Hey, i just took a look at the first post again and have a short question regarding trend determination for inside bars.
"1. take the last four 3 hour candles (not including the mother bar)"
Dont you mean last three 4 hour candles?
Haha, you lucky bastard, hahaha ,
Well i know there is some difference in price between brokers, however, the difference between those closes of the firSt three pinbars and the high of the green one is at least 5 pips on my chart, and the volatility wasn’t that high to make such a big difference i guess, so i am curious.
Tx for the quick reply
@niX1990: aha yeees i do, it has been fixed thanks!
@jonkie76: yep apparently i’m terrible at measuring with my eyes and mobile cursor :l
that pinbar 2 pages back for GBP/JPY, gave me a signal to buy and was then stopped out (very quickly).
see screen below
That’s the same pin I was asking about, mine looked like yours, buy!
@everyone: backtested changing pin bar body length to a max of 35% over the past two months on 2 charts, and then 2 months two years ago, it gave winning signals 8/10 times as well as increasing the overall volume of pin bar trades 37%, originally i set it to 30% to give a more quantifiable number as opposed to 1/3 of the candle length, and to be on the safe side i brought it down to 30% but i find we can still be quite okay at 35%
thats very odd about your charts :3 but i guess thats just how it is, you should have winning trades i dont have as well though, different charts = different trade sets :3
I’m using pepperstone, I might compare to your broker forex.com or should I just stick with my broker? Would checking two brokers before placing the trade a waste?
What times does everybody’s 4hr candles close? Mine seem odd I’m demoing on trade interceptor at the moment (unless anybody can suggest anything better? ) mine close at 6 am, 10pm, 2pm, 6pm etc and that’s GMT. I know different servers produce different signals but would it be better to be looking at the same charts the majority are trading off? Or oes it really not matter? Thanks guys!
@smacko: i’m honestly not sure if it would matter too much, i would just trade the broker you have
@juicypips: my candles close at 4, 8, and 12 EST, as far as any system goes it really doesnt matter what server time or broker you use as you will get different entries, not worse entries, just different entries, ALTHOUGH i have heard from a bank trader friend that a majority of people use the new york close as their dailies close time, so if you want what most people are seeing i think that would be the server time to use that would be at 5PM EST
@everyone: just wanted to show you guys a couple trades i took on this bearish move on AUD/JPY the other three charts i trade were more fruitful as they had entries at the top of the move but these were perfect trades so i wanted to put a picture up of them, im considering printing it out and placing it on my fridge with a giant A+ on it
OK, gonna change that value in the indicator to 35%! So 35,00001 % is NO TRADE. 35% and lower is PINBAR !!
Jawa, could you change that rule in your first post TX bro… you the best
@jonkie76: aha thanks, honestly your indicator is very well put together I would use it in my examples but I don’t wanna confuse people aha, I am using it in my actual trades though its a great tool to have
Tx Jawa, that’s what its purpose is, Making descisions easier. At the moment I am programming the morning and Evening Star formation, but for now, only the 3 bars formation. As that works, I will add the 4, 5 and 6 bar formation as well.
And this assignment helps me too to develop my own programming skills… which can be much better as it is now. I programm very much straight forward.
The pinbar trade on EURJPY (thanks Jonkie76 indicators arrow) hit half profit just now.
@jawa:
is this how you define evening/morning stars?
Evening Star Candlestick Chart Pattern
Morning Star Candlestick Chart Pattern
tx Smacko,
On your example, you have an morning star developing, if the last candle will close as it is right now.
The red bar is a ‘normal bar’, then we get a Pinar / Indicision Bar and the last one an reversal ‘normal’ bar, which is closing higher as the half way of the first red bar.
The gaps mentioned in your links are not nescessary. This only happens ons stocks. Forex only has gaps over the weekend.
A few posts ago I placed an image with 2 examples of an star formation with 1, 2 3 or even 4 indecision bars inside them. Check that one out.
with the morning star does there need to be a gap between the 1st/3nd and the 2nd?
had a losing inside bar on AUDUSD (however previous pin bar was a winner)
@Jonkie76: might be going blind but where is your post with 2 examples of an star formation?
Can anybody recommend a free charting website that uses the same server time as on SithJawas charts?
I am currently at the university and wanted to check smackos pin bar on EURJPY but i have a completly different chart without the pin bar on netdania.com
But I think theres a 2 bar reversal on my chart. Did you ever think about taking 2 bar reversals into the system? I never tried to trade them but see them quite often.
Furthermore I was looking at some of the trades you posted but, even though the 4h charts I have now look like yours, I would not get the same signals as you do.
When i look at the 1h candles of the first green circle from the left the first bar closes at the exact same price as the fourth bar and wouldnt be a signal for me. The second circle didnt make it through the filter for me too and I have a buy signal on the third.
Looking at the 1h candles of the fourth circle again the first bar closes on the exact same price as the fourth bar. Furthermore this is also an inside bar that we ignore because pin bars have higher priority if im not mistaken. The following inside bar is clear to me.
Moving on to the next the circles after the downward move i get the same signals.
But I wanted to ask you if there is a reason why you didnt take the other signals. Counting from the right side of the chart I see that the eight candle is an inside bar which is being followed by a pin bar (body is about 30%). The fourth candle from the right is a pinbar with a buy signal and because its a PA candle we do ignore the following inside bar on the third candle from the right.
I know thats a bunch of questions and I am sorry to bother you that much but I am trying to really learn the system and have to understand every detail.
If I missed a post where these questions already have been answered excuse my stupidty and just direct me to the post
Best regards
Where is your loosing insidebar Smacko? The Insidebar I see, is the first green bar at the bottom. If your insidebar would have said: SELL, it won’t have been triggered, as your order would have been on the low of the mothercandle(the last red one) And when it would have said BUY, the order should have been placed on the high of that candle, and well…we saw what happend there, a nice trust UP. So ther were only 2 outcomes… 0 pips… or +40 pips I guess…
here the screenshot I made about those star formations:
@jonkie: your right with the inside bar!! hasn’t it entry… forgot only pin bar and stars are entered at market.
thanks for the morning star pic…!!.
Sith, maybe I missed it but may I know what broker are you using? I have IBFX and there is valid pinbar on GBPJPY but no pinbar in my hotforex broker. Why is that?
@smacko: My definitions of the stars are explained on the first post, i’ve been to that website before and those examples are actually for day traders and they use a very safe approach to stars, requiring the price to gap up to the indecision candle then gap down to the bearish candle
And as jonkie said you have to look at the previous candles before the inside bar to determine direction (its on the first post), that particular inside bar was a sell stop order, we all learn though
@niX1990: I dont find engulfing candle and tweezers to be high probability enough so i dont trade them not only because of that but because i already have 3 good signals to trade that give me a high volume of trades as it is, i dont have the margin for them all
hmm again this seems to be a problem of varying brokers, im not sure what free charting software online you can use but i use a free forex.com practice account that is at the same time as my live server
As for your 1 hour candle questions the first candle is okay because thats just the broker you were looking at, the second candle cant be filtered out because the first signal wasnt valid which means we have to trade in whatever direction the 1 hour on that signal tells us too
We dont trade inside bars that have an indecision candle as the mother bar, but we do trade inside bars that have the engulfed candle as an indecision candle
And that was my mistake, for some reason that day i decided to post only my closed trades, it confused someone else and i had to tell him the same thing :3 i think but im not sure that i posted a full picture of all my trades sometime after that
@mario777: I use forex.com this will happen because of differences in price, spread, and timezone, but it doesnt really matter as far as trading a system goes, there will be signals i get and you dont, and signals you get and i dont