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

[jlmalhotra]

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

http://imageshack.us/photo/my-images/7/tatasteel.png/

 

[kevin_shah]

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

Actually speaking dont look for each and every bar...thats what novice traders do and try to see what they want to see which is wrong...
actually these bars indicate reversals at critical support and resistances forming on higher time frames and can be useful for trend continuation as entry signals forming at established trendlines....
Always check the market trend and the overall stocks trend...other wise in intraday they will give u whipsaws......
As i said earlier this s not 100% signal but work 70-75 % times in higher time framed, in smaller times frames the probability decreases thats why
BE CHOOSY....choose those that form at critical level and fullfill any of the three conditions as written by Nehal in his/her post...

 

[kevin_shah]

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

As promised took the trade for HDFC bank as per the strategy with some modification

BOUGHT 500 shares at 496.75 at 9:45 am....stop is 494.75 onlly for intraday my target is 508 rs for today....
lets see what it does

 

[kevin_shah]

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

got out as the stop was hit and will not try today as it is expiry...
as anything can happen,

 

[Nehal_s143]

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

not every seup will work for both positional as well as day traders, for day traders we need other system

i dont say you will not get good calls for day trading, only problem will be success ratio, positional it will be awesome and day trading may be :annoyed:

try intraday trading on paper first, if success ful share your views so that we all can get benefited :thumb:

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...

 

[Nehal_s143]

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

got out as the stop was hit and will not try today as it is expiry...
as anything can happen,

you are doing it in wrong way (by trading pin bar on intraday directly without testing in live market), first try paper trading, and if you really want emotions to be involved then try small quantity 10 or 20 shares not 500 shares

 

[kevin_shah]

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

actually i am using this strategy for quiet some time and also tried that as paper trading during the whole of march, since my risk appetite is within my range and can beat looses upto 2000 per day...normally i don't let my loosers run and keep my stops at tight and in some cases breakeven...any strtategy has whipsaws and drawdowns, it just that one be able to bear that loss and move rather than tweaking any thing

By the way i also shorted HDFC bank when it reached 495 second time and made quick profit till 492...(actually shud have wait longer till 485 but thats ok this is part of game...

 

[kevin_shah]

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

not every seup will work for both positional as well as day traders, for day traders we need other system:

I normally don't believe in this as ur positional or swing strategy can work intraday provided...there is sufficient liquidity, momentum, trend and keep ur stops tight and targets max to 2 times ur entry, also one shud be quick to enter when ur level comes and exit as soon as possible when u know u are wrong...
as this is a very quick game...
Because in day trading u can do SAR ( stop and reverse) method quickly and make up for ur losses....

 

[pundit]

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

not every seup will work for both positional as well as day traders, for day traders we need other system

i dont say you will not get good calls for day trading, only problem will be success ratio, positional it will be awesome and day trading may be :annoyed:

try intraday trading on paper first, if success ful share your views so that we all can get benefited :thumb:

I agree with Nehal..

Mostly single strategy can not work well for both interaday and Swing trading..

 

[Nehal_s143]

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

Seniors please help by writing afl code for this method