Pin Bar Trading - page 4
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Its my understanding that to be a pin bar the nose needs to exceed the length of the candle to its left.
If thats right the pinbar on the euro that is marked as a loosing one is not really a pinbar.
Its my understanding that to be a pin bar the nose needs to exceed the length of the candle to its left. If thats right the pinbar on the euro that is marked as a loosing one is not really a pinbar.
Losing PB in EURUSD H4 is PB up, so the nose should penetrate low of the previous bar (nose go south), it's signaling for long move, but the next 2 bars, price penetrate the low of PB, which is our SL, that's why I call it a losing PB.
I just want to give an early warning about lower TF such as H4, and this PB trading is not immune to losing.
Its my understanding that to be a pin bar the nose needs to exceed the length of the candle to its left. If thats right the pinbar on the euro that is marked as a loosing one is not really a pinbar.
Does that mean that the lenght of the "nose" should be longer / shorter than the full body of the candle to its left? It may be obvious to those familiar with the terminology of this particular method, but I want to be sure. Thanks for replying.
Best wishes.
Does that mean that the lenght of the "nose" should be longer / shorter than the full body of the candle to its left? It may be obvious to those familiar with the terminology of this particular method, but I want to be sure. Thanks for replying. Best wishes.
From my experience, the higher the nose the better, to quantify that, I make them as percentage to the current high-low, the tolerable result would be above 60%.
There is no rule (yet) that the nose should be longer than high-low of previous bar, we just calculate nose as high - previous high (PB down, nose go north).
With clear chart, we can see easily see the high quality PB, because it will pop up in front of our eyes, but to make it more objective, we need to quantify them as much as possible.
Failed PB (H1)
Here is an example of Failed PB, we don't pull the trigger, because price didn't break the PB.
This remind us to better take the breakout and be careful on lower TF like this.
Audusd
Here are charts showing how PB developed from H1 to D1, it begins on 2007.09.10 05:00 and then 07:00, then 15:00 then 22:00, these charts are telling us how we should take this daily PB, of course we can take smaller TF too, that would be anyone's call, but we can see PB is easy to spot on and easy to take it and they are more reliable than any other.
Pin Bar Time Frame
From everyones experience what are the best time frames for trading PinBar?
Has anyone used the Pin Bar Indicator posted on page two & what were your
results. After loading the indicator onto MT4 chart it seems to be picking the Pin Bars with fair accuracity.
When the Pin Bar is located @ the top of an up move would that indicate a short trade "could" be entered?
The opposite for a Pin Bar @ the bottom of a down move.
Just trying to understand the use of the indicator. Tks for any views & help.
$Trader
Another example in EURUSD about losing PB, in H4 we can see a trend continuation PB up, but not a convincing one, because the range is below 60%, and then we can see H24 (daily) give us a reversal PB down, so we better take this. As you can see, if there is a conflicting signal, better wait a moment, and keep watching it.
the first example was not a pin bar
This is a pin bar.
Pin bar needs to be at top of uptrend or at bottom of downtrend. The shadow needs to be at least twice the size of the body.
Here is a pin bar at top of uptrend