Pinocchio Bar (Pin Bar) Formation & System

[anayash]

Would you say a more aggressive entry could be after the nose is formed, and it is in line with a confluence of other indications, then to enter after the nose is formed?

A valid & aggressive entry could be at the close of the 2nd "eye"...i.e. at the close of the bar to the right of pinbar! :thumb:

 

[Kavima]

Hi Vikrit

Thks for the thread and the interesting topic. As would like to concentrate more on price action / analysis without indicators,I've been reading about demand supply zones / demand supply bars and Pin bars.Yr graphics are good...
By the way, the thread in forex factory forum "James16thread" has a lot of info on this which I've been devouring .Will share with reference to our charts also.
Best wishes:thumb:

 

[vikrit]

Vikrit, what do you think? Would this be considered an exception to the rule? If it is, then within the paradigm you mentioned for a stop, would the trade have been stopped out above the nose?

exception to which rule??

At first place i would not trade this pinbar as this is not a good pinbar.
b/c this is not following rule 5 to be a good one i.e. 5.form at high (for pointing up nose) or low(for pointing down nose) for a term (like weekly high/days low/swing high). This candle is much below and near to recent high.


If in terms of pinbar formation yeah it will stop out. And if take a trade and also using S&R's, then when I will see very good support at 1.29268 level then exit and go long on next candle.

 

[vikrit]

Would you say a more aggressive entry could be after the nose is formed, and it is in line with a confluence of other indications, then to enter after the nose is formed?

BTW, I've been looking a lot into and studying this formation, because, like the 1-2-3, there is very similar price actions and breaks associated with its formation. Within the strict scope of my methodology, there have been strong moves after these formations have been made in lieu of other events within my methodology.

A valid & aggressive entry could be at the close of the 2nd "eye"...i.e. at the close of the bar to the right of pinbar! :thumb:

@anayash that is not aggressive entry as i know.

@4xpipcounter
As mentioned before aggressive entry will be when enter on close of pin bar itself, not waiting for 3rd candle or break of pinbar.

Like in this chart. If we enter at close of candle A, then it will be aggressive, and at B candle then conservative. But sometimes aggressive entry can be stop out if its a false formation.

 

[vikrit]

Hi Vikrit

Thks for the thread and the interesting topic. As would like to concentrate more on price action / analysis without indicators,I've been reading about demand supply zones / demand supply bars and Pin bars.Yr graphics are good...
By the way, the thread in forex factory forum "James16thread" has a lot of info on this which I've been devouring .Will share with reference to our charts also.
Best wishes:thumb:

Hi kavima, thanks for comments and wishes. After reading your thread became a big fan of yours and pitchfork. Also read your blog 3-4 days before, its great :clapping:. I have read some notes of james on pinbar, the thread is also awesome. will wait eagerly to see your charts. tc.


.

 

[4xpipcounter]

I pinbar was formed, then it reversed and continued higher.
I see your point. It was formed below the recent peak, so it renders it ineffective, so it is not an exception, because part of the rule is its formation near a peak.

exception to which rule??

At first place i would not trade this pinbar as this is not a good pinbar.
b/c this is not following rule 5 to be a good one i.e. 5.form at high (for pointing up nose) or low(for pointing down nose) for a term (like weekly high/days low/swing high). This candle is much below and near to recent high.


If in terms of pinbar formation yeah it will stop out. And if take a trade and also using S&R's, then when I will see very good support at 1.29268 level then exit and go long on next candle.

 

[LivetoTrade]

Seems like one in formation

 

[vikrit]

Seems like one in formation

it will be good one. plz post later what happen.

 

[Kavima]

Vikrit

Nifty 60 min chart looks like last hour bar is a pin bar and next bar should confirm .If so i thk a short term retracement is probable as price is near resistance zone.

 

[vikrit]

Vikrit

Nifty 60 min chart looks like last hour bar is a pin bar and next bar should confirm .If so i thk a short term retracement is probable as price is near resistance zone.

yeah, resistance is strong one. so probability is high, volume is good. but enter only if price break low of 2nd bar after/at close of 3rd bar. b/c mrkt is sideways since yesterday's last bar.