Pin Bar System (Nifty sell trade with 24 pts stop loss closed in Profit of 333 pts :)

Nehal_s143

Well-Known Member
#1


Check each chart when the daily bar closes for a pin bar

Make sure it is bouncing off of a major support and resistance level

If the pin is pointing up against the resistance level we are looking to sell

If the pin is pointing down against the support level we are looking to buy

Set the 50% fib or 61.8% level of the pin bar to find your entry

work out your risk for 2% - 5% of the account

set your entry order at the 50% or 61.8% level

place your stop 5 points the other side of the pin bar (pointy side)

set your take profit level depending on which exit strategy you wish to use

always bring your stop to break even once you are in profit by the same amount as you risked

if your trade is not triggered on the next daily bar then close the trade and look for a new one

See Nifty example for above




Seniors please write afl for this great method :thumb:
 

rkkarnani

Well-Known Member
#2
Re: Pin Bar System (Nifty sell trade with 24 pts stop loss closed in Profit of 333 pt

Nice strategy it seems!!! How did it perform on Nifty futures in last 20 months...please share if you checked!! Thanks.

ps.: It is a quiet popular in Forex Traders!!
 

rh6996

Well-Known Member
#4
Re: Pin Bar System (Nifty sell trade with 24 pts stop loss closed in Profit of 333 pt

Can we call it (A Pin Bar) a Candlestick Doji, with Open/Close very near the High in a Bullish bar and Open/Close very near the Low in a Bearish Bar!!!
 
#5
Re: Pin Bar System (Nifty sell trade with 24 pts stop loss closed in Profit of 333 pt

right now we see 5 min pin bar at nifty around 5700 exact ...check out
 

rkkarnani

Well-Known Member
#6
Re: Pin Bar System (Nifty sell trade with 24 pts stop loss closed in Profit of 333 pt

Oh!! There are loads of relevent info if you Google it. Thanks Nehal for bringing it to our Notice!!
As you have posted so much detail I presume you have studied this deeply. Please try to answer some very basic queries :
01. Is there a minimum range of the bar before we consider it as a pin bar?
02. Is there a maxmium difference OPEN and CLOSE to consider it as a pin bar?
03. Is there a maximum distance of Open / Close from the top and bottom to consider it as a pin bar?
I do understand that these figures would differ from Index to index and stock to stock, you may post these for Nifty Futures or maybe in percentage terms!!!
Please ignore my queries if it is more of a 'visual confirmation type' thing!!
Though its more of an academic interest to me, but feel any one trying to creat an AFL or an Expert for Metastock would like to get the above information before he can create one. This is as per my limited knowledge about TA!!
 

rkkarnani

Well-Known Member
#8
Re: Pin Bar System (Nifty sell trade with 24 pts stop loss closed in Profit of 333 pt

right now we see 5 min pin bar at nifty around 5700 exact ...check out
It is not an Intraday strategy. However for the sake of learning if we try to identify a Pin bar I dont think we have a Pin Bar ks!! Or am I wrong? Please mention time of the bar and its OHLC. The nearest I can see is 14:50 bar , the range of which is too small!!
If you are referring to this bar would request Nehal to give her view on it?
 
#9
Re: Pin Bar System (Nifty sell trade with 24 pts stop loss closed in Profit of 333 pt

rk karnani sir
if u have a intraday 5 min chart of nifty spot....check out the high at 5700 and see there is bar at 5700 exactly at around 14:40 min....
i will show u in chart EOD just wait for the market to close
 

rkkarnani

Well-Known Member
#10
Re: Pin Bar System (Nifty sell trade with 24 pts stop loss closed in Profit of 333 pt

rk karnani sir
if u have a intraday 5 min chart of nifty spot....check out the high at 5700 and see there is bar at 5700 exactly at around 14:40 min....
i will show u in chart EOD just wait for the market to close
Sorry, I was checking Nifty Futures bar. :p
Please post the OHLC of this bar in Nift Spot!!!
 

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