Wanted! Pin bar ninja required.......is this you?

mrchilled · October 8, 2011, 7:34pm

No problem. I agree, there is a lot of info out there and a lot of different opinions. Sometimes it is hard to filter out junk but if you put all the theories to practice, everything should come out in the wash in the end.

Ramah21 · October 9, 2011, 1:02am

Nick,

Did you get an invite recently to a skype group? It is me and a few of my friends…we’d be interested in bringing you in if you’re interested…we offer each other commraderie, sharing of knowledge, etc…it’s fun. Anyway, if you are interested, let me know…you can PM me.

Long_and_Short · October 9, 2011, 1:35am

Hi Jim

Could I ask what M5 & M15 pinbars are?

Thankyou

NJ

Long_and_Short · October 9, 2011, 1:38am

Hey Ramah

You bet, count me in. I will PM you. I didnt actually notice the email invite as i never look in there but now i know to look in there too!

I look forward to it.

NJ :21:

JimFNA · October 9, 2011, 1:51am

Howdy Nick. Just shorthand for pin bars that develop on the 5-minute and 15-minute timeframe charts.

MeiHua · October 9, 2011, 2:50am

I have gone through the Nail Fuller PA course. I thought it was reasonable, though i don’t know if it is worth the cost to be honest. I think PA can definitely be a profitable system and I had some take a ways from it. But it was by no means a real eureka moment for me. I guess if your just feeling in the dark for a system then its as good a place to start as any. But I have attempted some of his techniques in my live account with reasonable success. I personally only use PA as a confirmation rather than a trading trigger or set up itself. But i hope you find a path that suits your personality, I am still finding and refining mine. Although i know that the core of my strategy fits my personality and is intuitive mentally for me. But this weekend made a MAJOR overhaul. Anyway those 3 core set ups that Nial talks about are effective, i would also look at a couple e other long standing threads here, like alternative technical templates, or Nikita’s pure price action for dummies. They are both quite good. though alternative technical templates is a bit more complex, which if you don’t know what 5M and 15M means you should probably look at Nikita’s first.

Long_and_Short · October 9, 2011, 5:39am

Cool…got it.

Thanks Jim

Long_and_Short · October 10, 2011, 1:29am

Hi Finalz

Thanks for the response

Yes i agree fully…ahhh…to be a ninja…even just for those funky 2 toed boots they wear!

Ok, so here is a question on pinbars. I am building the tool box of trading methods and individual items to apply to the varios situations that prevail…so…my question is:

What signals of confluence are there in total and which are the more common signals (if any)?

Here is what i have come up with so far:

1/ Support & resistance levels (is there evidence of the market being rejected on either)
2/ Can a trend line be drawn connecting higher highs or lower lows depending on long or short
3/ Is there either a crossover of the moving average or is there a parralel formation with the trend line signaling consistency
4/ Confirmation via other price action signals
5/ The price action signal itself (of course)
6/ Fibonacci retracement (i only know of it and that it can be a signal i dont yet know how it works)
7/ Two or more points of confluence that confirm the direction of the potential trade is “likely” to continue (going with the dominant trend)
8/ Taking into consideration the horizontal key lines that I draw in at the beggining of the week and look for confluence there also

Ok, so thats what i have come up with so far. They may not all be correct for this application however, as always i am open to correction and would love to hear of some more. This question is obviously open to everyone as are any of my replies.

BTW - best ninja of all time for me is Master Shifu from kung fu panda. Dry as they come on the humor side! A little like me.

Nick Jordan

Day 10/365

Earnings to date $0.00
Thanks again

Long_and_Short · October 10, 2011, 1:43am

MeiHua:

I have gone through the Nail Fuller PA course. I thought it was reasonable, though i don’t know if it is worth the cost to be honest. I think PA can definitely be a profitable system and I had some take a ways from it. But it was by no means a real eureka moment for me. I guess if your just feeling in the dark for a system then its as good a place to start as any.

Hi there M. ok, noted on NF’s stuff. I like his way as it is uncomplicated and my past ventures have been overcomplicated as it is in my nature to do so. Very inquisitive (to inquisitive). So thats why i like his stuff. I could spend 3 or 4 months looking around for the right style, info, etc. How would i know! I woouldnt, so as a greenie i have picked this and am running with it.

