moonchild
VIP Contributor
There are a lot o strategies in forex and most of these strategies works, the only problem is, most beginner traders are not patient enough to master a particular strategy before moving on to the other one, suffering from shiny object syndrome, in this article we will be looking at one of the most common strategies that is traded.
A pin bar is of different types depending on the timeframes, the higher the timeframe that the pi bar happened the more stronger it is, a pin bar has a long wick and a short body at the top of the candle stick just like a pin, to trade this candlestick you have to watch out for it on the support or the resistance zone, when it happens, most of the times depending on the trend, there will be a bullish engulfing or a bearish engulfing, you then use it to enter the trade, dial down to the lower time frame and then put your stop loss below the pin bar by 15 pips.
This strategy has a high success rate, pin bar on higher timeframes are very rare, watch out or them, because the show a staunch price rejection at support and resistance level.
A pin bar is of different types depending on the timeframes, the higher the timeframe that the pi bar happened the more stronger it is, a pin bar has a long wick and a short body at the top of the candle stick just like a pin, to trade this candlestick you have to watch out for it on the support or the resistance zone, when it happens, most of the times depending on the trend, there will be a bullish engulfing or a bearish engulfing, you then use it to enter the trade, dial down to the lower time frame and then put your stop loss below the pin bar by 15 pips.
This strategy has a high success rate, pin bar on higher timeframes are very rare, watch out or them, because the show a staunch price rejection at support and resistance level.
