Pinocchio Bar (Pin Bar) Formation & System

[4xpipcounter]

LTT, that's scary. We were replying at the same time.

@anantharaaman - charts not visible in both your posts.

 

[anantharaaman]

this is the chart

 

[anantharaaman]

sorry i cant upload the chart

 

[adityasaraf007]

sorry i cant upload the chart

Go thru this Thread to know how to upload images and insert in your posts

 

[angira]

Hello everyone,
Nice thread with pin bar.
It works nice with TF 1H and also 15M for scalp.
I've attached chart which i've traded before somedays.

Angira...

 

[vikrit]

Hello everyone,
Nice thread with pin bar.
It works nice with TF 1H and also 15M for scalp.
I've attached chart which i've traded before somedays.
..................

the brown bar having shadow circle at low is pin bar (pinocchio nose).

 

[anantharaaman]

 

[oilman5]

From now onwards will use term pin bar. See following chart, this is a completed pin bar formation (in bar chart and candlestick chart)-

The bar named as a nose is pin bar, and high of the side bars high are eyes of pin bar.
We always trade in the opposite direction of nose pointing. Like here we will go for short.

Valid pin bar must-

1. have open and close within first eyes high if pointing up or within first eyes low if pointing down.
2. stick out from surrounding bars, it cant be a inside bar.


Good pin bar formation will (have above 2 points and )

3. have a long nose
4. stick out at least 50% or more of pin bar from surrounding eyes
5. form at high (for pointing up nose) or low(for pointing down nose) for a term (like weekly high/days low/swing high)
6. have open and close of pin bar is at the end of one end.


Points to note to identify pin bar formation
- Pin bar formation more effective when nearby a strong S&R or any levels or TLs etc.
- Pin bar is THREE bars/candles formation, for trading decision at least initial two require,
- NEVER EVER consider or trade it as a single bar system (as per my knowledge).
- Pin bar (valid) is not always a Doji (candlestick), but when it is, then more effective (Point 6)


.

...........................................
Good thing ViKrit,
This thing is money making for trader,....definitely u can make sufficient ,
stick to the same, dont switch.
use in short term -EOD bias to trade.

 

[vikrit]

...........................................
Good thing ViKrit,
This thing is money making for trader,....definitely u can make sufficient ,
stick to the same, dont switch.
use in short term -EOD bias to trade.

thanks. i dont use it as standalone, means trade decision include other things. but yeah pinbar can be use as alone also. it always give good results, & better if market open for longer periods.

 

[Kavima]

vikrit a pin bar in nifty 5 in chart!