[daedalus]

I'm really trying to focus on trading pure price action and candlestick analysis to advance my trading and one of the setups I really am trying to expand on is the "pin bar" setups.

Many of you know what these are... heres an example of a few...



My question is do any of you have set rules on what qualifies a pin bar as an actual pin bar?

I would like to code up a rule set in easylanguage so for backtesting I could at least see at a glance potential entries. Obviously this would just be a rough approximation but it would make things much easier.

But to do that I need to understand what really makes a pinbar and pinbar. They are obviously not the same as a hammer candle so for long setups High <> Close and vise versa...

Is there any kind of "the wick should be greater than 50% of the candle" kind of rules or anything like that?

Any concrete rules that I could code would be appreciated. I'd be happy to supply the completed .eld and .pla when finished.

[brownsfan019]

Here in the CC, your 'pin' bars can be referred to as a few titles:

1) Hammer (one of my personal faves)
2) Doji

From there, you can get offshoots such as inverted hammer, gravestone, doji, etc. I could care less that we call them but wanted to get them out of the way.

In your example, you are basically looking to buy hammers. Easy enough in theory.

From there it's a matter of defining what type of trend we are in. If my analysis says we are in an uptrend, I would look to buy as many hammers as I could, as you've done here. That's contrary to the standard candlestick work out there that says hammers are reversal points. Here we are using pin bars / hammers to buy in an uptrend, which is a good idea IMO.

So the real question at hand is - when do we buy the pin/hammer? How is the trend going to be identified? Once you have decided that it's time to get long, then it's a matter of looking for our pin/hammer friends. We can call them PAMMERS or HINS.

[DbPhoenix]

Originally Posted by daedalus »

I'm really trying to focus on trading pure price action and candlestick analysis to advance my trading and one of the setups I really am trying to expand on is the "pin bar" setups.

My question is do any of you have set rules on what qualifies a pin bar as an actual pin bar?

Have you read trader dante's stuff?

[daedalus]

Nope? Is that on this forum? Got a link?

I'm off to google it

[thalestrader]

Originally Posted by DbPhoenix »

Have you read trader dante's stuff?

Originally Posted by daedalus »

Nope? Is that on this forum? Got a link?

I'm off to google it

T2W Day Trading & Forex Forums

[DbPhoenix]

Originally Posted by daedalus »

Nope? Is that on this forum? Got a link?

I'm off to google it

James would prefer that we not provide links to other trading forums. I'll send them to you via PM.

[Moyyim]

May be some ideas in here.....

[bakrob99]

If you had entered all those bars you identified above using a BUY STOP 1 Tick above the high you would have avoided the stop out. Your entry method can also be helpful when trading these bars.

The other thing I would add is stick to trading these bars on higher timeframes as they are more evident to all traders. 5, 9 or 15 Minute charts as an example.