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

[kevin_shah]

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

Kevin, as far as I know, Mark Mcrae is australian forex trader and internet business person. He is not Mkt Wizard in Schwager's book (correct me if I am wrong). To promote his products, he has intereviewed other market wizards. (sorry I have special respect for mkt wizard and can't stop commenting when I saw a wrong name there).

anyway, thanks for explaining so much about pin-bar system with example. Well done and keep it up.

Happy Trading

Well he may not be a market wizard in Jack schwager's book since he has stopped trading for a while and concentrates on his marketing techniques to lure other new traders, but for me those who have traded any instruments and are considered to be one of the better traders (they may not be consistently profitable as this a very vague term used by ppl) but still his books has given me some ideas about trading....also his books have been simple to read and there is no rubbish but very basic methods which work....for me atleast...
His risk calculator and trend identification method is one of the best in the industry.....for me he is my one of the gurus..others are Nial fuller, Alan farley and Mark Douglas...
Sorry to say but most of the book writers are not that good and not original....

Thnaks for ur wishes though...

 

[rkkarnani]

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

Well he may not be a market wizard in Jack schwager's book since he has stopped trading for a while and concentrates on his marketing techniques to lure other new traders, but for me those who have traded any instruments and are considered to be one of the better traders (they may not be consistently profitable as this a very vague term used by ppl) but still his books has given me some ideas about trading....also his books have been simple to read and there is no rubbish but very basic methods which work....for me atleast...
His risk calculator and trend identification method is one of the best in the industry.....for me he is my one of the gurus..others are Nial fuller, Alan farley and Mark Douglas...
Sorry to say but most of the book writers are not that good and not original....

Thnaks for ur wishes though...

How about sharing the names of the books by these Gurus that you read and found useful!!

 

[kevin_shah]

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

Why not
1. Alan falrey:- Master Swing trader ( setups for swing trading- also sometimes used for intraday)
2. Mark Douglas:- Trading in the zone ( psychology book)
3. Mark Mcrae- Surefire forex Trading strategies---( use his risk calculator for position sizing and his method to indentify his trend indentification)
4. Nial fuller- He hs not yet written a book , but considered to be authority on price action trading, his website is http://www.learntotradethemarket.com( check out his 3 strategies PIN BAR, INSIDE BAR, FAKEY SETUP)
5,- Alexander Elder:- Trading for Living ( best for triple trading method and some insights on Bollinger bands)

Most of the books are for swing trading..but there are things that can work for intraday also...but volatility and quick execution of setups is neccesary...

 

[Nehal_s143]

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

Hi

This method is not for intraday trading, to be used only on higher time frames like 4 hours and daily, there were some quires in previous post, hope this will answer all the quires

No pin bar is created equal, every one that develops is slightly different, few pointers to recognize the right pins to be trading

* The pin of the bar must be at least twice the length of the head (the part between the open and close)

* The longer the pin the stronger the signal. The close of the pin bar should be close to the open

* Although it is not crucial, if the pin bar is pointing up and the close of the pin is below the open this shows that the bears are strong and means it is a strong signal. If the pin bar is pointing down and the close of the pin is above this shows that the bulls are strong and means it is a strong signal

 

[jlmalhotra]

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

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:

works well in Intraday too . Pinbar along with a squat bar try in 8 min charts

 

[kevin_shah]

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

For Swing traders and Day traders good news.....
HDFC Bank is showing a PIN BAR....not perfect but follows three conditions :
1. at a critical support of 492
2. the pin has peirced the lower bollinger band and
3. the pin of the bar is more than the twice the head ....actually thrice..

Strategy
Since it has closed at 502.35 and high is 504...place ur order above 504.50 witha stop below 500 and the first target is 510 and if acheived it can reach 516( for swing traders)

 

[Nehal_s143]

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

If we try Pin bar on intraday, we will get lot of whipsaws due to market noise, better to follow in 4 hour or daily, where market noise is get adjusted automatically,

If we keep trying Pin bar in intraday, we may lose the interest in this great system after seeing failure signals in series (due to wrong (smaller) time frame selection) , which will not happen with higher time frame

rest, choice is yours

 

[kevin_shah]

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

Yes , u are right Nehal, any good strategy like this works better on daily time frame but what about the day traders or traders who earn their bread and butter trading only for hours,
for them the best option is look for those pin bars at appropriate places as mentioned in my previous posts....on hourly charts or if possible on daily charts and then make some strategy or a plan beforehand, then just execute them...
tomorrow i will be doing the same on hdfc bank....lets see how it goes....
But day traders shud keep in mind that this strategy can work well when u choose ur stocks well during intraday as the same hourly pin in DLF may not work as good as the same pin bar forming in low volume stocks like NTPC etc...
I hope that clears many doubts and any questions/ suggestions on this are welcome

NOVICE traders shud try this on bigger time frame like daily and weekly to master this beautiful setup...

 

[kevin_shah]

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

For intraday traders the stop is below the open of the yesterday bar and the first target is 509 considering the risk reward ratio...

For the Swing traders since they can be slightly risky then can keep stop below support at 491 and target is 516 which is the upper band...

My advice don't be greedy and exit at these level u may enter second time also...

 

[jlmalhotra]

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

Not just pin bars Notice Hilighted bars