Use of Pin Bar indicator in 50:50 trading
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Thread: Use of Pin Bar indicator in 50:50 trading

  1. #1
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    Use of Pin Bar indicator in 50:50 trading

    My Strategy: Use of Pin Bar indicator in 50:50 trading

    Account Information:

    Account No. : 2188255
    Investor password: asdf1234
    Server: Roboforex demo
    Trading Style: Scalping, Swing.
    Time Frame: Any preferably 30M, 1H and 4H.
    Currency Pair: Major and Cross Pairs

    Description:

    It is very simple and easy. My main aim is to find a pin bar candle of any pair that suits me. I'll show in the image what is pin bar candle. Then I'll put my order in the next candle in opposite direction with profit target of 50 pips and maximum loss of 50 pips as well if my trade goes wrong. I'll wait till my SL or TP hits. In a slow or sideways market I may close my trade manually. At a time I may open more than one trade if I find suitable pin bar candle. I have used red arrow to indicate pin bar candle. And I usually open a trade in the next candle.

    What is pin bar Candle?: A candle whose nose is 60% or more of the full candle length and candle body is less than 40% at one side of the candle.


    pinbar.jpg


    Money management: I will expose maximum of 5% of my invest in a single trade with a target of 5% profit. I don't want a close a trade with less than 2% profit in any case.

    Not allowed!
    Last edited by Value trader; 05-16-2014 at 09:48 PM.

  2. #2
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    My first Order

    Currency Pair: AUDJPY

    Order Type: Sell

    Order No. : 68838033

    Open Price : 95.020

    Take Profit: 94.520

    Stop Loss: 95.520

    Time Frame: 1H

    Profit Target: 50 pips and loss of 50 pips as well.


    AUDJPY.jpg


    Note: Red Arrow in the image show the pin bar candle and I open the trade in the next candle. I waited for some time to find the right trend. Lets see how does it work.

    Money management: I opened 1 lot of AUDJPY and SL is set at such level if it hits I'll lose 5% of my invest.

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  3. #3
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    My 2nd Order:

    Currency Pair: NZDUSD

    Order Type: Sell

    Order No. : 68857126

    Open Price : 0.86431

    Take Profit: 0.85931

    Stop Loss: 0.86931

    Volume: 1 lot

    Time Frame: 1H

    Profit Target: 500$ means 50 pips. If I lose the trade loss will be also 500$.

    Result of Last Trade: It is still active and I hope it will the TP in few hours.


    nz.jpg


    Note: I open the trade in the next candle seeing a pin bar candle which is indicated using a red arrow.


    Money management: In this trade I kept 1:1 risk and reward ratio and my maximum loss would be 5% of my invest.

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  4. #4
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    Order No. 3:

    Currency Pair: USDSEK

    Order Type: Sell

    Order No. : 68860008

    Open Price : 6.59400

    Take Profit: 6.56100

    Stop Loss: 6.62700

    Volume: 1 lot

    Time Frame: 1H

    Profit Target: It is exotic pair. Profit target is also set around 500$. If it hits the SL, loss might be around 500$ too.

    Result of Last Trade: My last two trades are still active and made some profit till now.


    ussek.jpg



    Note: Screen shot shows the pin bar candle and when I opened the trade.


    Money management: I set SL in such position that any loss from this trade will not hit my balance more than 5%.

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  5. #5
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    Order No. 4:

    Currency Pair: CADJPY

    Order Type: Sell

    Order No. : 68872652

    Open Price : 93.188

    Take Profit: 92.681

    Stop Loss: 93.695

    Volume: 1 lot

    Time Frame: 30M

    Profit Target: According to my strategy I hope to get profit around 500$, the probable lose is also set around 500$.

    Result of Last Trade: My last three trades are still active. I hope my first trade is going to hit TP in few minutes. Lets see what happens.


    CADJPY.jpg


    Note: Red Arrow indicate the pin bar candle for this pair. Order was executed on the next candle.


    Money management: I have never crossed 5% in each and every trade. It is same for this trade too.

    - - - Updated - - -

    Quote Originally Posted by nkhan2810 View Post
    Open Price : 95.020

    Take Profit: 94.520

    Stop Loss: 95.520
    I have just make some adjustment to my first order. I moved the TP at 94.484, a little bit so that it cover the swap charge and I get at least 5% from the trade. I made this decision seeing currency pair is in bearish mood. I am confident about getting hit to the TP.

