PIN BAR TRADING STRATEGY 💥💸
Basic Guidelines For this Strategy:
● Timeframe-ANY
● Market- ANY
● Indicators- NONE
● OTHER- Trend lines, horizontal lines, support resistance lines
⭐Step 1: Find a Pin Bar On Your Chart.
⭐Step 2: Look for Past Price Action to Determine Why The Pin Bar Formed.
Why did the reversal suddenly hit a price and then continue back to the upside?
Let's zoom out a bit on this one hour chart and see if we can see anything that tells you what happened.
⭐Step 3: Trade entry
You just enter the trade 2-3 pips from the break of the nose of the pin bar.
⭐Step 4: Stop loss Place the stop loss 3-5 pips away from the wick.
The end of the wick will be a support area. So if this is broken the trend may continue downward. Which is why you place your stop 3-5 pips away from this.
⭐Step 5: Exit Strategy
Your exit strategy will be when you hit the first level of support or resistance on your chart