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Daily PIN Bars

Well, we can all stop looking... PB was negated.... it's no longer an issue... glad I didn't end trying to trade it...

Quoting Lou
The H at 7587 is close to my DiNapoli expansion XOP at 7595 which is a resistance level. So price has bounced back from resistance... this is good. With price at 7560 as I type and the low of the pin bar at 7543 with a -10 following the rules gives an entry at 7533. But then the OP is at 7526 which could act as support. Not much room between 7533 and 7526. This is not so good.

New to looking carefully at pin bars.

Lou
Aww come on! You could've TRIED to trade it... but no break below the low... so you're attempt just would've failed. With no loss... so would it even be a failure?
"Please sir, may I have some more pips?"
Yes, but in the old days.... a few weeks ago... I would have been stupid enough to just jump in... !!!


Quoting J2FcM
Aww come on! You could've TRIED to trade it... but no break below the low... so you're attempt just would've failed. With no loss... so would it even be a failure?
Smallish Daily Pin on USD/CHF
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Tiki

Smallish because the nose doesnt stick out very far?
Quoting Lou
Tiki

Smallish because the nose doesnt stick out very far?
yep, the low from the previous bar is important with a pinbar.


Mike
And I hope no one traded that thing... !!! Everyone should have been busy enough shorting U/J and G/J !!!

Quoting mbqb11
yep, the low from the previous bar is important with a pinbar.


Mike
potential pb on eur/jpy(second last candle). the "eyes" not within the close of the third bar also trend strongly down too. also the top shadow not broken yet. but with talks of stimulus the stocks might rebound. also a divergence developing which increase the probabilities. anyone keeping an eye on this one?
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The divergence is more important on this one.... the PB is small... the divergence is big.... !!!

Quoting jamesbond007700
potential pb on eur/jpy(second last candle). the "eyes" not within the close of the third bar also trend strongly down too. also the top shadow not broken yet. but with talks of stimulus the stocks might rebound. also a divergence developing which increase the probabilities. anyone keeping an eye on this one?
I just wanted to say that I really appreciate folks identifying potential pin bar trades. I can only be in front of the computer, trading, a few hours a day, during the Asian Session. So the pin bar is an important pattern that I can take advantage of in the time I have available.

Many Thanks.

Lou
since the eur/jpy closed below the potential pb, i guess its no longer valid? also as i said the divergence is developing, but the macd still went lower so the divergence didnt develop i guess.
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On the settings which I use, there is divergence on the 4 hour charts... but this has not fully developed yet, PLUS on 4 hour time frame, the pair is now trending down... which is not the best time to take divergence trades... divergence trades against a trend may work, but usually for less pips...

But now we are getting off subject for this thread...
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Ok, I have a Daily PB on E/J . Now you must know that I use Oanda charting which has a strange daly close/open of 10 pm US Central time.

The formation in candlestick terms is a doji. The nose is not very long. I checked the next lower time frame (3hr on Oanda) and there is no formation of note there.

The bad news on this is that the entry point, using the rules, is about 130 pips away as I type.

Lou
do you guys ever look at pinbars as potential continuation signals...i mean if a pair is in an obvious downtrend such as eurjpy, couldn't it just be a day of consolidation/re-evaluation/indecision...until people actually want to push the pair further down?

....or do you always look at pinbars as potential reversals...(i like this idea better by the way)

in any case, what is your ultimate confirming indicator....besides buying above the high or selling below the low of a pinbar, do you use stochs? macds? momentum?

i love studying candles, and a few hints at a couple good confirming filters/indicators would give me a great start at developing a strategy

thanks!!
The odds are on my side; let's hope they stay that way!!!
by the way...check out EURCHF....there is a pretty pinbar basically at its downtrend support line
The odds are on my side; let's hope they stay that way!!!
For those who like to trade spot gold.................weekly charts..........reversal pinbar?
hey guys,
just came across this thread and I can't understand why it's not being used more than it is...... well, i say we use it more.. the more eyes we have studying charts the more trade setups we can enter... thanks for the thread!

anyhows,

todays friday,

Eur/jpy----- nice 4 hour pin bar at 12 gmt. im short at 157.20.

Im not big on trading fridays but what the heck!
Things can get Real ugly, Real quick!!!
good call on the EUR JPY.

I didn't catch it though... was asleep.
"Please sir, may I have some more pips?"
unless it goes sharply higher today there is a good pb forming with the trend on eur/jpy daily. but not sure how much lower prices can go.
ok that looks like pb in traffic so guess thats not a good example anyway.
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