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    Last edited by nkhan2810; 05-19-2014 at 09:34 PM.

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    Order No. 5:

    Currency Pair: GBPUSD

    Order Type: Sell

    Order No. : 68881160

    Open Price : 1.68099

    Take Profit: 1.67599

    Stop Loss: 1.68599

    Volume: 1 lot

    Time Frame: 1D

    Profit Target: I set TP again at 50 pips away from open price. If it hits I will get 500$ profit. Loss is also same for SL hit.

    Result of Last Trade: My first trade hits the TP. And the net profit I get from the trade is 511.86$ covering swap charge of 17.51$. It is about 5.11% profit. Not a bad start. Other two are active.


    gbpusd.jpg


    Note: This time I have used 1D time frame. I indicated the pin bar 1D candle with red arrow. Order is open immediate after the pin bar candle is seen.


    Money management: 5% is the maximum exposure for the trade for this trade too.

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  7. #7
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    Quote Originally Posted by nkhan2810 View Post
    My 2nd Order:

    Currency Pair: NZDUSD

    Order Type: Sell

    Order No. : 68857126

    Open Price : 0.86431

    Take Profit: 0.85931

    Stop Loss: 0.86931
    Here I have some very small modification to my TP. I have just moved the TP to 0.85925 from 0.85931. It was done to compensate the swap charge and make sure I get the 5% in return from the trade. It is about 16 pip away from hit my TP. Lets see what happens in next few hours.

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  8. #8
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    Order No. 6:

    Currency Pair: XAUUSD

    Order Type: Sell

    Order No. : 68889016

    Open Price : 1290.140

    Take Profit: 1285.140

    Stop Loss: 1295.140

    Volume: 1 lot

    Time Frame: 1D

    Profit Target: I set TP in such position that I'll have 500$ profit. It set about 500 pips away from open position. (XAUUSD has fraction pips)

    Result of Last Trade: My 2nd trade hits the TP. And the net profit I get from the trade is 500.02$ covering swap charge of 5.98$. It is about 5% profit. Other three trades are active.

    gold.jpg

    Note: This time I have used 1D time frame. I indicated the pin bar 1D candle with red arrow. Order is open immediate after the pin bar candle is seen.

    Money management: 5% is the maximum exposure for the trade for this trade too. As it is very volatile pair I may set my SL to 1300.140 as if it is a new trade with SL set at such level that I can have 5% loss and 1295.140 is the open price.

    - - - Updated - - -

    Quote Originally Posted by nkhan2810 View Post
    Order No. 5:

    Currency Pair: GBPUSD

    Order Type: Sell

    Order No. : 68881160

    Open Price : 1.68099

    Take Profit: 1.67599

    Stop Loss: 1.68599

    As important news of GBPUSD is going to release in half an hour and current price is near to hit my SL I am moving my SL to another 50 pips away as If I have opened new order with exposure of 5% of my invest. This time also maximum loss could be 500$. TP is kept at the same position. So new SL is at 1.69099

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  9. #9
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    Quote Originally Posted by nkhan2810 View Post
    Order No. 6:

    Currency Pair: XAUUSD

    Order Type: Sell

    Order No. : 68889016

    Open Price : 1290.140

    Take Profit: 1285.140

    Stop Loss: 1295.140

    Volume: 1 lot
    As I indicated in my money money management I have modified the SL to new 1300.14 from 1295.14 as If I have opened a new order. TP is kept at the same position. I am doing it to give the trade a little bit room in volatile market. I am not going to change the position of SL anyway in near future.

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  10. #10
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    Quote Originally Posted by nkhan2810 View Post
    Currency Pair: CADJPY

    Order Type: Sell

    Order No. : 68872652

    Open Price : 93.188

    Take Profit: 92.681

    Stop Loss: 93.695
    I found my order is heading toward hitting my TP. Now I modified my TP by small amount so that I can get net 5% or more excluding swap charge. Now I change my TP to 92.674 from previous 92..681. It is almost 20 pips away from now. I hope it will hit the TP today or early part of tomorrow. Just hoping for the best.

    Not allowed!

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