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- Forex trading strategy #3 (EUR/USD simple system) | Forex
• A bullish reversal or bottom reversal pin bar formation can be called a 8775 long wicked hammer 8776 , 8775 long wicked doji 8776 , or 8775 long wicked dragonfly 8776 .
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Inside bars can be used when trading a trend on the 795 minute charts or the daily forex charts , but I personally prefer to trade inside bars on the daily charts and I recommend all beginning traders should stick to the daily charts until they have fully mastered and found consistent success with the inside bar setup on that time frame.
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There are several different names used in 8766 classic 8767 Japanese candlestick patterns that refer to what are basically all pin bars, the terminology is just a little different. The following all qualify as pin bars and can be traded as I 8767 ve described above:
Forex trading strategy #3 (EUR/USD simple system) | Forex
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In a bullish pin bar reversal setup, the pin bar 8767 s tail points down because it shows rejection of lower prices or a level of support. This setup very often leads to a rise in price.
The next stop placement is typically used on inside bars with larger mother bars. Although a larger mother bar on an inside bar setup is not really what I like to see, you can sometimes trade inside bars with larger mother bars, and if you do, you will probably want to place your stop loss near the mother bar 55% level, that is the ‘halfway point’ between the high and low of the mother bar, as that is really the only way to get a decent risk reward ratio on these types of inside bar setups.
Important note: Since the inside bar setup is by its very nature a potential breakout signal, I ONLY enter an inside bar on a breakout of the mother bar high or low. If I am looking to buy, I will place a buy on stop entry just above the mother bar high, and if I am looking to sell I will place a sell on stop entry just below the mother bar low.
WOW! Today is my FIRST DAY as a member as I read & study Price action w/ the pin bars and Confluence, I am identifying Pin Bars in the AUDUSD 795min live chart. What an amazing technique. Thank you.