PIN BAR Trading Method
  #1 (permalink)  
Old 09-14-2009, 06:50 AM
bossxero's Avatar
Honorary Moderator
 
Join Date: Nov 2006
Location: Neverland
Posts: 851
bossxero has a spectacular aura aboutbossxero has a spectacular aura aboutbossxero has a spectacular aura about
Send a message via ICQ to bossxero Send a message via MSN to bossxero Send a message via Yahoo to bossxero Send a message via Skype™ to bossxero
Thumbs up PIN BAR Trading Method

Pin Bar Trading System
Pair:Any
Timeframe: H4 and above
Complexity: Easy!

This trading system is very easy to use and just need a few minutes minutes per day to scan the charts and try to identify if we have a trade signal or not. The system need a BAR CHART to work with and it looks for a specific bar which is called the PIN BAR. Here is how a pin bar looks like.


This strategy works on H4,D1 and higher timeframes.

The strategy consists of indentifying these pin bars and then place pending orders accordingly.

A Pin Bar is a bar which has a long tail and the close/open are around the same level or a little apart.

Once you identify a PIN BAR, you choose the FIBO tool from your trading platform and you place a the fibonacci levels on the PIN BAR. After doing so, you place a PENDING ORDER at 50% retracement level of the PIN BAR as follows:


As you can see above, we have an UP PIN BAR, so we place a PENDING SELL ORDER at 50% retracement of the PIN BAR after it has closed! We place the Stop Loss just a few pips above the high of the PIN BAR.

As for the Take Profit, you can use a fixed takeprofit level or you can use a trailing stop to trail your profits.

This system is has a high Risk/Reward ratio. You risk very little per trade and the reward can be 10x the risk.

The examples above are for a sell situation, for a buy situation, you just reverse the rules. It is very easy for anyone to do that I guess.

Some points worth noting and should be observed as close as possible!

1. Wait for the Bar to close before you decide to do anything with it.
2. Make sure the pin bar has appeared at a support or resistance level, a fibonacci retracement level or bounced off a trendline.
3. Bring your trade at beakeven as soon as you can.
4. Risk less than 5% per trade.

As with any system, you should practice it for quite some time on a demo account so that you can get the mastery of it. You will be doing errors etc at the first time so it is better you do them on a demo account. After a few weeks of practice, if you find this system to be suitable for your own trading, then you can move on to your live trading it. This system really works and it is really for free. Be patient and practice to become perfect.

I hope that this system will be of the benefit of everyone. Hope to hear back... All the best.
scorpion and donte like this.

Last edited by bossxero; 09-14-2009 at 06:52 AM.
Reply With Quote
  #2 (permalink)  
Old 09-14-2009, 01:03 PM
Currency Trader
 
Join Date: Sep 2009
Posts: 1
felix2009 is on a distinguished road
Default

Hi
I have been using this system for about 3 months, having tried a lot of other systems I keep coming back to this one.
Mondays is a nightmare, the 1 hour catch up on sunday night, then the opening at 0000hrs really causes a problem ( I am GMT +1).
When you hit the right set up there are masses of pips to be made.
If you are brave and let the trades run their course there are hundreds of pips to be made. Of course there are loses but thats life.

I only trade the daily chart.



Quote:
Originally Posted by bossxero View Post
Pin Bar Trading System
Pair:Any
Timeframe: H4 and above
Complexity: Easy!

This trading system is very easy to use and just need a few minutes minutes per day to scan the charts and try to identify if we have a trade signal or not. The system need a BAR CHART to work with and it looks for a specific bar which is called the PIN BAR. Here is how a pin bar looks like.
Reply With Quote
  #3 (permalink)  
Old 09-14-2009, 01:41 PM
bossxero's Avatar
Honorary Moderator
 
Join Date: Nov 2006
Location: Neverland
Posts: 851
bossxero has a spectacular aura aboutbossxero has a spectacular aura aboutbossxero has a spectacular aura about
Send a message via ICQ to bossxero Send a message via MSN to bossxero Send a message via Yahoo to bossxero Send a message via Skype™ to bossxero
Default

Quote:
Originally Posted by felix2009 View Post
Hi
I have been using this system for about 3 months, having tried a lot of other systems I keep coming back to this one.
Mondays is a nightmare, the 1 hour catch up on sunday night, then the opening at 0000hrs really causes a problem ( I am GMT +1).
When you hit the right set up there are masses of pips to be made.
If you are brave and let the trades run their course there are hundreds of pips to be made. Of course there are loses but thats life.