But I have attempted some of his techniques in my live account with reasonable success. I personally only use PA as a confirmation rather than a trading trigger or set up itself.

Hmmmm, interesting. Could you give an example of a trading trigger that is available (i am not asking you to tell me what you use…unless you want to ofcourse :D)

But i hope you find a path that suits your personality, I am still finding and refining mine. Although i know that the core of my strategy fits my personality and is intuitive mentally for me. But this weekend made a MAJOR overhaul.

What was it that you felt wasnt working in your previous style that wasnt working for you?

Anyway those 3 core set ups that Nial talks about are effective, i would also look at a couple e other long standing threads here, like alternative technical templates, or Nikita’s pure price action for dummies. They are both quite good. though alternative technical templates is a bit more complex, which if you don’t know what 5M and 15M means you should probably look at Nikita’s first.

Noted. I have found this glossary of FX terms however it does seem abit over the top…

Know of an 80/20 GOT’s, One that lists the most commonly used terms?

Thanks again M

NJ

hellogoodbye4201 · October 10, 2011, 1:52am

Haha, yes, scoob is typically what people call me on here. As for price action not really (I’m not watching for candle stick patterns and such) but I mostly use forms of S/R such as fibs

Long_and_Short · October 10, 2011, 2:05am

bobmaninc:

amen lol

Ok, right then, my noodle is in a better space.

Only advise I will give you is since you named them you probably can spot them so what advise are you looking for. Keep reading on price action and how these setups can be used with other correlations (for lack of a better word) i.e. support and resistance levels, pivot points, trendlines, and fibs the list goes on.

I actually just replied to “Finalz” about stating that I am looking for all the different signals of confluence for pin bars (and listed my own) so i wont go into that here.

Here is a good one. I know little about how pivot points work? What are your thoughts on where they are best applied and with what other signals of confluence.

I dont care for inside bars to be honest they happen all the time others will disagree but thats my opinion. Fakey I am not good at trading so no comment it is a good setup but just not for me. The pin bar I use as reference however it imo is a decent setup and is valid but not holding a real high probability unless other things are in play in correlation with it.

So you would only trade it when you have at least 3 points of confluence or more?

With a pin bar in mind the higher the time frame the more probable it becomes imo only because you can drop to lower time frame to see price action within the next bar (if that makes sence to you)

As of yesterday, yes it does. The odds of positive probability seem to increase in every chart size. 4hr, 1day, 1week.

so you can filter out the noise. Also depending on the time frame the pin bar shows up (remember you cant use a pin bar alone it means nothing without other factors to back it) and it is a little to big for risk management what you can do is (and with this its a good idea to study fibs so much you dont have to draw them to know where key levels ride) is wait for a retracement of 50% of the wick to hold down risk. With that said and I have no fact to back this its just what I have seen. When the very next candle hits 50% of the wick and bounces from that.

Yes…If i have it right, if you were going short and spot a nice pin bar (open and close inside the range of the bars to its left and right), you would set your entry at the middle (50%) of the range on the pin bar, set your stop at 1 pip above the high and set an ® value that is “at least” 2 x’s the stop which is calculated by the amount of pips between the entry and the stop. set and forget. (as i am a newbie)

They tend to be higher probability but thats just my experance with them. For your goal from your other thread price action is going to be your best bet to learn first. IMO it is the the second most important piece to building a foundation of any trading strat period end of story. First is and always will be the holy grail IMO managing risk. As long and you can manage your risk the rest really dont matter. If money management is on point the rest of your strategy is just to make you feel smart thats all. You could flip a coind to decide weather to buy or sell any market at any time and thats a profitable strategy right there but your risk must fit your trading style. More on that when you get that far

Noted

Thanks again BM

Nick Jordan

Day 10/365

Earnings to date $0.00

Long_and_Short · October 10, 2011, 2:07am

Thanks jim

dwartenb89 · September 2, 2012, 11:52pm

Hey Long and Short!

I just came across this thread you started 10 months ago. How are you coming along with your goals?

How’s the price action education coming along. Are you a pin-bar ninja yet?