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Trading Daily Pin Bar

  • #1
  • First Post: Feb 18, 2010 12:15pm Feb 18, 2010 12:15pm
I am trying to build a strategy around trading daily pinbars. Ofcourse not all pinbars can be traded. So i have to come up with a plan to eliminate some of the pin bars.

Entry: As soon as next candle starts.
Exit: Trailing SL
Stop loss: end of the pinbar candle.

Is anyone trading in a similar way?
  • #2
  • Feb 18, 2010 10:47pm Feb 18, 2010 10:47pm
If I understand correctly, James16 trades daily pinbars as a part of his overall strategy. You might be able to find some entry/exit specifics in his thread.
  • #3
  • Feb 18, 2010 10:58pm Feb 18, 2010 10:58pm
Thanks Hanover. I read James thread but I didn't realize his trading is solely based on pin bars. I'll look at it again.
  • #4
  • Feb 20, 2010 6:42pm Feb 20, 2010 6:42pm
Quoting AndsX
Thanks Hanover. I read James thread but I didn't realize his trading is solely based on pin bars. I'll look at it again.
From what I've read, it's not solely pinbars. But I thought that you might find some ideas there, nonetheless.
  • #5
  • Feb 20, 2010 6:56pm Feb 20, 2010 6:56pm
Pin Bars are not produced as often as other candlestick formations. You"ll do better looking at a few common formations than just sticking to Pin Bars.
  • #6
  • Feb 20, 2010 7:04pm Feb 20, 2010 7:04pm
Quoting AndsX
I am trying to build a strategy around trading daily pinbars. Ofcourse not all pinbars can be traded. So i have to come up with a plan to eliminate some of the pin bars.

Entry: As soon as next candle starts.
Exit: Trailing SL
Stop loss: end of the pinbar candle.

Is anyone trading in a similar way?
There are a number of ways to trade pin bars. You can take the Pin bar from the daily chart and trade a break of the top, a pullback to the 50% retrace, a pullback to the open price (provided the pin closed higher) or a pullback to the prior candles low point etc.

Breaks of the tops allow the pin to somewhat prove themselves. It also puts you at a point where the market comes to you. The SL will naturally be quite large so your position size will be diminished but you will have the space for the pin to work

The pullback to the 50 line, previous open or low are also valid and they give you a chance to build a stronger position. You are also putting yourself in a situation where the trade may not happen.

PIN bars in themselve offer a great deal of information. They are best traded off areas of S/R and/or in confluence with Pivot Points, FIBs, divergence etc to give you the best possible opportunity for a trade that can do your account favours. Over time you will spot better setups than others but Pins are a great Price Action bar to trade.

PM me if you want more clarity or visit J16s website. I am not affiliated with it but it has a good deal of info on a range of bars, Pin bars included.

Razor
  • #7
  • Feb 22, 2010 5:03pm Feb 22, 2010 5:03pm
Quoting Jhig
Pin Bars are not produced as often as other candlestick formations. You"ll do better looking at a few common formations than just sticking to Pin Bars.
I wanted to stick with pin bar since it's easy to identify and has less discretion.
  • #8
  • Feb 22, 2010 5:04pm Feb 22, 2010 5:04pm
Quoting Razor_trader
There are a number of ways to trade pin bars. You can take the Pin bar from the daily chart and trade a break of the top, a pullback to the 50% retrace, a pullback to the open price (provided the pin closed higher) or a pullback to the prior candles low point etc.

Breaks of the tops allow the pin to somewhat prove themselves. It also puts you at a point where the market comes to you. The SL will naturally be quite large so your position size will be diminished but you will have the space for the pin to work

The pullback to the 50 line, previous...

I was thinking of trading the pin bar that happens a swing low/high.
  • #9
  • Feb 22, 2010 10:48pm Feb 22, 2010 10:48pm
Quoting AndsX
I was thinking of trading the pin bar that happens a swing low/high.
I replied to the PM you sent however I will add to this comment by saying simply that swing highs and lows are an after the fact event. By this I mean you cannot always tell by immediate action that the current candle that closes will represent a swing high or low. Usually by definition;

Swing high is represented by 2 candles on both sides that highs are lower than the swing high candles high

Swing low is represent by 2 candles on both sides that lows are higher than the swing lows candles low

So a swing point cannot be determined by definition until at a minumum 2 bars later (the following 2 bars) at which point the market has already done its thing.

To put the odds in your favour you need to have a critic process that determines which Pins you will trade and which you will leave. First and foremost you should be trading Price Action at an area of strong (weekly/monthly) support or resistance. You can trade daily support and resistance but you need to be mindful of the area around that a pin has to move. In the beginning I would encourage you to take all the pins and start to build a scrapbook on what works when and best and start to build a 4-5 step critic process to help take trades that may work better.

