Nzd/usd
Looks good for a short- PB at S/R on 4hr and there was also an engulfing bar in that area on the 1hr.
Is it tradable or too little? I mean the h4 pin
nzd/usd
IMHO - It does look a little small but the criteria for a PB are fulfilled - open and close within previous candle , wick more than 3 times size of body and it occurs at a S/R zone, and enough room to the downside for a 1:2 trade…
For me is a trade directly into support… isn’t it?
This is what drives me crazy about drawing support and resistance… too much subjective :49:
Hi Jinz,
Yes I do use Trading Station but I actually made that picture by capturing a screenshot of my chart with Clip2Net (which is free) and drawing the notes and arrows upon it.
Hi Dudest,
Sorry to pick up on you but you’re getting me seriously confused mate. It could be my lack of education and experience with this particular method, so would you mind explaining? I highly value your opinion so need to have this clarified. 3 questions.
Would you mind adding few candles to the above chart to illustrate how would look swing low in your opinion please? More importantly - why it wasn’t a swing low for you (before two pictured bearish candles have appeared after the PB); as soon as they have appeared, it’s kinda pretty obvious, but how have you identified it before?
I was getting confused here too. It looks to me like a technically very correct PB: long, 3x longer than body wick, with previous bearish move, opening and closing within previous candle, at retracement/swing (please don’t tell me it isn’t as it is 
(isn’t it?) it’s another lower high forming when looking at the PB, right? if not, what’s your definition?. Why “not valid”? According to this method is perfectly valid in my humble opinion (apart from trading straight into support clearly marked on your chart, let’s omit that “tiny” (as in my opinion locations is utterly important) detail).
Aren’t these swings? And one more swing low between first two swing highs (forgotten to mark on the chart)
This also looks like it is itching to bust up through that resistance. It would be much better if there had been a nice clean swing up into the level (like the last swing low did in reverse) and then a pin. As it is all that action just below the level suggests that it wants to go up not down.
hi gangnamstyle just 1 point to tell you…
as dudest says…we did not trade that pin only because of open and close of the bar is not with in the previous candle.
remember that is a pinbar that is wright. but we trade the pin bar only if it satisfy the 3 conditions
1.size of the pin barr
2.open and close with in the previous bar.
3.at swing high.
other points we need to observe is
if a pin bar formed at lower but immediate after drastic drop of price then its better to waite to more conformation.
we need smooth and nice pullbacks to trade the pin bars.
according to your doubt…
yes that pin bar causes the reverse direction…and so many traders traded that pin bar signal.
but here as students of mr.Johnathon sir…we did not take that signal only cause of it did not satisfy the 3 conditions , mentioned above…
another point is…
if pin bar closed with in the previous bar…then it is more valid and reliable…
now ur wish to decide what to do…weather take the signal which is less reliable or not and just wait for better signal…
as i said above some trades traded that…and they got nice profits…because they have risked their amount…where as here we did not risked …that’s it…
hope this helps…all the best.
yes…i have profited 500+ pips
14 trades------2 negative--------2 no loss no gains…
Overall i am 100% profitable…
that gives more reliable signal than other which did not closed with in the previous candle…
Here as mr.johnathon said we need pin to close with i the previous candle to get in to the trade…
Other wise i (may be we) did not trade…
If i feel that its more obvious and reliable to me then i will cross the rules and risk my money and i will take that trade against the rules of mr. Johnathon sir.
Hope this help…
Hi Doky,
I believe you have banked in your trade. I’ve closed my position @88.30. Here is the chart:
Regards,
Toyogo
That’s excellent!!! With low number of high quality trades and yet highly profitable.
This is what John is trying to teach us in this thread.
Yes, Toyogo, my TP was @88.26m it worked out nicely Actually, I left the second part of the trade to run, half was closed earlier with + 35p
Hi Kevin,
Because that’s how high probability trade pinbars are typically formed (that’s what gives us an edge).
Have you read through (at least) first 50 pages to find out what this methodology is all about?
Read these please:
>> Pin Bar
Yes, that’s the point; you need to use charting from a broker that has 5-day NY-close charts
Excerpt from page #1 post #1:
When posting please include charts to explain what you are looking at. The charting equipment we use is [U][B]New York close 5 day charts charts[/B][/U]. If you need a link to open a free MT4 broker please just message me as this is very easy. A few MT4 providers with these charts in demo are FXDD, FXpro, Pepperstone, Axi Trader and HotForex…
My pinbar setup did great today. It was the first time in during my relationship with forex when I had a plan and I knew what i was doing. The odds were in my favor because i picked a setup with pinbar at support level which also matched with a daily trend line. Until yesterday I barely knew what i was looking for in the charts, but now I see what I was missing. Gambling is what i did before, because all I could care was to make a quick buck. I was pointing pinbar here and pinbar there, but now I realize I didn’t even knew how complex pinbar is. I was shooting while blindfolded. It was my laziness and lack of determination to LEARN FIRST AND TRADE LATER. I Will learn now. It feels better when I have control and discipline.
This thread is so awesome, I think I have seen it before but I was too lazy to read through the first post. But I did read it few days ago and bam! The light of knowing illuminates. I will buy Johnaton’s membership for sure. I want to learn more.
Never give up - repeat practice - succeed
Yes even the very worst setups work out from time to time. Some super ugly pins will work even when from horrible areas. This does not mean that by trading them you will make money. The reason for this is whilst they can work out much more often than not they do not and taking them will just eventually end in losses.
Great call. Yes it was trading into support and well done to spot this and pass on the trade.