Video Synopsis – Trading the Pin Bar Method on the GBPJPY
In this video we are looking at the GBPJPY on the daily chart, and we are introducing new members to the pin bar setup. The pin bar is simply a bar with a long tail and a very small body, preferably the bar should close in the direction opposite to the tail, meaning if you are going long you want the close higher than the open and if you are shorting you want the close lower than the open. This signals a complete exhaustation of the previous direction.
Now that we know the setup we have to look at ways to trade it, in this video I just demonstrate how effective trading the pin bar as soon as it occurs is, rather than looking at every single way it can be traded. Without any rules or filters here, we are just looking at how profitable subsequent moves can be following a pin bar setup. The video above shows multiple profitable pin bar trades that occurred on the daily GBPJPY chart in 2009. Obviously, this setup is not 100% accurate, as there is no setup that is 100% accurate, but price action does provide a very solid setup that works a lot of the time. Trading price action with no indicators can be a very good trading strategy as this video above shows on trading the pin bar method on the GBPJPY forex pair.
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