Forex daily pin bar
The pin bar is perhaps the most powerful price action signal that has ever existed. If I could pick only one price action pattern to trade with for the rest of my life, I would probably pick the pin bar. I see many traders making the same mistakes over and over with pin bars; they trade every pin they see, they give no consideration to the market context the pin bar formed within, they constantly try trading counter-trend pin bars and many other mistakes.
The fact of the matter, is that there are many subtleties to trading pin bars that you must understand if you ever hope to trade them successfully.
The first thing I tell my students to do in regards to pin bar trading, is to learn how to trade pin bars in trending markets. The simple reason for this, is that any price action setup or signal is going to have a better chance of working out with the power and momentum of a market trend behind it.
To this day, I still look for pin bars with the trend first, and those are the pin bar signals that I prefer as option number one.
Generally speaking, the lower in time frame you go, the lesser chance any given price action signal or other signal has of working out. This is due to market noise or random price fluctuations that simply mean nothing, and within this market noise there inevitably arises pin bar setups that may look good to the untrained eye, but in reality they are meaningless. The daily chart shows the most pertinent view of a market, including what has happened in it, what is happening and what might happen next.
As you go down in time frame, this view becomes hazier and less meaningful, as does any price action signal. A pin bar is a very powerful price action signal, but only if it occurs at the right place on the chart and at the right time. As I teach my students in my trading courses, the best pin bar signals typically occur at a confluent level or area on the chart.
Another big mistake I see traders making with the pin bar reversal strategy, is putting their stop losses too close to their entry. What you want to do, is find the most logical point on the chart that will invalidate your pin bar trade if price moves beyond it. Often, this point or level is further away than most people want it to be or think it should be. The difficult thing about having wider stop losses, is that if you want to manage risk properly, it means you have to reduce your position size down as your stop loss distance grows.
Check out this lesson for insight into how to achieve safe stop losses on pin bar trades. Through proper pin bar trading education and training you will quickly learn what a high-quality pin bar setup actually looks like, how to identify them and how to trade them properly.
If you want to learn about all the subtleties of pin bar trading, check out my price action trading course for more information. Thanks Nial…As usual, an EXCELLENT article. It works great in a trending market. Pinbar strategy is excellent and i am glad to have you as a coach.
From your articles, I learned about trading from you and now i finally designed a great method for controlling emotions and now i am not committing any emotional mistakes. I trade only pin bars on daily and 4hr and the results is awesome.. You are indeed A KING in the forex jungle.
Thanks for the head up message. Your previous message on it has improved my performance drastically. It will be more clearly said when you can combine the lesson wih charts examples.
Excellent article Nial — very timely and informative as usual!
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Your reinforcement of your materials go a very long way for me. It is true what you say.
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Since I stopped trading charts lower than the daily, I have become profitable consistently. And it took me so long to ditch those intraday charts. I was so stubborn! I should have done it a year or two ago! Thanks again for the great training. Thank you so much Nial for your quality time to write such precious words for us.
Thank Nial, I see that trading with confluence on any given signal would increase the chances of good trade. Your email address will not be published. Notify me of follow-up comments by email. Notify me of new posts by email. Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information.
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Not learning to trade pin bars in trending markets first The first thing I tell my students to do in regards to pin bar trading, is to learn how to trade pin bars in trending markets. Not trading pin bars with confluence — market context. Putting your stop loss too close to entry Another big mistake I see traders making with the pin bar reversal strategy, is putting their stop losses too close to their entry.
Related Trading Lessons 10 Ways to Improve Your Forex Trading Routine 3 Simple Tricks To Improve Your Pin Bar Trading Results. Now I want to hear from you! December 15, at 4: April 1, at 3: March 16, at 1: February 21, at 1: February 20, at 5: February 17, at 3: February 15, at 4: February 15, at 3: February 15, at 1: February 14, at 6: February 14, at 5: February 13, at February 13, at 8: February 13, at 6: February 13, at 5: February 13, at 4: February 13, at 1: February 13, at 7: February 13, at 2: Leave a Comment Cancel reply Your email address will not be published.
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