I only trade the daily chart.
Very cool to have you around Felix... i propose you post some of your trades here... or you can keep a trade journal in the journal section... it will be helpful to more than one here...

All the best
Reply With Quote
  #4 (permalink)  
Old 09-14-2009, 01:43 PM
scorpion's Avatar
Forex Guru
 
Join Date: Aug 2004
Location: Behind You
Posts: 2,103
scorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to behold
Default

Ah thanks boss for sharing!

I wonder how reliable this system is. I noticed lots of PIN bars in my chart. I think there could be a lot of false positives and negatives.
__________________
Make easy pips with the Advanced Economic Calendar for Forex Trading.
Reply With Quote
  #5 (permalink)  
Old 09-14-2009, 01:48 PM
bossxero's Avatar
Honorary Moderator
 
Join Date: Nov 2006
Location: Neverland
Posts: 851
bossxero has a spectacular aura aboutbossxero has a spectacular aura aboutbossxero has a spectacular aura about
Send a message via ICQ to bossxero Send a message via MSN to bossxero Send a message via Yahoo to bossxero Send a message via Skype™ to bossxero
Default

Quote:
Originally Posted by scorpion View Post
Ah thanks boss for sharing!

I wonder how reliable this system is. I noticed lots of PIN bars in my chart. I think there could be a lot of false positives and negatives.
Yeah there could be... this is why we need to watch pin bars at special places such as support/resistance levels, pivots, fibonacci retracements or bounce on an established trendline.
Reply With Quote
  #6 (permalink)  
Old 09-14-2009, 01:57 PM
scorpion's Avatar
Forex Guru
 
Join Date: Aug 2004
Location: Behind You
Posts: 2,103
scorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to behold
Default

I looked the charts a moment ago, and it appears to be quite a solid system. Here's a screen shot of a string profitable trades.

__________________
Make easy pips with the Advanced Economic Calendar for Forex Trading.
Reply With Quote
  #7 (permalink)  
Old 09-14-2009, 02:06 PM
scorpion's Avatar
Forex Guru
 
Join Date: Aug 2004
Location: Behind You
Posts: 2,103
scorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to beholdscorpion is a splendid one to behold
Default

Here's the chart in white background, if you prefer white black against white.

__________________
Make easy pips with the Advanced Economic Calendar for Forex Trading.
Reply With Quote
  #8 (permalink)  
Old 09-14-2009, 02:30 PM
bossxero's Avatar
Honorary Moderator
 
Join Date: Nov 2006
Location: Neverland
Posts: 851
bossxero has a spectacular aura aboutbossxero has a spectacular aura aboutbossxero has a spectacular aura about
Send a message via ICQ to bossxero Send a message via MSN to bossxero Send a message via Yahoo to bossxero Send a message via Skype™ to bossxero
Default


All have been said... some rules were burnt... some nice trades as well!
Reply With Quote
  #9 (permalink)  
Old 09-14-2009, 04:20 PM
Currency Trader
 
Join Date: Sep 2009
Posts: 2
omojo is on a distinguished road
Default

is this system not thesame as trading the hammar at support and resistance and at pivot levels using candlesticks because the pinbar looks exactly like a hammar?
Reply With Quote
  #10 (permalink)  
Old 09-14-2009, 04:25 PM
bossxero's Avatar
Honorary Moderator
 
Join Date: Nov 2006
Location: Neverland
Posts: 851
bossxero has a spectacular aura aboutbossxero has a spectacular aura aboutbossxero has a spectacular aura about
Send a message via ICQ to bossxero Send a message via MSN to bossxero Send a message via Yahoo to bossxero Send a message via Skype™ to bossxero
Default

Quote:
Originally Posted by omojo View Post
is this system not thesame as trading the hammar at support and resistance and at pivot levels using candlesticks because the pinbar looks exactly like a hammar?
It might be the same... i guess a pin bar is called a hammer in candlesticks language... Its an old trading system.
Reply With Quote
Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Forex GPS Trading Method Forex_GPS Classified Ads 6 10-23-2013 01:26 PM
Kolachi Method of Trading kolachi Trading Systems 1329 08-31-2013 11:33 AM
Simple Trading Method oludotun Trading Systems 282 11-06-2012 09:01 AM
New Trading Method 15.10.07 generaldee Classified Ads 16 07-05-2008 08:45 PM


All times are GMT. The time now is 01:59 PM.

Registered members gain free access to online FOREX currency trading tools, foreign exchange software, Metatrader MT4/MT5 expert advisors, MT4 indicators and EAs. Register now