Fakey Pin Bar Price Action Reversal

Video Synopsis – Forex Price Action – Fakey Pin Bar Reversal

In the above forex trading setups educational video I discuss a fakey setup that brought me a profit of about $8200. The setup was a very obvious short signal on the GBPUSD daily chart. The setup was a fakey / pin bar combo setup, we first got two inside bars after a run up, then we got a false breakout of the inside bars that resulted in a pin bar and a false break bar in one.

I always advise novice traders to trade purely off the daily chart, however, I did get in “early” on this setup off the intra-day charts. This was a more advanced entry and I don’t recommend beginners try it, which is why I don’t get into the details of exactly how I entered in the video. But, the fakey / pin bar setup was very obvious and could have been traded after the setup closed out, it provided a very nice return on risk.

I zoom down to the 4 hr chart in the video to show the intra-day false break that occurred that led to the daily fakey setup. To define a target we can find the most recent support or resistance and target those levels assuming it meets your risk reward profile. Price action is king and I suggest everyone reading this go through this forex price action fakey pin bar reversal video and all the videos I have on my website and really get into this stuff because it works.

Giles said,

June 27, 2010 @ 6:01 am

Nice Intraday comment intergrating the fakey on the Daily with the 4 hR….I can see that waiting for an obvious set up on the daily and then entering on the lower time frame is a smart way to go…..could be very large risk to reward on some of the obvious one’s…..Have been looking at this on a number of setups……I have noticed so far that once a false break occurs intraday, (while there is an obvious Daily Price Action signal in keeping with the Trend), the Price seldom retakes new highs – It may re-test them, but rarely makes subsequent new highs…….they would make a logical place for a stop…..