Maybe its not the best . but +14 Pips
That's nice
I just told how i understood such pin bar. Even 1p win is win, so congrats!
- #4,466
- Edited 1:40am Feb 11, 2012 12:34am | Edited 1:40am
- | Joined Jan 2009 | Status: Trader | 287 Posts
Hello my fellow traders,
This method works but there are some points to be considered. I have put some points which make it's outcome grt!
I will revise u for some better trades
1) Range ( high - low ) of pin must be greater than previous bar and previous bar must not close near extreme range i.e. if there is bullish hammer, then bar must not close in bottom low range. If previous bar has spikes or is undecided bar, it supports the setup.
Attached is the pin V2 which filters out range of pin
2) Double top or bottom shape, not necessary exact shape
3) Time to scan from London open to London close
Best times when London New-york trade simultaneously
4) If pins occur at important Round numbers ending in 00 or 50 eg. 1.4500 , 1.4400, 1.4550, 1.4650, 1.4000 , 98.5, 98.00 etc.
also consider important pivots zones
5) never trade 15 min before and after important news time.
6) CT trades must not be traded if before there is strong trending environment. If before the setup, there is range market or setup favoring trend, it gives heads-up for great trade
7) Don't expect every trade to be winner and Try intellectual Masturbation lol! for modifying system. Take loss and wait for next trade. If you can love your loss as u love you winner, and continue to trade, there can be nothing in your way for being profitable trader.
8) You can try BUOB or BEOB instead of pins for this type of trading, it also works equally impressive! So you get more setups to trade
9) Don't be rigid on TP , just take your profits when you see important hurdles on way or before news time or important PA there. This will allow you to wait sometime for a runner or sometimes to get out quickly
10) Don't restrict on one time frame
for 5min, have majors and some heavy liquid pairs
for 15 and 30min , all above pairs plus few more
for H1 , H4 and above time frames, one can have as many as 20 pairs
infact, I trade this setup on H1 and above on more than 20 pairs. This makes my trading comfortable and I have a life apart from trading.
5min, 15 min only during Session confluences
Hope these points help
Winston
This method works but there are some points to be considered. I have put some points which make it's outcome grt!
I will revise u for some better trades
1) Range ( high - low ) of pin must be greater than previous bar and previous bar must not close near extreme range i.e. if there is bullish hammer, then bar must not close in bottom low range. If previous bar has spikes or is undecided bar, it supports the setup.
Attached is the pin V2 which filters out range of pin
2) Double top or bottom shape, not necessary exact shape
3) Time to scan from London open to London close
Best times when London New-york trade simultaneously
4) If pins occur at important Round numbers ending in 00 or 50 eg. 1.4500 , 1.4400, 1.4550, 1.4650, 1.4000 , 98.5, 98.00 etc.
also consider important pivots zones
5) never trade 15 min before and after important news time.
6) CT trades must not be traded if before there is strong trending environment. If before the setup, there is range market or setup favoring trend, it gives heads-up for great trade
7) Don't expect every trade to be winner and Try intellectual Masturbation lol! for modifying system. Take loss and wait for next trade. If you can love your loss as u love you winner, and continue to trade, there can be nothing in your way for being profitable trader.
8) You can try BUOB or BEOB instead of pins for this type of trading, it also works equally impressive! So you get more setups to trade
9) Don't be rigid on TP , just take your profits when you see important hurdles on way or before news time or important PA there. This will allow you to wait sometime for a runner or sometimes to get out quickly
10) Don't restrict on one time frame
for 5min, have majors and some heavy liquid pairs
for 15 and 30min , all above pairs plus few more
for H1 , H4 and above time frames, one can have as many as 20 pairs
infact, I trade this setup on H1 and above on more than 20 pairs. This makes my trading comfortable and I have a life apart from trading.
5min, 15 min only during Session confluences
Hope these points help
Winston
Trading is a delicate balance of Strategy , Money management and Psychology
- #4,467
- Feb 11, 2012 7:56am Feb 11, 2012 7:56am
Hello my fellow traders,
This method works but there are some points to be considered. I have put some points which make it's outcome grt!
I will revise u for some better trades
1) Range ( high - low ) of pin must be greater than previous bar and previous bar must not close near extreme range i.e. if there is bullish hammer, then bar must not close in bottom low range. If previous bar has spikes or is undecided bar, it supports the setup.
Attached is the pin V2 which filters out range of pin
2) Double top or bottom shape, not necessary...
WARNING: Don't follow me as I'm just learning 
- #4,472
- Feb 12, 2012 5:09am Feb 12, 2012 5:09am
This pinbar trading looks good. Is Jankone still trading it? I just have read the first 40 pages so this is just a quick question 
.
Here I got an image and I would like to hear your opinion about the areas I marked.
#1 A Nice clear A++ trade? 21 EMA below 50 SMA so it's a trend trade. I would have entered it right after the blue pinbar.
#2 Countertrend but divergence
#3 Does this really count as divergence? I'm not positive about that.
#4 No divergence so no trade.
#5 It really looks good but there is no divergence so no trade?
Did I miss any entries?
.Here I got an image and I would like to hear your opinion about the areas I marked.
#1 A Nice clear A++ trade? 21 EMA below 50 SMA so it's a trend trade. I would have entered it right after the blue pinbar.
#2 Countertrend but divergence
#3 Does this really count as divergence? I'm not positive about that.
#4 No divergence so no trade.
#5 It really looks good but there is no divergence so no trade?
Did I miss any entries?
- #4,473
- Feb 12, 2012 9:58am Feb 12, 2012 9:58am
Hello my fellow traders,
This method works but there are some points to be considered. I have put some points which make it's outcome grt!
I will revise u for some better trades
1) Range ( high - low ) of pin must be greater than previous bar and previous bar must not close near extreme range i.e. if there is bullish hammer, then bar must not close in bottom low range. If previous bar has spikes or is undecided bar, it supports the setup.
Attached is the pin V2 which filters out range of pin
2) Double top or bottom shape, not necessary...
Cause it's not just staying rigidly to a system but being able to dissect it, truly understand what is going on. Then you will be able to know what is happening, why it's happening, therefore allowing you to be flexible. Taking trades that don't look the best but work great.. ( youve seen them). It will also allow you to stay out of the " A++" trades that don't work..... You have seen them too.. & most likely traded them.
Pay attention to news... All pro traders do.
Pay attention to time of day.. All pro traders do.
What is driving the current market?.. What is sentiment now.. Risk on/off?
It all gives you a full understanding of what drives price, why it's moving, & where it's likely to have a rest..... Ct trades with div.
& when it's likely to blow thru s/r areas. News driven.. With trend trades..
At the end off the day... There is a whole lot more to trading than a system..
If you want to make money.. Real money. You must learn it all..
& just to define a new trader... I think it's anything less than 7-10 years depending on how much time you can devote to study..
Cheers & good luck.
This is a great system to start.. Many traders use a form of this style.
Use it, learn it, & go from there.. Never stop learning as that's is how you can adapt to changing market conditions & keep all that money you just made..
Another BE trade.
My R:R is 1:5 with flat 10pips SL and I move SL to BE after +20
I don`t know this is best strategy but I just try it and see how much I can get from it.
I record result of 1:2 R:R as well to compare the performance.
I feel most difficult part is to judge how big pinbar is big enough to trade.
Just keep going and practice, practice
My R:R is 1:5 with flat 10pips SL and I move SL to BE after +20
I don`t know this is best strategy but I just try it and see how much I can get from it.
I record result of 1:2 R:R as well to compare the performance.
I feel most difficult part is to judge how big pinbar is big enough to trade.
Just keep going and practice, practice
