tex wrote:Steve, guys,

i had a look at the indicator posted by Ted. Thanks Ted

When a pinbar was detected by the indi, i counted 3 bars back and waited for the very next bar after the pinbar to close. If the detected pinbar is the HH (LL) for the last 3 bars and the bar after the pinbar is no new HH (LL) then the pinbar marks some nice entry points. See attached screenshot.

Now if we could merge this pinbar detection with some Support & Resistance Zone detection to time our entries i think we would be one step closer to the captains chest.

• has a long nose. Some people call them Pinoccio bars after the children's fable.
• must stick out a long way from the eyes.
• must open and close within the span of the left eye.
• must open and close close to one end of the bar.
• nether eye can have a HH than the pin for a sell, or LL than the pin for a buy.

SteveHopwood wrote:

tex wrote:Steve, guys,

i had a look at the indicator posted by Ted. Thanks Ted

When a pinbar was detected by the indi, i counted 3 bars back and waited for the very next bar after the pinbar to close. If the detected pinbar is the HH (LL) for the last 3 bars and the bar after the pinbar is no new HH (LL) then the pinbar marks some nice entry points. See attached screenshot.

Now if we could merge this pinbar detection with some Support & Resistance Zone detection to time our entries i think we would be one step closer to the captains chest.

Fabulous bit of detective work Tex.

I read the Pinbars introduction that Ted posted; this backs up what you are saying. From the pdf, a good pinbar looks like a nose. The two candles on either side of the nose are the 'eyes'. A really good pin bar:

• has a long nose. Some people call them Pinoccio bars after the children's fable.
• must stick out a long way from the eyes.
• must open and close within the span of the left eye.
• must open and close close to one end of the bar.
• nether eye can have a HH than the pin for a sell, or LL than the pin for a buy.

I already have the code for detecting pivots. We could have the options to use Bob's H4 240 MA for the overall trading direction, then trade the pins that bounce of a pivot.

Leave it with me. Much to ponder in the coding.

John wrote:Steve,

I can assure you that you are onto something BIG! Pinbars at or near S/R, Trendlines, etc. are almost like a self-fulfilling prophecy... Add in Bob's Trend filter (240 MA), and dare I say, you may just be developing your own personal ATM machine as I type... Anyway, not trying to stir up hype... In fact, I know this to be the case as I once traded an EA that did exactly this, but used my own hand-drawn trendlines instead... It was profitable, but tedious and at some point I threw in the towel simply because the rewards didn't warrant the "work" I was putting in...

There's another .02 for ya... I wish you the best in this latest of your concoctions!

John

SteveHopwood wrote:

tex wrote:Steve, guys,

i had a look at the indicator posted by Ted. Thanks Ted

When a pinbar was detected by the indi, i counted 3 bars back and waited for the very next bar after the pinbar to close. If the detected pinbar is the HH (LL) for the last 3 bars and the bar after the pinbar is no new HH (LL) then the pinbar marks some nice entry points. See attached screenshot.

Now if we could merge this pinbar detection with some Support & Resistance Zone detection to time our entries i think we would be one step closer to the captains chest.

Fabulous bit of detective work Tex.

I read the Pinbars introduction that Ted posted; this backs up what you are saying. From the pdf, a good pinbar looks like a nose. The two candles on either side of the nose are the 'eyes'. A really good pin bar:

• has a long nose. Some people call them Pinoccio bars after the children's fable.
• must stick out a long way from the eyes.
• must open and close within the span of the left eye.
• must open and close close to one end of the bar.
• nether eye can have a HH than the pin for a sell, or LL than the pin for a buy.

I already have the code for detecting pivots. We could have the options to use Bob's H4 240 MA for the overall trading direction, then trade the pins that bounce of a pivot.

Leave it with me. Much to ponder in the coding.

Forexfux wrote:A little bit about pin bars: Pin bars is a acronym for pinocchio bars or candles. They are called that way because they lie and like when Pinocchio lies he gets a long nose. They work best at special locations (I'll write about locations later). Pin bars are the visual footprints of the fox that he is hunting stops.
The key is that a larger cluster of stop loss orders will have the attention of other traders, especially when they are near. The bigger or wider the stop clusters are distributed the longer the nose will be.
The stop loss buying or selling above or under an important location, will accelerate upside or downside momentum for a short period and get limit orders of informed traders triggered. However, as they were forced buyers/sellers and there are little "real buyers/sellers" there, price will quickly drop or rise.

Sojourner wrote:anyone else only getting sell trades?

akara wrote:

Sojourner wrote:anyone else only getting sell trades?

See the post above yours. The train has moved on to the next level.