Still trying to come to grips with the pinbar setup, maybe the experienced members will assist me in qualifying one. I have entered gbpusd short at 1.7420.
Does this chart meet the criteria?
Does this chart meet the criteria?
Attached Image
Where can I learn more about Price Action like those in James16 charts? 9 replies
Quoting jottyDislikedhi, does this qualify as a pin barIgnored
Quoting vlazafDislikedStill trying to come to grips with the pinbar setup, maybe the experienced members will assist me in qualifying one. I have entered gbpusd short at 1.7420.
Does this chart meet the criteria?Ignored
Quoting lwoo034DislikedYes, the green bar (2nd from the right) is a pin bar. Both open and close are under the eye of the bar before it. Open/close are near one end of the pin (not near the middle like in a neutral bar). The 'nose' of the pin bar is looong which is good.
When you enter a trade based on the pin bar the 'safest' method to enter is to enter on a break of the pin (I do not think you waited for the break, it looks like you entered at a price higher than the low of the pin bar).
In this case, look at the low point for the pin bar. When it closes, place sell stops 5 or 10 pips below this low point of the pin (for added safety). Then when the price hits this level you enter the trade. I would recommend that you take some profit after 20-40 pips and when the price has dropped a bit more you might want to move your initial stops to break even.
I believe that this is what Jim does (enter 10 pips below the bottom of the pin bar and also take some profit early).
I was making a tutorial document (PDF) with plenty of images that gives some ideas about how to play the pin bars (I might post at the end of the week). It discusses what they look like, which pin bars are 'best', how you can play them, how you can place stops, how you can manage risk etc. I've still got to run it past Jim for checking. I'm not pretending to be an expert, but it might be any easy quick way of becoming more familiar with them.
Cheers,
Linc.Ignored
Quoting eastmaelsDisliked...
I tried printing this thread but the images/charts were not included in the printable version..
...Ignored
Quoting raczekfxDislikedHi eastmaels,
you can try right clicking anywhere on the thread and click on 'select all'
now go to edit and click on copy.
open ms word blank document, right click on it and select paste.
now you should be able to print everything with pictures.
You will have to edit it to make it look nice however.
to give you an idea what it looks like i'm attaching zipped word doc.
MarkIgnored
Quoting eastmaelsDislikedHi Mark,
Thanks for the file.
Actually, I also have some threads that I like in Word format.
But it just takes so much time that I think that there's got to be a more efficient way of doing it. I really don't like doing things when there's a more efficient way of doing them.
It's what Fiji termed as, "Productive laziness".. Nice huh?
But as for the moment, I think I'll just have to go with this manual copying to word if I want it on paper..
The only reason I'll be doing it because the information included in the thread is worth doing the effort.
Again, thanks for the input!
Regards,
AthanIgnored
Quoting vlazafDislikedStill trying to come to grips with the pinbar setup, maybe the experienced members will assist me in qualifying one. I have entered gbpusd short at 1.7420.
Does this chart meet the criteria?Ignored
Quoting vlazafDislikedWhat a fantastic lot of helpful traders you are, I am currently managing this trade among others but will hopefully post something tonight on what has turned out to be a rewarding setup and trade.
What is pf?Ignored
Quoting vlazafDislikedManaged to hold the trade for 92 pips from original short entry @ 1.7420 for my 1st scale out. Still holding few lots with stop @ 7410. My original stop on the pin bar trade was the high of the 1st eye @ 7465. I do not think i have managed this trade very well in terms of scale out. It has always been my weakness; banking profits 'V' maximising profits, I do not have any set criteria for money management. Can anyone shed some light on this matter and suggest a pragmatic approach in combining daily and 60mins timeframes for exits or even compounding into a trade.
Currently waiting for daily pin bar setups on euro and swiss.Ignored
Quoting vlazafDislikedThanks for the reply guys.
James, you say my stop was tight, is this relative to the price bars or generally? S 45- 50 pip stop is the most i can muster in my method of trading. Should I assume that you are implying a stop at the high of the pinbar?
Currently trading pinbar off the daily euro and waiting for the inverse trade on the swissy to reciprocate next week after being stopped out on the previous day bar.Ignored