Razor
  • #10
  • Feb 22, 2010 10:55pm Feb 22, 2010 10:55pm
Quoting Razor_trader
Usually by definition;

Swing high is represented by 2 candles on both sides that highs are lower than the swing high candles high

Swing low is represent by 2 candles on both sides that lows are higher than the swing lows candles low

So a swing point cannot be determined by definition until at a minumum 2 bars later (the following 2 bars) at which point the market has already done its thing.
Razor
The "fractal" definition of SH/SL is a good one, and I use it every day so please don't take this as a dis or anything, but there is another definition which probably suits the OP better:

http://www.enthios.com/Primer_buildingblocks.htm

Using MSH/MSL as the "term". Pinbar on daily should appear as MSL/MSH on the H1 or H4.

Probably the best "way" to trade pinbars is the Bill Williams "bullish divergent bar/bearish divergent bar" or james16 style. Either will enter you using a buy/sell stop break of the low/high rather than market order at close of the bar. I don't recommend entering pinbars using "at market" orders.

Also, check out the "Jankone M5" thread in the trading systems section, it is designed for M5 scalping of james16/ryanmcd style pinbars but the exact same principles will apply for you here (I know, I tested it).
  • #11
  • Feb 23, 2010 12:18am Feb 23, 2010 12:18am
Quoting sinner-
The "fractal" definition of SH/SL is a good one, and I use it every day so please don't take this as a dis or anything, but there is another definition which probably suits the OP better:

http://www.enthios.com/Primer_buildingblocks.htm

Using MSH/MSL as the "term". Pinbar on daily should appear as MSL/MSH on the H1 or H4.

Probably the best "way" to trade pinbars is the Bill Williams "bullish divergent bar/bearish divergent bar" or james16 style. Either will enter you using a buy/sell stop break of the low/high rather...
May be i termed it wrong. I actually meant MSH/MSL. I'll also look in to other methods you suggested. Thanks
  • #12
  • Feb 23, 2010 12:19am Feb 23, 2010 12:19am
Quoting Razor_trader
I replied to the PM you sent however I will add to this comment by saying simply that swing highs and lows are an after the fact event. By this I mean you cannot always tell by immediate action that the current candle that closes will represent a swing high or low. Usually by definition;

Swing high is represented by 2 candles on both sides that highs are lower than the swing high candles high

Swing low is represent by 2 candles on both sides that lows are higher than the swing lows candles low

So a swing point cannot be determined by...

I'll dig in to the charts more and try to come up with some rules i can easily follow and hopefully will give me the winning favor.
  • #13
  • Feb 23, 2010 1:13am Feb 23, 2010 1:13am
Quoting AndsX
I'll dig in to the charts more and try to come up with some rules i can easily follow and hopefully will give me the winning favor.
Good luck with this m8. I adopted the James16 style and have been following and learning those methods for a few days now.

Since using those strategies (primarily pinbars at the moment) i have felt much happier about my trading and have raked in much more profit.

Do a quick scan of every major pair dailies (worth a look on the exotics too - some crazy moves there) and see how much some of the pinbars would have made you.

I'm still learning but the elegance and relative simplicity of this system is something i have enjoyed a great deal so far.

Enjoy!
  • #14
  • Mar 23, 2010 1:25pm Mar 23, 2010 1:25pm
Hi,

I am in the UK, and have been trading just Forex Pin Bars since about November of last year.
I trade just daily set ups as I work during the day. I initially read through the J16 thread to get me started. I am still a subscriber to that thread , but there are people trading a lot of differing time frames and other candle patterns.
Like you, I am only interested in daily set ups and just pin bars.
I am currently in AUD/JPY long and the NZD/USD long. Both are just starting to get into profit but have been stuttering most of the day.
Look forward to hearing from you.
Glynn
"Fail to prepare, prepare to fail."
  • #15
  • Mar 25, 2010 12:42pm Mar 25, 2010 12:42pm
Daily Pin bar in US/CAD now
  • #16
  • Dec 3, 2010 8:29am Dec 3, 2010 8:29am
Don't know about trading the DAILY pin bars but the 15M and 30M on EUR-USD seem to throw up just enough signals, and the speed is just right for me.

Doesn't seem to be any single thread that deals strictly with intra-day pin bars, and I'm looking at inside bars also, very tradable.

If every day was as simple as this chart, be real easy to pick up the 20 or 40 pips needed to compound an account.

And keeps it simple, 1 currency, 1 method, easy to spot signals, known take profit, known stops, what more could I want?

Any comments, criticizes, ideas, etc, thanks, John
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Canadian by birth Australian by choice
  • #17
  • Dec 10, 2011 2:44am Dec 10, 2011 2:44am
PB is good to trade!
Anyone to continue here?
  • #18
  • Last Post: Mar 26, 2012 2:09am Mar 26, 2012 2:09am
Quoting TheSnowman
Don't know about trading the DAILY pin bars but the 15M and 30M on EUR-USD seem to throw up just enough signals, and the speed is just right for me.

Doesn't seem to be any single thread that deals strictly with intra-day pin bars, and I'm looking at inside bars also, very tradable.

If every day was as simple as this chart, be real easy to pick up the 20 or 40 pips needed to compound an account.

And keeps it simple, 1 currency, 1 method, easy to spot signals, known take profit, known stops, what more could I want?

Any comments, criticizes,...
hey buddy, do you still trade this way?
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