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Thread: How I take pin bars(reply to Cozard007)

  1. #1
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    How I take pin bars(reply to Cozard007)

    I am writing this thread in other to reply and explain something to Cozard007, and I believe that we all can learn as well.

    Quote Originally Posted by cozard007 View Post
    Well, if it is the pin bar you are using to get the signal, it is a 50/50 trading affair. It means that you have 50% chance of losing or winning that trade. In that case, it would be very unwise for you to take high risk. There are certainly some times the trader would risk higher, but the percentage of assurance should be more than 80%.
    .

    Pin bar are good signals but then I always analyze it and gauge it before trading, here is some example.

    Usually before I take pin bars, I always ensure waiting for a confirmations candle and the confirmation candle has a lot to say too.
    Attachment 12845

    On the screen shot, EurUsd is on the up trend and formed a bullish pin bar, by candle 1. It is very strong because the body is more than times 4 of the tail, shadow or wick. But there have to be a confirmation candle before taking it, of which candle stick 2 confirmed it. To me, this is not a 50 50 chance because of this reasons.

    1. Eurusd is on the uptrend.

    2. This a continuation signal.

    3. The pin bar was confirmed by a relative pin bar, it has a long tail that signals bullish pressure.

    As you all can see, it took the price up to over 200 pips before pull back, therefore a 1:2 risk to reward ratio will be triggered for sure.

    Another example.

    Attachment 12846

    On the GBPJPY chart, I took the trade though.

    Candle 1 formed the pin bar which is strong also. Then candle stick 2 which has to be the confirmation candle formed a pin bar also. This is the kind of trade setup I wouldn't mind risking half of my account on. lol. because of the following reasons.

    1. The pair is strongly bullish on the weekly and monthly time frame.

    2. The pin bars are formed on a support area on the daily chart and the confirmation candle is also a pin bar and also small, therefore my stoploss will be 5 pips beneath the confirmation candle.

    You see, it too the price all the way up to 2000 pips. isn't that great? I am still learning though. lol.

    Okay let see a failed pin bar and why.

    Attachment 12847

    As you can see, candle stick1 formed a pin bar on the resistance level which is a good point and it is also a strong pin bar. But then candle 2 which has to be the confirmation candle formed with a lower wick, this will translate to me that bulls will not let the price go down, therefore he confirmation candle is not strong enough. So there are two points why I will no take this kind of setup.

    1. The confirmation candle is not strong enough. ( the wick).

    2. EURUSD is bullish.

    So, this is how I take pin bars, you can as well refer to your chart and see for your self and when they form, you can demo trade them. Note, I trade this way on the longer time frame alone, which is daily, weekly and monthly. If you should apply this on the lower time frame, then you will fail most of the time. The longer time frames are more accurate.

    Thanks.

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  2. #41
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    Quote Originally Posted by splash View Post
    Well, according to my experience, the candle stick pattern is the best ever trading pattern that traders should learn, it is also a trading method and strategy. Thus when rightly learned, it could teach and tell a trader where the market is heading to and thus the position a trader has to take if he would want to make money from the market.
    Candles is just a chart pattern it is the trader who studies it and makes sense of it. Any people when they join forex market and want to make some money then first they learn basics knowledge and skills about trading because basics knowledge is most important so first learn basics then try to trade in real market...

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  3. #42
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    Quote Originally Posted by forexfighter007 View Post
    Candles is just a chart pattern it is the trader who studies it and makes sense of it. Any people when they join forex market and want to make some money then first they learn basics knowledge and skills about trading because basics knowledge is most important so first learn basics then try to trade in real market...
    Well, you are right and after learning the basics, it would be needed that the move straight to the demo account and practice, they should not feel comfortable as soon as they have been able to succeed on the demo practicing the strategy. Well, candles could make any trader loss like other strategies when not learned properly.

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  4. #43
    Trader cutiekc's Avatar
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    There are so many trading strategy in the market and traders do take it differently. But forex trading market is a market where learning is a must and you have to practice. furthermore, the message is clear and would help traders only if they put it to practice and learn it, that way it will be useful to them.

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  5. #44
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    Quote Originally Posted by splash View Post
    Well, you are right and after learning the basics, it would be needed that the move straight to the demo account and practice, they should not feel comfortable as soon as they have been able to succeed on the demo practicing the strategy. Well, candles could make any trader loss like other strategies when not learned properly.
    l
    Of course, that is just the case here, you have to learn the basics and practice it till you know if it is the thing you can go along with or just leave, this matter in what the trader is doing in the market. No matter what the system is offering others, it is not about that as well, traders has to build his earning through its right practices.

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  6. #45
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    Quote Originally Posted by cozard007 View Post
    l
    Of course, that is just the case here, you have to learn the basics and practice it till you know if it is the thing you can go along with or just leave, this matter in what the trader is doing in the market. No matter what the system is offering others, it is not about that as well, traders has to build his earning through its right practices.
    I concur with you, traders has to put more efforts on learning and know that it is something that will have to takes so many months before they will get to succeed therefore they need to stop looking for fast success in forex trading business, they have to ensure that they learn and master the strategy first.

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  7. #46
    Trader layigold's Avatar
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    I do trade pin bar as well whenever I see a very good formation on it and most of the time , I will need to put my protective stop loss 15 pips below the tail of the pin bar candle and if the stop loss is more than what I wish to risk per trade, it then means that the trade is not worth taken and I will just look away from it and wait for another opportunity. We need to understand that trading is not a do or die affair. If you know the a trade will not give you a good risk to reward ratio, it is better to let the sleeping dog lies

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  8. #47
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    Quote Originally Posted by cozard007 View Post
    l
    Of course, that is just the case here, you have to learn the basics and practice it till you know if it is the thing you can go along with or just leave, this matter in what the trader is doing in the market. No matter what the system is offering others, it is not about that as well, traders has to build his earning through its right practices.
    [lang=id]traders need to know for what is the right thing for them, that is very important as their foundation to take another steps and learn it deeply, so make sure that traders have already their own characteristic first, then they can take the right practicing that will give them the skill to trade in the market,[/lang]

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  9. #48
    Trader techboy's Avatar
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    Quote Originally Posted by layigold View Post
    I do trade pin bar as well whenever I see a very good formation on it and most of the time , I will need to put my protective stop loss 15 pips below the tail of the pin bar candle and if the stop loss is more than what I wish to risk per trade, it then means that the trade is not worth taken and I will just look away from it and wait for another opportunity. We need to understand that trading is not a do or die affair. If you know the a trade will not give you a good risk to reward ratio, it is better to let the sleeping dog lies
    Good point, pin bar will be more reliable if it occurs at a major support or resistance area, but in the case of whether to take the trade or not it all depends on your trading style, if you have fixed stop loss you can still take the trade, trading is all about waiting for the right moment and opportunity, but then again market is unpredictable and we cannot always be right in our assumption, what matter is we have to minimize our risk all the time.

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    " Trading is 70% Psychology, 15% Risk Management and 15% Strategy ! "

  10. #49
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    Pinbars are one of the most important thing in the technical indicator world and also in the price action world. yes if you want to make money with pin bar or similar things you must be a good observer of the market because they appear pretty rare in the market.

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  11. #50
    Trader cutiekc's Avatar
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    His is talking about the candle stick pattern and believe me the candle stick pattern is one of the best. But as a newbie you need to learn it, even the same with other trading strategy, when you have failed to learn them then you will not benefit from them where in you would think that the trading strategy is the cause of your loss.

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