Pin Bar as a very important Candlestick Pattern in FOREX
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Tagged: Candlestick pattern, charts, Pin bar, trading strategy
- This topic has 3 replies, 4 voices, and was last updated 3 years, 7 months ago by FXGuru.
Sep 24, 2017 at 9:04 pm #1019zeeParticipant
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.10Nov 27, 2017 at 11:24 pm #1480ColeenMember
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.00Dec 19, 2017 at 4:50 pm #1749Don JuanMember
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.00Oct 19, 2019 at 9:02 pm #2236FXGuruParticipant
This is a kind of pattern that I really find good and worth following but of course, it’s important for us to be wise with how we approach things. It’s not sensible to blindly use any pattern. I always follow a proper way but I also use my broker FreshForex’s Market Analysis, it’s so very helpful.00
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