PIN BAR Trading Method - page 4
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Pinbars work only on the support/resistant levels. Pay attention on this also!
I learned a lesson: Pin bar works well at daily timeframe:
- Pin bar must be at swing point "S/R" levels.
- Daily and weekly must be in sync as far as momentum is concerned. Very important for high probability setup.
- Works well during trend continuation too.
- Pin bar tail must be at least 2 X larger than the body to warrant a pin bar setup. The nose of the pinbar must have a smaller tail or best without nose.
There are reversal pinbars and continuation pinbars. Reversal pinbars will work only on pivot or "S/R" levels. Trend continuation pinbars will not work on this levels
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.
Yes, best thank's for the writer, bossxero. I will learn from you for mastering to pinbar idenfier. Is this just the same with 10MFWB of Dean Saunders?
another way to use pin bar (or hammer) effectively is to know the locations where the pin bar forms. what do I mean by that? by location i mean fib retracement levels, major support and resistance levels, trendlines, pivots etc...if they happen at these locations, then they are lot more reliable than for any pin bar that just forms in just any level on the chart with no significance.
Hi Bossxero
i've been learn and apply this "system" in EURUSD 1M demo account (Quite risky though)
but i wanna try it in the fastest mode in FOREX TF
found that this system really work, many win with several losses (still working how to minimize it ).
now because of you
i end my search of good trading system
Many thanks for your info =)
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.
Actually, as far as I know, a real pin bar should 'stand out' on its own (the less price action to the left of it, the better), so by this definition your example of a bullish pin bar (the one on the left side of your chart) doesn't qualify... Might be important if you only wanna take high probability signals.
What the pin bar actually shows us:
1. refuted attempt to break through a level (that's why it's good, as you rightfully pointed out, to only take pin bars that appear at support/resistance levels, like pivot points, round numbers, fibs, etc.)
2. stop hunting from the 'Big Players' (also called Market Makers, Professionals, Criminals, etc. - many traders think they're brokers, but brokers can't move the markets up or down that much in such a short time span; also, the 'news' is often used by these 'Big Players' to cover up their acts).
One more thing: it's hard to understand why most traders rush into opening trades, immediately after the close of (not only) the pin bar; if you regard this type of candle/bar as a reversal signal (start of a new trend), why be in such a hurry to open a trade?? By waiting a bit longer, you'd be more sure not to become one of the many 'trapped traders' AND instead your chances to get into an ESTABLISHED new trend would increase a lot.
Just my two cents
Cheers
interesting read where do i download it?
The pin bar strategy is a price action reversal trade setup that can be used to make money from the markets when used correctly. The pin bar trading strategy, is a price action reversal trade setup that can be used to make money from the markets when used correctly. A pin bar is also called a Pinocchio bar because it is telling us that the market is lying and the length of the pin indicates the elongating nose of Pinocchio.As the market price moves in the direction of the trend up to a certain level, it suddenly retreats all the way back to near the opening price. Thus, it lied as to where the price was headed.
This is my method also! it works, but you have to be VERY patient. Just wait for the pinbar, check if it is formed in a level and also if the price moves without much noise (specially in H4).
Some recommendations:
- the price must be moving very clearly, not choppy or with noise
- it is better if the pinbar is alone, I mean, the other candlesticks are full or short wicked bodies.
- how to take profit: wait until the price touches the next key level in D1 or Weak chart.
- the better pinbar forms:
a) when the price goes directly to the level and the pinbar forms
b) the price reaches the level with low momentum (several down and up candles) and a triangle is formed in the level. Then a pinbar and you go!
I put some pictures of pinbar, ok?