Live trading-Outside pinbar-picking tops & bottoms
I have taken my second live trade of the day. Market is starting to move in my direction. Almost 30 pips in profit .
Today 2 trades for about 70 pips. Market opened at 6pm today, it is almost 11pm so 4.5 hours.
Screen shot attached as usual. Remember wait until the price penetrates the OUTER band and enter when it starts to reverse. Take profit at your discretion.
HiI am starting a new strategy here called outside pinbar. It takes all day to watch this but you will thank me later for the high quality trades you are in. Everyone needs to make some money so we are trading the 5min Eurjpy or Usdjpy. If you want to trade another pair it is up to you but I recommend those two to start then move on to others.How does it work?We use only 1 indicator and price action. We use a channel indicator for a reference point and take trades as a pinbar or candle wick penetrates the OUTER band. This is extreme overbought/oversold condition and price will return and move to opposite band.Does it repaint?Yes!! The channel indicator will move with the price. What you see in the past is not accurate. You must follow this system in the present.Buy or Sell: When candle wick penetrates outer band and returns back in leaving a pin bar that is a buy.Stoploss/: After you get a feel for the system you wont need one but to those that must have one set it from 10 to 40 pips depending on your appetite for risk.Tp: Exit a trade at the opposite INNER BAND. I would start to trail stop after 30 pips.Screen shots + indi's & template attached.!REMEBER THE CHANNEL INDICATOR WILL REPRINT SO BE THERE WHEN THE PRICE PENETRATES OUTER BAND. Kind Regards
I just took another trade that makes3 today all in profit. Last one is still open.
I just took another trade that makes3 today all in profit. Last one is still open.
Closed in profit...moving on to another setup. Scanning 5min charts looking..found one.
This is a special time guys.
I am still in the previous trade nzd/jpy. The market is moving sideways. The channel indicator has reprinted so it looks like my position is not good but it is. I am still close. I have only had a drawdown max of 12 pips against my position.
I am tired now and just want to exit the trade with positive pips. I am only 3 pips under now . I will take profit at about 10 pips or so.
attached screenshot
nice trade setup coming on usd/mxn but I am to tired to sell pesos now.
I am sorry to say I exited out the nzd/jpy trade with a loss. So since the market has opened at 6pm I have taken 4 trades and lost 1. I could have exited at break even many times.
Since then both the usd/mxn trade and gbp/aud trades were both good and if I had traded them would have easily recouped my loss. its only 3am and if i were to trade till say 10 am it would be a great day.
Well that is it for me 8 hrs 4 trades 90pips and 1 loss of 20 pips which would have been 120 pips for the day.
I think you alll get it now, you watched me handle profits and losses effectively. Remember most of the time these trades will go to their mark. if you feel you are in a trade to long...dump it and move on.Many more setups are coming.
Good luck & GOD BLESS
I should have held that nzd/jpy position for 5 more minutes and it would have ended in profit.
So the drawdown of 23 points then zip into profit. You live and you learn.:-)
Thanks Pro, I am primarily a news trader but love building manual systems. I am still refining the system. I always share my systems here first as a proving ground.
Good to see you as well.
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
You agree to website policy and terms of use
Hi
I am starting a new strategy here called outside pinbar. It takes all day to watch this but you will thank me later for the high quality trades you are in. Everyone needs to make some money so we are trading the 5min Eurjpy or Usdjpy.
If you want to trade another pair it is up to you but I recommend those two to start then move on to others.
How does it work?
We use only 1 indicator and price action. We use a channel indicator for a reference point and take trades as a pinbar or candle wick penetrates the OUTER band. This is extreme overbought/oversold condition and price will return and move to opposite band.
Does it repaint?
Yes!! The channel indicator will move with the price. What you see in the past is not accurate. You must follow this system in the present.
Buy or Sell: When candle wick penetrates outer band and returns back in leaving a pin bar that is a buy.
Stoploss/: After you get a feel for the system you wont need one but to those that must have one set it from 10 to 40 pips depending on your appetite for risk.
Tp: Exit a trade at the opposite INNER BAND. I would start to trail stop after 30 pips.
Screen shots + indi's & template attached.
!REMEBER THE CHANNEL INDICATOR WILL REPRINT SO BE THERE WHEN THE PRICE PENETRATES OUTER BAND.
Kind Regards