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goldensight what you see is the bars that open a close at the same level,
thats because in properties you have the line graph with color lime.
they are not pinbars at all.
I believe that you are both correct and incorrect. You are correct in that not all of the gold bars are pinbars ie. only a percentage of them are. I should have stayed out of this thread since I am admittedly not educated enough about pinbars. If you do what I shared and scroll back over a chart you will see that the ones that are NOT pin bars are the ones that have the open and close in the center of the length of the bar. If I remember correctly, from reading about them several years ago, a bar is not ruled out as a pin bar simply because it has an open and a close at the same level. The name pin bar came from the word Pinocchio because the bars have a protruding nose so if the open and close are the same it's irrelevant as long as the nose is protruding ie. as long as both the open and close are moreso towards the ends of the bars. In any event you pointing out that I had the graph line at lime color does indeed explain this odd occurance and gave me a good laugh. I did a search at forex factory a few minutes ago and there is a beginners tutorial as well as an advanced tutorial there for the basics of pin bars in addition to what mason is sharing here if anyone is interested.
Quote:
Originally Posted by droesparky
goldensight what you see is the bars that open a close at the same level,
thats because in properties you have the line graph with color lime.
they are not pinbars at all.
Last edited by goldensight; 08-03-2007 at 04:47 AM.
Here is the example of losing PB in USDCAD W1, the reason would be the High to Low (range) is smaller than average range, it's only 60%, when we expect a good PB, it should have more than that, how far ?, that's why we have to do a lot of screen time, but the good news is we have a plan to record them, we will have a statistic about their probability.
The indicator is used in conjuntion with arrow, so you have to put manually the arrow into the chart and change the name according to the indicator, the default value is "PB", but you can change it to "PB2", "PB3" and so on, as long as it is the same with the indicator value, moreover you can put as many indicators as you like just as you put as many arrows as you like, just make sure they are in synch, you can use color for that.
Don't worry, I will come up with the automatic detection indicator, I have to reconstruct the whole codes, it was a small and insignificant project before.
And I will give a script to translate it into CSV files, for easy viewing using Excel.
Happy trying.
PS. I will gather the indicators in post #1 when we have a lot of pages later.
PS2. I almost forgot, the arrow must be thumb up type, or arrow code=67.
Another step forward or two step backwards, it's you to decide, but just remember simple is not really simple when it is translated into numbers, so I guess at this point, viewers will have a choice to consider this as unbelievably complex or feel challenged to define supporting parameters and later improve it.
The script (PBstat Log) is used to help us to record which PBs we think we like, don't like and don't want to take, so it's up to us to define it by putting arrows, after that you run the script, and it should create CSV file into experts\files directory.
You can manipulate it in excel, like sorting, autofilter etc, delete unnecessary columns, create new columns for new formulas, put conditional format colors etc.
PS. Put the PBicustom indicator into indicator folder, it is needed by the script.
I am introducing Pin Bar Trading, I am developing this method from FF, I respect them a lot, but I want to avoid any conflicting interest, that's why I post in this forum.
I develop a Pin Bar Indicator and it is still evolving, I think this forum can give me more support, because many of the members already like indicators, well my primary indicator is not averaging indicator, but more like simple pattern recognition.
But one thing I want to make sure, I am not ready to share the source code of my primary indicators yet, but I will share the indicators that I modify from another ones.
Will people here be alright with that condition ?
If you want to know more about Pin Bar and other setups, you can always look into FF thread or join the PF, and remember this thread is not official to them, this is just my creativity.
I am going to show some candies first, and gradually posts more.
My short-term goal would be to get few decent settings for the indicators, this is likely come from backtest.
My medium-term goal would be to get alerts with helpful information along with the charts through e-mails, of course, I need to get along with certain pairs and feel the ins and outs before interpreting the alerts itself.
My long-term goal would be to create automated program to do this, well it will be semi-auto first, but I think I need to let the idea out, because more initiatives into it.
So, if you can accept it, we go for short-term first.
If you want to give a negative post, please be nice to me, and if I make mistake, please correct it nicely.
I hope this thread will move forward in anyway.
Hi Mason... I notice you have some kind of trailing line on your chart... would you be willing to share that indicator with us ?... thanks Dave.
Glad someone like it, it was my early work and I put it on BAT ATR thread, and to answer other post, yes, it was BAT ATR indicator, I will soon post the modification of it.
We have a good looking PB up here, Nose is more than 70%, C-to-E is positive means, it is inside the previous bar, O-to-C is around 10%, so it's quite small, and so the inside area (in this case, it's between close and high).
I call this PB reversal, because MA4,MA3 & MA1 all agree that it is in downtrend and suddenly this PB come up, not to mention the previous bars are so clear.
For the exit, go down to H4 to put BAT ATR indicator, it's from TeamAphid and I thank them for sharing it to me.
Play around with them and see how this is going to help you, but please share your findings, with charts preferably (better use the standard template over here, so our eyes see something in common)
Let's go for forward test, I find that AUDUSD MN is interesting enough to get our attention.
Here's what I did, our MN chart shows a good PB, more than 80% for Nose and Close is inside previous bars (a positive number for C-to-E), and it's so strong, that MA couldn't even reach the low or the close of this bar, still 20 and 88 pips away, that's why (with other factors), this is definitely a reversal PB.
Don't pull the trigger yet, as you can see after sudden drop, price will need a rest, just like somebody fall from a high place, the person need to recover first before continuing his/her direction (from Elder).
You can analyze this chart using other price pattern, but because of sideways that we see, we need to make sure that price really get out of the box.
As you can see here, this PB trading, can help us to determine the overall situation.
Any ideas are welcome to put an entry regarding minimizing risk, safe entry etc.
I will put BATATR to D1 to see if price can break the trail stop.
PS. on W1, we have big outside bar that can be our additional fact.
Linear Mode
