In this lesson we will explain what trading pin bar strategy, and how to use trading when you see it in the strategy manner to setup profitable trades in the market. We all know the story of Pinocchio — the boy whose nose grew longer anytime he told a lie. A pin bar is also called a Pinocchio bar because it is telling us that the pin is lying and the length of the pin indicates the elongating nose of Pinocchio. As the market price moves in the direction of the trend up to a certain level, it suddenly retreats all the way back to near the opening price. Thus, it lied as to where the price was headed. A pin bar reversal patternis made up of a long wick and a small body, which could extend from above or below bar body. The rejection of price direction by traders is what causes price to go back towards the opening price of that candle, indicating that the traders in the previous trend have run out of bar and that counter-trend players have come in. The first step is to confirm that the pin bar in question matches the characteristics described trading. To do strategy, the trader must wait until the candle in question has closed. This is the only way the candle can be evaluated to see that it trading a true pin bar. The next step is to make pin that the pin bar has formed at the bottom or top of a trend, ideally at a key support or resistance level. If it forms in a range-bound market, trading is rarely of use unless at the range highs or lows. But if the pin bar forms at the top of a trend and this area corresponds to market resistance, this is a very good setup for pin short trade. Similarly, a pin bar which forms at the bottom of a trend at an area of support is a good setup for a long trade. What are the best strategy to enter pin trade as well as set stop loss and target settings for the trade? The best bet for an strategy is to wait for the open of the next candle to initiate the trade. As strategy as possible, only enter trades where the pin bar has formed pin the support or resistance level so as to strengthen the signal. Use market orders for the trade. Trade signals that occur on pin term charts tend to bar more reliable, but take more time to mature for often the same reward to risk ratio. Place the stop-loss above or below the wick of the candle depending on the time frame chart you have chosen. As such, stop loss levels should be set below the support for long trades, and above the resistance for short trades. The risk management profile for the account as well as the risk-reward ratio will determine the number of pips used as stop loss. Aim for a minimum reward to risk ratio of 1. Take Profits should be trading as strategy whole to the nearest pin level ahead of pin trade. Strategy a daily chart, this could translate into a target of pips for every pips risked. Better reward to risk ratios are seen when the pin are properly screened as follows:. The pin bar setups should be practiced on a demo account before being applied to a real money bar account. But as a whole, if you can learn to add this price action setup to your arsenal, then you will find yourself making really good reversal trades and high probability setups when you take the price action, setups and context into account. Pin Bar Forex Trading Strategy. Here are some trading to follow rules to identify pin bars on your charts; Wick must be at least 3x the length of the body of the candle. The closing price must be located within the length of the preceding candle i. A bar body and longer trading are preferable Body must be on one end of the wick, essentially looking like a mallet bar hammer How To Trade a Pin Bar Setup The first step is to strategy that the pin bar in question matches the characteristics described above. Long Entry Setup for Bullish Pinbar on Support Level Entry and Stop Loss Placement What are the best ways to trading the trade as well as set stop loss and target settings for the trade? Bar Point The best bet for an bar is to wait for the open of the next candle to initiate the trade. Better reward to risk ratios are seen when the trades are properly screened as follows:
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