assing your trading. Its only a valid pin bar setup if it forms in the correct place, otherwise, its nothing to take notice. If youre dividing your time, juggling trading and work, youll achieve your self sustenance in forex trading more than a few tens of years. Bullish Reversal Pin Bar Formation, in a bullish pin bar reversal setup, the pin bars tail points down because it shows rejection of lower prices or a level of support. The example in the chart below is also sometimes called a V bottom reversal, because the reversal is so sharp it literally looks a V Here is an example of a trending market that formed numerous profitable pin bar setups. How to trade pin bars from key chart levels.
Note the 50 limit sell entry that presented itself as the next bar retraced to about 50 of the pin bars length before the market fell significantly lower Pin bar in-line with trend with multiple factors of confluence: In the chart example below, we are. About Nial Fuller Nial Fuller is a Professional Trader Author who is considered The Authority on Price Action Trading. Pin bars work on all time frames but are especially powerful on the 1 hour, 4hour and daily chart time frames. Not all pin bar formations are created equal; it pays to only take the pin bar formations that meet the above characteristics. We can see in this daily chart of GBP/USD below a beautiful pin far formed at a previous support/resistance level with the up trend and also at a Fibonacci 50 retrace level.
It is possible to make consistent profits by only trading the pin bar formation, and you can learn more about it in my price action trading course. Once familiarized with the pin bar formation, it is apparent from looking at any price chart just how profitable this pattern can. In Summary The pin bar formation is a very valuable tool in your arsenal of Forex price action trading strategies. They are best played at confluent levels with strong support and resistance confirmation.