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Forex Pinbar Magic Indicator
hi guys EDD here I just wanted to go through the process of download installation and setup of the pin bar magic indicator with you just to make sure that there's no there's no stone left unturned and that you're clear with what happens once you purchase the indicator and how it works and what it looks like so basically once if you've already purchased indicated you have seen this page before if you haven't then this is the next page that you will see once you go through with the purchase and what you have to do is just click on this blue link here and because i'm using the chrome the google chrome browser it will start downloading automatically if you're using a different browser then you might need to right click and then save as on the link but i'm sure you know what you're doing so i'm going to just go ahead and click on the link and it will automatically start downloading now the file is about 11 megabytes just over 11 megabytes and the reason for that is that the e-book that ups that I've given to you as a bonus is just all the 15 megabytes I think before compression so it's it's stacked with images examples and text about candlesticks so there's a lot of valuable information in there and that's the reason why it's so big if you ever did you know if you have did wonder why so big so what I do is I click on the once it's downloaded I click on the show in folder and then here is the file that's been downloaded now if you don't have winrar you can read up I've left you some notes here the package expected is packed using winrar so we need to do is download winrar it's free from this site and and then you'll be able to see exactly the file format that I see here so what you want to do is right click on this file click on extract here and once it's extracted you'll get a folder called PBM you'll get the three files here I'm not going to go into the ebooks but here are the ebooks beyond candlesticks and obviously self-discipline the self-discipline one you can use in all aspects of your life so I think that's like an additional benefit that you get from this from from this purchase so let's move on to the indicator now this is the indicator file the ex4 file what you want to do is right click on the file and go down to copy and then once you've copied it you need to find your metatrader your metatrader folder usually they're located in program files and mine is located in program files and for this demonstration I'm going to use my Metatrader al partido de cada año of our UK so find your metatrader folder basically and within the folder go to experts and then within experts go to indicators once you're in indicators you right click and then paste now I already do this presentation earlier which are recorded so I already have the file in there so I have to click copy and replace but what you will get is I mean the file will just copy in there so you don't have to worry about that now if you have metatrader already open just like I do here what you're going to have to do is or what you need to do is close it and then reopen it again if you didn't have it open then just open it the first time so and it will appear in there so once metatrader opens I'm going to clear these shots because i want to share with you some some nice examples that I've seen over the past few days so I'm going to look at pound yen the Empire's have been moving really well I mean look you can see some great moves there and in order to find the indicator now you need to navigator open if it's not if you can't see it on this side what you have to do is go to view and then view and then click on navigator or ctrl + n you'll see this little window here and the custom indicators or not indicators but custom indicators go down and you'll see the fog spin by magic indicator here what you want to do is take it click on it and then drive onto the chart you don't need to worry about any of the options I mean they're optimized to I've mentioning my emails I've worked on these optimizations over the last few years and by all means if you feel they you know you can improve on them then do improve on them and do you know share that wouldn't be as well but basically the input parameters that are in there are the ones that have I found that are the the most optimal parameters for use with this indicator click OK and then you will get the you can see I don't have my pin my screen pen here but you can see the entries that are there now what I'm going to do is I'm going to tie the discharge up a little bit so that we have a clearer a clearer view of what's going on on the charts now again it's a pound en one-hour chart and if you do if you go through the same steps that I've just gone through you will see the same results and also keep in mind that this indicator does not repaint so the way they appear now is the way that the the signals will appear if you know if the bar closes right now and there's a pin bar it will appear there and it will stay that it will not change or readjust every time you open the chart which is what happens with some of the indicators out there on the market okay so I've removed the grids and I'm just gonna make this a little bit bigger what my aim is now is to basically show you how I like to use this pin bar and when once you go through the examples in the books you will see how other traders use them but basically what i'm going to do is I'm going to take this this example and I'm going to take this example and show you how to use the pin bars to in the most optimal manner now what I'm going to do is I'm going to measure the amount of pips from the bottom of this pin bar to the top actually we cannot see but it okay start again so it's 14 1.15 and 148 one so about thirty five pips on this pin bar here now what I like to do is I like to put the my stop-loss just above the pin bar the high of the pin bar so as you can see this is a short signal that's a short signal that's a long signal here it basically that's losing short I mean long signal but that doesn't matter so we have a short signal here thirty five pips is the bar what I like to do is I like to enter short on the break of the bar here at the bottom so you would enter short just as price action breaks the bar below and you would put your stop-loss two pips above plus the spread that you're paying so if if you spread these two pips you would put your stop loss four pips above the high of the bar the same goes for you know by signals as well so you put your stop loss four pips above if you spread these two or if you spread is five then you put your stuff with seven peeps above the high of the bar etc etc such I think you hear the point so once you enter the trade what you want to do is aim for at least a one to one risk/reward ratio so if your if your risk in this case is obviously the bar is 35 tips plus the seven pips because my spread is five pips in this bar unknown this platform so plus seven that's 42 pips is my risk what I want to do in this case is once price action gets 42 pips in my favor then I want to take half of my profit off and let the other half run until we get some sort of a reverse signal and in this case you can see that once we once we had a short signal price action actually ran for 130 pips which is just over three times just over three times reward to risk and I mean at any time you can close the trade but what I like to do is take my put my stop loss to break even once we once we achieve a one to one risk/reward ratio and then I let the trades run for another you know hundred hundred fifty or even more pip so that's entirely up to you I mean I would use the same example here what I wanted to share with you is so from the bottom to the top of the bars again about thirty five pips plus seven that's 42 and in this case before we get any type of reverse signal in this case the reverse signal is the x bar here price action actually moved for you know Neil well it moved for two to one risk/reward and you know you're in the money so I hope you enjoyed this presentation I hope it's been useful for you and if you have any questions then shoot you know my email address you've obviously received this email from my email address so just reply and ask any questions that you want and I will be speaking to you soon so thank you and see you soon you