Pin Bars Are in Top 5 Reversal Candlestick Setups: Chart example Bearish Pin Bar
1) Price for Candlestick Push Up Higher, but Seller are stronger & end up pushing price action down to lower edge of candlestick
2) Wick/Shadow/Tail should be 2/3 or more of candlestick in length of real body
4) Real body should be 1/3 overall length of candlestick
5) A bearish trade of 1.26500 to 1.26300 to 1.26250 or 20 pips to 25 pips would have been easy to set up on chart example
6) Set entry at 1.26500, Set stop at 1.26700 and exit/profit at 1.26300. Yes, that is 1:1 Risk Reward- but with high win rate of 70% or more, it works
Trading Forex is like playing baseball: sometimes you strike out, most of time you hit singles and sometimes doubles, triples & on occasionally you will hit a home run.
If you scalp or day trade look for singles or doubles when trading, then you will trade for a lifetime. All about not being greedy and taking what a given pair, price, session and time will give you related to a single trade. Just take a piece of pip pie, you do not need the whole PIP PIE.
1) Price for Candlestick Push Up Higher, but Seller are stronger & end up pushing price action down to lower edge of candlestick
2) Wick/Shadow/Tail should be 2/3 or more of candlestick in length of real body
4) Real body should be 1/3 overall length of candlestick
5) A bearish trade of 1.26500 to 1.26300 to 1.26250 or 20 pips to 25 pips would have been easy to set up on chart example
6) Set entry at 1.26500, Set stop at 1.26700 and exit/profit at 1.26300. Yes, that is 1:1 Risk Reward- but with high win rate of 70% or more, it works
Trading Forex is like playing baseball: sometimes you strike out, most of time you hit singles and sometimes doubles, triples & on occasionally you will hit a home run.
If you scalp or day trade look for singles or doubles when trading, then you will trade for a lifetime. All about not being greedy and taking what a given pair, price, session and time will give you related to a single trade. Just take a piece of pip pie, you do not need the whole PIP PIE.