Today, you will be learning how to use the Pinbar Price Action Trading strategy. I wont be wasting time on stuffs you can google, will go straight to the strategy.
First, you should know the characteristics of a pinbar and how to spot one. For those that don’t’ know, a pin bar is a candlestick price bar, which represents a sharp reversal and rejection of price. The pin bar reversal as it is sometimes called, is identified by a long tail (wick) and a small body.
For more information on pinbars, google.com is your best best. Now lets get to the main the main.
Trading Pinbars at Fibonacci Retracements Zone.
This is one of my best edge especially trading the forex markets. As you know, price doesn’t move in a straight direction, it moves up and down. In an uptrend, the downward movement of price will be called retracements. Now, how do you apply this strategy to your trading arsenal?
You will be using the fibonacci retracement tool. If you don’t know what fibonacci is, please google.com will help.
Using the fibs, I look at the 50 and 61.8 levels. At these levels, I wait for my pinbar candle to form before placing a trade. I’ll show you.
Note: If I don’t see my pinbar, I won’t risk my hard earned money. I have made money using that strategy.
Pinbar at 21 Simple Moving Average
This strategy is the king of em all. Trust me.
That is all for today’s lecture. I hope you grabbed something. Please I need your comments for encouragement.