Hello traders!
AUDUSD DOUBLE PIN BARS
4HRS
1HR
last one is still in progress…
closed my sells on GBPJPY for a small profit and placed a buy with the new candle. The sells on AU and AJ were stopped out, the buy on EJ is running nicely
Filter said no trade, despite the price still going up…I wish my MT4 looked like yours, who is your broker and what time zone do you live in, kbforex?
hi,
when you say the filter said NO TRADE, cud u pls xplain. cause what i can c is a buy trigger pls correct if otherwise.
regarding ur question :
i live in london, my broker is VANTAGEFX and my time zone is GMT+1.
THANKS
The moment you are talking about a double pinbar with opposite signals, you have to pass it through a new filter.
Copied from post #1 - There’s also an example together with a picture to explain it better
When there is more than one signal in a row (ie you enter a trade based on a 4 hour signal, and than the next four hour candle also produces a signal), and the second signal is opposing the first signal (ie the first signal says buy and the second one says sell) than you use both 4 hour periods as a filter to determine whether or not the opposing signal is valid, (you use the combined 8 one hour candles from both signals), to do this, the second signals close must break the high of all the previous candles closes (if looking to buy), and the second signals close must break the low of all the precious candles closes (if looking to sell), If the signal does not pass the filter, ignore the signal (no trade)
In your case, the last candle didn’t break any high’s or low’s of the previous 7 candles.
monday started the week off great had my demo account up buy about 5%, i’m now -1%… i do have two EY trades opened that are both in +… be interesting to see how the week pans out of you… i wonder if the ATR targets are really working out? its a longer run to half profit now, defiantly had a number of trades that would have made it to the old 40pip half profit mark…
EDIT… got my first EY hitting 43pips now, would be locked via the only profit… but still has another 23 or so pips to go before breakeven…
DOUBLE EDIT… If anyone has a working script that will open 2 market orders at once that would be great, i did find some on the mt4 site but none worked when i tested them… or even better an EA that will close at the half way point of the TP that is entered and move the stop to breakeven… i have one that works okay off a fixed TP but thats no good for the ATR targets
dear all, now is GBPUSD small pin bar valid? My sell signal triggered.
I have yet another buy on GJ, and AU pin bars.
mario, most of us here are trading the pairs Jawa listed on the first post… AUDUSD, AUDJPY, EURJPY & GBPJPY
Monday was a very good day for this system, yesterday was more a disaster.
I think the system was more profitable when the TP was lower
ne views?
Yesterday/Today has been bad, but I don’t think you should judge the profitability of the system based on one day. The lower TP may have been more profitable today and yesterday, but not over the past few months.
It’s just a bad rangey situation.
GJ SL hit, hopefully this reversal is real and we can get some selling pips on the next candle or two.
Yesterday and Today almost all my trades were stop out. Left with two AU Long. Waiting to see how it goes…
Maybe this needs it’s own thread but this system has sparked another simple system in my little brain. The idea comes from how we take our trades on the pinbar. If the last candle is higher/lower than the first we know what direction we are trading. Well I was thinking this could be a system in and of itself with no other formations. Just take a chart (4hr looks the best for this system) and if the new candle opens above the close of the candle that is 4th behind it then we buy but if it’s lower we sell. Kind of like we already do with 1hr charts. This way you start at the 5th candle of the week and close at the end. I just manually tested in on several pairs last week and had amazing results. The only reason I am posting this here is because this system inspired this in my mind and I want to share with my fellow traders here. Please test this and let me know what you think.
Wouldn’t this only work in trending markets?
If the markets are ranging won’t it go foobar?
I have been exploring something similar but slightly different myself, haven’t had enough opportunity to properly back test it yet though.
Yes you are correct. It does have some losses. However by weeks end you have had enough trends for it to be very profitable. A/J last week produced over 300 pips. E/u produced about 125. This includes counting the spread
It’s kind of funny because you really only take about 5-10 trades per pair because you let the winner run until you have a reversal. Same with losses.
Our edge on this system is our technique that we have learned here of spotting direction.