[BlowFish]

Originally Posted by DbPhoenix »

Have you read trader dante's stuff?

Well worth a read, recommended. He was partly inspired by James16 over at FF. Some people have quite strict criteria on the 'eyes' others more lax. I think Pring coined the phrase.

From Martin Pring on Price Patterns by Martin J. Pring,

“Pinocchio bars are bars in which the bulk of the trading takes place outside the previous and subsequent trading range.”

“The character Pinocchio tells us when he is lying because his nose gets longer. In the case of the Pinocchio bar, it is the trading beyond the resistance or support level in question that indicates that the signal is false.”

[JBWTrader]

Well researched Blowfish.

Best
John

[daedalus]

Yea I am looking at using these in conjunction with prior s/r and db/dt's, and possibly clean swings with fib retraces.

Entry on the break of the high/low of the bar in the opposite direction of the wick (obviously).

Thanks for all the comments and help gents. I've got some massive reading to do with the dante thread.

I had read most of the James16 thread about a year ago before it ballooned to 2200 pages. Good stuff in there.

[DbPhoenix]

Originally Posted by daedalus »

Yea I am looking at using these in conjunction with prior s/r and db/dt's, and possibly clean swings with fib retraces.

Entry on the break of the high/low of the bar in the opposite direction of the wick (obviously).

Thanks for all the comments and help gents. I've got some massive reading to do with the dante thread.

I had read most of the James16 thread about a year ago before it ballooned to 2200 pages. Good stuff in there.

I don't know that you need to do massive reading. Most of it is examples.

The dynamic here is rejection. The trick is to figure out how important is whatever it is that's being rejected. Therefore, you have to carefully define -- as you know -- whatever it is you're testing for rejection. DTs, DBs, and Fibs should be fairly easy, or at least fairly straightforward. Swing points and trendlines might be another matter entirely.

[daedalus]

^^ Exactly. Which is why i'm gonna avoid the swing points and trendlines. That stuff is much more subjective IMO and i'd rather just wait for solid areas on a chart to look for reactions with as little interpretation as possible.

Thanks again for your help gents.

[1johnson1]

when you look at a pin bar-wick-doji or other name -the first thing you should realize is who made it--a pin bar located at the start of a trend is usally a bigger timeframe player coming into the mkt-by bigger timeframe player i am refering to big money traders who will probably hold overnite and will also protect their position by adding on if challenged---if a oin bar happens near the end of a trend it is usually caused by late small traders who think the trend is going to continue and the opposite side of their trade is the big guys covering--just a observation from 30 years of trading-gl on coding-i honestly will tell you that this is a thinking mans game -not a mathematicians game

[bomberone1]

Do anyone built a profitable strategy in easylanguage by pin bar?