I put in, so I have my current take profit just hovering underneath that one resistance line.

I also did Fib Retracements to get confluence with my resistance lines... so you can see one retracement level lines up with my aqua line, which means "I won't be surprise if price bounces off that price area"...
"Please sir, may I have some more pips?"
  • #265
  • Nov 15, 2007 3:56pm Nov 15, 2007 3:56pm
Thanks J2FcM,

I too am "learning the hard way" and appreciate your taking the time to answer my questions. Your explanation of how you'd have preferred to have entered is just what I suspected and helps confirm my understanding, thanks.

Any one here trade the glorious weekly PB on GBPUSD?
  • #266
  • Nov 15, 2007 6:24pm Nov 15, 2007 6:24pm
gosh! that thing is very nice... Like I said I missed some killer opportunities due to busy schedule... When I get home I'll see if I still want to get in on this chance to go short... might be a little to late --> too much risk too little reward.
"Please sir, may I have some more pips?"
  • #267
  • Edited 10:36pm Nov 15, 2007 10:16pm | Edited 10:36pm
I'll give it a go...

There's no direct equivalent in candlesticks, as far as pattern name is concerned, but the textbook PB would be a three-candle formation where (in the case of an up move) the first candle would be long-body bull candle with a short upper wick; the center candle would be a gravestone doji/spinning top with a long upper wick (with its open and close as near to each other as possible) that "sticks out" like Pinocchio's nose from the close of the first candle; and the third would be a long-bodied bearish candle with little or no upper wick.

There's a good example on the weekly GBPUSD right now that tells the story in bars or candles :-)

Hope that helps. Someone correct me if I missed anything.
Attached Image
  • #268
  • Nov 16, 2007 5:23am Nov 16, 2007 5:23am
Quoting fiveshorts
I'll give it a go...

There's no direct equivalent in candlesticks, as far as pattern name is concerned, but the textbook PB would be a three-candle formation where (in the case of an up move) the first candle would be long-body bull candle with a short upper wick; the center candle would be a gravestone doji/spinning top with a long upper wick (with its open and close as near to each other as possible) that "sticks out" like Pinocchio's nose from the close of the first candle; and the third would be a long-bodied bearish candle with little or no upper wick.

There's a good example on the weekly GBPUSD right now that tells the story in bars or candles :-)

Hope that helps. Someone correct me if I missed anything.
Five Shorts,

You are correct, but if you play it that way you are leaving pips in the table. When i play a PB I don't wait for the third candle confirmation. What i do is that i enter as soon as price goes 10 - 20 pips above/below the pinbar, and put my s/l at the other end of the PB. When it is too big i will do what J2F did with his US/CAD PB, put it at 65% of the distance. Of course i only play perfect PB's. That is, the ones that conform to Ademac's rules (two eyes are within the lower/top of the low/high 35% of the bar, plus I never play them unless they appear after a trend up or down...never in traffic, and never when the PB is indicating a continuation of the trend rather than a reversal (but those are my rules).
  • #269
  • Nov 16, 2007 1:18pm Nov 16, 2007 1:18pm
and mighty good rules.

And when the PB follows all those rules AND tests a support\resistance, I like it even more.
"Please sir, may I have some more pips?"
  • #270
  • Nov 16, 2007 1:32pm Nov 16, 2007 1:32pm
oh and something else... remember remember remember... Good pin bars that check off all of the above mentioned conditions are not very common. So another aspect of playing pin bars is patience and discipline.

If there are no pin bars, then look for areas where a good pin bar MAY form and wait to see what happens.





Also , there are rules for combining 2 bars and considering them a pin bar, but I am not too familiar with these... if anyone can elaborate.
"Please sir, may I have some more pips?"
  • #271
  • Nov 16, 2007 2:06pm Nov 16, 2007 2:06pm
a short term (60m)pb formed at the down trend resistance line of the above pair. the second eye doesnt look so good so this one isnt a+ example so i hope u guys dont mind me pointing it out.
  • #272
  • Nov 21, 2007 7:59pm Nov 21, 2007 7:59pm
Ademac 4 hr PB on GBP/USD from my PM to you...
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 10 KB
  • #273
  • Nov 22, 2007 1:35pm Nov 22, 2007 1:35pm
I didn't get quite as nice a PB, even so, its been just hovering at resistance... it'd have to be a NICE PB.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp usd.gif Size: 22 KB
"Please sir, may I have some more pips?"
  • #274
  • Nov 22, 2007 2:18pm Nov 22, 2007 2:18pm
Hi j2fcm,

You can always use the period converter to show up pin bars across 2 candles, so you can make a chartr with 2 day bars for instance, or 2 weeks etc.
  • #275
  • Nov 22, 2007 8:45pm Nov 22, 2007 8:45pm
Quoting Tiki Trader
Ademac 4 hr PB on GBP/USD from my PM to you...
Tiki,
I am a little confused. Is this considered a good pin bar? It seems to be in some traffic maybe? I guess I was just wondering because I thought Ademac liked to look for the pin bars mostly at extremes? I am just wondering because I would have probably taken this pin bar but I have been trying to decide how someone determines a pin bar is in traffic or not? I mean I know the result now, it worked out. Also was there any other confluence around that area other than that one MA? I am not at my computer now because I am away for the Thanksgiving holiday, so I am unable to check. Thanks for the help.
  • #276
  • Nov 22, 2007 8:53pm Nov 22, 2007 8:53pm
It was just a quick example of a 4 hr PB to ademac because I had PM'd something... also a good example of a 4hr PB that did not work out !!! Since I can't send a chart in a PM, I posted it here... that's all... Actually I thought it had a good chance to work because it looked like price was bouncing off that 224.40 line... and would be going with the trend... I am still not happy about price going as far as it did above that line... I thought that line would be more solid resistance....

Quoting Wall_Street
Tiki,
I am a little confused. Is this considered a good pin bar? It seems to be in some traffic maybe? I guess I was just wondering because I thought Ademac liked to look for the pin bars mostly at extremes? I am just wondering because I would have probably taken this pin bar but I have been trying to decide how someone determines a pin bar is in traffic or not? I mean I know the result now, it worked out. Also was there any other confluence around that area other than that one MA? I am not at my computer now because I am away for the Thanksgiving holiday, so I am unable to check. Thanks for the help.
  • #277
  • Nov 23, 2007 3:36pm Nov 23, 2007 3:36pm
A potentially nice PB on the usd/chf daily chart. check it out.
  • #278
  • Nov 23, 2007 3:50pm Nov 23, 2007 3:50pm
Quoting jamesbond007700
A potentially nice PB on the usd/chf daily chart. check it out.

EUR/CHF as well.....funny how these things line up, huh?


Clockwork
  • #279
  • Nov 23, 2007 4:03pm Nov 23, 2007 4:03pm
Quoting clockwork71
EUR/CHF as well.....funny how these things line up, huh?


Clockwork
yeah thats interesting, specially considering the relation between eur/usd and usd/chf. maybe it indicates the run against the dollar is slowing if not ending. and the stocks ended up too
  • #280
  • Nov 26, 2007 10:34am Nov 26, 2007 10:34am
anyone know specific rulings for Friday pin bars? (which I believe both the last 2 PBs mentioned are).
I'm rusty now
"Please sir, may I have some more pips?"
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