Daily Pin Bar Forex Trading Strategy

Have you ever spotted pin bars on the daily charts and seen the big moves the currency pair makes a few candlesticks after that pin bar either up or down?

By the way, you may also be interested in reading these:

Now, back to where I started…

And if you had taken a trade based on that pin bar candlestick, you have have made some huge profits as the market either up or down nicely…

Similar to this?:

Pin Bar Trading Daily Timeframe

 

 

But then you are faced with this…

Daily Forex Pin Bar Trading

 

 

And so you are like…….

 

But wait there’s a little trick where you can trade the  daily pin bar with little risk

What’s the secret then?

Its to wait for a retrace to the 50% Fib Level and then enter your trade like this…….

Pin Bar Forex Trading Strategy Daily Timeframe

 

And  when you make 800 pips plus profit on on single trade  then you probably end up  like this…

 

 

 

ADVANTAGES OF TRADING THE DAILY PIN BAR ON THE 50% FIB RETRACMENT LEVEL

You’ve seen how daily pin bar are some powerful candlesticks. In fact, if you see a daily pin bar on a support or resistance level, you’ve got to take heed.

You also know that the problem of trading daily pin bars is that your stop loss will be extremely large.  Therefore, with this trading technique I’ve shown you, you can reduce this huge stop loss distance.

So here are the advantages of the forex trading strategy:

  • You get in a much better price with the use of a sell limit pending order
  • You minimize your risk
  • which means you can trade larger contracts without risking more
  • Reward can be really high as up to 4-6 times what you risked.

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4 Responses to “Daily Pin Bar Forex Trading Strategy”

  1. Paul says:

    Been trading for years using price action but i still love reading your blogs posts and im still learning new stuff, thanks alot and have a good holiday – Paul

  2. ambrose says:

    great insight indeed! i am quite impressed and i am already trying out the 50% Fib retracement, however,i prefer the 61.8 to reduce my risk because of the size of my account ($500).

    Thanks for the good work you are doing here

    • Mangi Madang says:

      Hi Ambrose,

      using the 61.8 fib level does reduce your stop loss distance which can reduce your risk if you are not applying position sizing when you trade.

      The other idea is to combine both fib level and the use of reversal candlesticks. for example, price hits 61.8 fib level and then forms a shooting star, then that can be used as a signal.

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