Trading Strategies With Pin Bar Techniques
Pin Bar is one of the variations in the "Price Action" strategy from price movements that often appears when there is very strong buying/selling pressure, but after the price closes and a new price opens, the previous candle leaves or shows a long wick.
Pin Bar is one of the variations in the "Price Action" strategy based on price movement that often appears when there is very strong buying/selling pressure, but after price closes and a new price opens, the previous candle leaves or shows a long wick.
1. Pin Bar Pattern
2. Appearance in Charts
3. Daily Pivot
You can use Daily Pivot as assistance and to strengthen your Open trade decision making.
4. One Open Trade Example
5. Take Profit
You can set Take Profit as desired, but still pay attention to which time frame you opened the trade. If placing it on H4, and there are 2 closed candles at that time, then there are 4 candles remaining.
6. Stop Loss
If you want to place a Stop Loss, you can place it at the end of the previous candle's wick.
7. How to Practice
- Open charts for all TFs. Please observe the pattern of this Pin Bar.
- In TF h1 - D1, the pressure of this Pin bar is very Strong
- In practice, you can place other auxiliary indicators such as daily pivot.
Look at it Again
Essentially, a pin bar can be recognized from the long candle wick, and it signals a price reversal. In this example, after a pin bar, bearish price reverses to bullish. But the opposite can also happen if a pin bar appears after a bullish price, which means it indicates the price will turn bearish.
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