PIN BAR Trading Method - page 3
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Hi.. am looking for an custom indicator which can identify pin bars... appreciate who had tried any of it can share... tq
Hi.. am looking for an custom indicator which can identify pin bars... appreciate who had tried any of it can share... tq
Hey Jamiza, It would really help if you would say which trading platform you would like to have the indicator to use on.
If it's VTTrader: I'd recommend going on to there forum and search for it.
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If it's for Ninjatrader or Metatrader you could just google search for a pin bar indicator .
I believe IBFX has indicators similar to that available from there site.
As I said to start just tell us what platform you need the indicator on and some one could probably help you out a lot easier.
What platform do you need the indicator to use on?
hi. I think this is a very good candlestick
Pin Bar Trading System Pair:Any Timeframe: H4 and above Complexity: Easy! This trading system is very easy to use and just need a few minutes minutes per day to scan the charts and try to identify if we have a trade signal or not. The system need a BAR CHART to work with and it looks for a specific bar which is called the PIN BAR. Here is how a pin bar looks like. This strategy works on H4,D1 and higher timeframes. The strategy consists of indentifying these pin bars and then place pending orders accordingly. A Pin Bar is a bar which has a long tail and the close/open are around the same level or a little apart. Once you identify a PIN BAR, you choose the FIBO tool from your trading platform and you place a the fibonacci levels on the PIN BAR. After doing so, you place a PENDING ORDER at 50% retracement level of the PIN BAR as follows: As you can see above, we have an UP PIN BAR, so we place a PENDING SELL ORDER at 50% retracement of the PIN BAR after it has closed! We place the Stop Loss just a few pips above the high of the PIN BAR. As for the Take Profit, you can use a fixed takeprofit level or you can use a trailing stop to trail your profits. This system is has a high Risk/Reward ratio. You risk very little per trade and the reward can be 10x the risk. The examples above are for a sell situation, for a buy situation, you just reverse the rules. It is very easy for anyone to do that I guess. Some points worth noting and should be observed as close as possible! 1. Wait for the Bar to close before you decide to do anything with it. 2. Make sure the pin bar has appeared at a support or resistance level, a fibonacci retracement level or bounced off a trendline. 3. Bring your trade at beakeven as soon as you can. 4. Risk less than 5% per trade. As with any system, you should practice it for quite some time on a demo account so that you can get the mastery of it. You will be doing errors etc at the first time so it is better you do them on a demo account. After a few weeks of practice, if you find this system to be suitable for your own trading, then you can move on to your live trading it. This system really works and it is really for free. Be patient and practice to become perfect. I hope that this system will be of the benefit of everyone. Hope to hear back... All the best.
Hi bossxero,
I am very interested in this method of trading, but I am having difficulty downloading it to my FXCM MT4 platform. I tried to take it from the IBFX site, but no luck. Any suggestions would be greatly appreciated.
Hi, to all of you. This method is very interesting, but an indi for mt4 looking for pin bars wold be great. Conbined with a good s/r indi would be owesome
Thanks
The pin bar has some requirements to meet to be identified as a pin bar. Whoever posted this strategy is very kind as it is amazing trading strategy. The pin bar is a long wick candle. It's body has to be in the lower or the upper third of the whole candles body. and it has to colse in the range of the previous candle.and also you need to be looking for them at the tops or bottoms of the trends. or as well at least 5 candles before has to be in direction of the trend that the pin bar is about to reverse. the third picture will show you the perfect ever pinbar setup.
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If you buy the price action course which I got a month and a half ago, study for like one month and another month will bring you at least 2-4 times more then the price of the course. They are amazing. Easy to understand and the strategies there are very simple and amazingly accurate and reliable.
This system has been around for quite a while now and works best on the higher timeframes from 4-hour to monthly. Yeah, you are right, you will not come across a lot of trades when you are dealing with the bigger timeframes but you will be in for some big moves making you big bucks when the set-up is right.
Good thread.