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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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    Quote Originally Posted by impexo27 View Post
    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.
    Any indicator can be important to the trader it depends on how he uses it in his strategy, but then again all this indicators and trading approaches cannot guarantee that it will always give us profits that is why we should not always forget to use good risk management approach in our trading.

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

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    Quote Originally Posted by techboy View Post
    Any indicator can be important to the trader it depends on how he uses it in his strategy, but then again all this indicators and trading approaches cannot guarantee that it will always give us profits that is why we should not always forget to use good risk management approach in our trading.
    Not just any indicator, before an indicator will be important to any trader then the trader should have learned it. In addition, traders should not think that they can make money by using so many trading indicators. They should focus on making use of one indicator to avoid being confused.

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  4. #53
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    I never knew that and thank you a lot that was awesome it will work well for certain reasons we have seen that will help us understand the different values that we have to understand the market with the right choices we have to be well informed with the right tools the indications given are high and thanks for that informations and God bless.

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    Trader shambca7's Avatar
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    Quote Originally Posted by splash View Post
    Not just any indicator, before an indicator will be important to any trader then the trader should have learned it. In addition, traders should not think that they can make money by using so many trading indicators. They should focus on making use of one indicator to avoid being confused.
    Indicator's can't work alone in trading this is a wrong move by a trader if he is only accepting much from the use of indicator only. Technical analysis, fundamental analysis, sentimental analysis, candlesticks, trading strategy, management, planning these all are important to provide the right shape to our trading system. Without proper utilization of them trading would be annoying for a trader.

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  6. #55
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    Quote Originally Posted by shambca7 View Post
    Indicator's can't work alone in trading this is a wrong move by a trader if he is only accepting much from the use of indicator only. Technical analysis, fundamental analysis, sentimental analysis, candlesticks, trading strategy, management, planning these all are important to provide the right shape to our trading system. Without proper utilization of them trading would be annoying for a trader.
    It is not a good thing to have the mind that indicators can work alone, they will not work alone to get traders their success. they may work to get traders the trend of the market, but that success will be hard in the working of the indicators only. And traders will have to be careful in many ways as to put their planning rightly done.

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  7. #56
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    Quote Originally Posted by Sylvertee View Post
    It is not a good thing to have the mind that indicators can work alone, they will not work alone to get traders their success. they may work to get traders the trend of the market, but that success will be hard in the working of the indicators only. And traders will have to be careful in many ways as to put their planning rightly done.
    The wrong understanding of trading can put us in danger and can give us a lot of pain and frustration. Most of newbies do this thing that they work with indicator's only they don't have a proper planning to use their analysis and some other important things. We have to consolidate the whole trading system to become a successful gainer and co ordination of all factor's would be necessary for it.

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    to work with the good confirmation as appealing returns of work as entering within the longer terms of time frames on moderating returns with the drawing of chart as improving within the less on tf as preparing with the good order as opening position within the secure on level as the price movesment.

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  9. #58
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    Good post buddy yes using longer time frames would be good to get the right signals with candlesticks, I have also some experience of short term time frames and if you are only looking for few minutes or part time trading then better to look for long term time frames analysis we can lose much trades in short term time frames but the other advantage of short term time frames would be more earnings also. Short term patterns for making money can be seen a lot of time so short term contain both more losing and more winning.

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  10. #59
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    Quote Originally Posted by Earnperfect View Post
    Good post buddy yes using longer time frames would be good to get the right signals with candlesticks, I have also some experience of short term time frames and if you are only looking for few minutes or part time trading then better to look for long term time frames analysis we can lose much trades in short term time frames but the other advantage of short term time frames would be more earnings also. Short term patterns for making money can be seen a lot of time so short term contain both more losing and more winning.
    Yes for our strategies we should really use longer time frames so that our analysis is more accurate. I trade on forex by myself.I think my trading strategy is giving me good profits. Only thing is I have to learn patience and I can have good growth in my capital.

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  11. #60
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    These is good since it helps me understand what are the simple reasons that we see out there that can work well for us in good chances that we see in forex we have to run the market with good choices of the right pose we have to do a lot with what we see in forex and make it even better for every

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