Pin Bar as a very important Candlestick Pattern in FOREX

MoneyTec Forums Trading Strategies Pin Bar as a very important Candlestick Pattern in FOREX

This topic contains 2 replies, has 3 voices, and was last updated by  Don Juan 1 year, 3 months ago.

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  • #1019

    zee
    Participant
    • 30

    Pin bar candlestick pattern is among the most commonly used patterns and it is usually known for its ability to accurately provide information regarding price movements. The pattern is seen as a long tail and a Pinocchio tail on charts. Pin bars are often most accurate at certain resistance and support levels and a professional trader must be aware about these levels in order to ensure better forecasting of information. Buying is recommended at above the bullish bar and it is also the rejected support level. Similarly, selling is recommended at bearish pin bar which is also the rejected resistance level.
    Furthermore, it is usually considered to be a good strategy to enter the market with trend. Such an entry can result in a desirable risk to reward ratio. Pin bar patterns are also commonly used to show reversal trends in the FOREX market.

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    #1480

    Coleen
    Member
    • 26

    Yeah, it’s very much true. However, I believe we need to know and understand that this alone is not going to give us sustainable success rates. So, that’s why it is absolutely crucial that we keep this in mind.

    I never rely on this too much, as I know that this is a bit hit and miss type of thing, so it is better to focus on something solid and reliable than this ordinary Pin bar.

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    #1749

    Don Juan
    Member
    • 11

    It’s good but not very important. There are dozens of better ways out there, so we could be better off using them. If we are not careful with how we go about approaching it, then we could have a lot of issues and troubles, so that’s why we need to be sensible with our choice of strategy we pick up.

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