Pinocchio Bar (Pin Bar) Formation & System

vikrit

vikrit

Well-Known Member
#45
#45
Kavima said:
TP
It was just an observation...not correlating with any other indicators .think in smaller tf it may occur more frequently so not sure abt the way it can be used for taking a trade call
Click to expand...
in small time frame if took a trade by pin bar, target will be some fix points or x candles [x=(total market opening time divide by 8 or 10) divide by chart time frame] , whichever happen first come out of trade if no additional supporting element occurs to carry on.




for ex -
if took a trade long on first pin bar at 12 i.e. good one, on above 10 min chart (target will be 30 or 4-5 candles). then after 4th candle no suggestion for continue so exit. let's say we dont exit wait for 5th one, it is doji, market is in indecision stage, so sure exit. if wait for 6th one it is saying market sideways & bias down, so again decision exit.

after that we long on 2nd pin bar close, probably able to order execute at next candle (red arrow), its risky sl is far i.e. low of pin bar. till fourth candle we are not in profit, but it is a pin bar, we can continue with sl shifted to low of 3rd pinbar. now on next 4th candle again a pin bar so can continue the trade, we will exit before market close, i prefer max 3:20 pm to exit all intraday.



.
 
vikrit

vikrit

Well-Known Member
#49
#49
rkgoyal_98 said:
Hourly Chart of tatamotors
Click to expand...
bar in circle considerable good pin bar. but after it market is sideways, which can neutralize pinbar (or any candle/bar pattern) effect and also not a single bar close below 2nd eye till market close, and top of it today is expiry of fno, which mean high volatility. so after taking trade, it is better to be out on closing with some loss b/c too risky, or else put tight SL.

checked the todays price, it is way up since morning, SL would hit.

*-in 60min bar better to have target of 3 bars max or some fix point as per backtest in particular script, till 3 bars if get opposite signal, just exit. in this chart there are many good pinbar for ex- 24th 2nd bar, it can be consider good pinbar.
 
Last edited:
R

rkgoyal_98

Well-Known Member
#50
#50
Thanks for the response
I never took the trade because of expiry as well as momemtum still high on ichimoku, Though short trade is buliding up as per ichimoku we have to wait for confirmation
Regards
 
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