Video Synopsis – Pin Bar and Fakey Setups on GBPUSD
In the above forex trading education video I discuss the GBPUSD and some excellent price action setups that occurred at the time in this pair. I introduce traders to the 50% retrace pin bar reversal setup in this video; it is a combination of trend analysis, retracement analysis, and price action analysis.
What I demonstrate in this video is how to use trend momentum, 50% retracements, and the pin bar setup in combination with one another to create a confluent or high reward to risk trade setup. The GBPUSD was moving lower at the time of this video’s recording; we got a huge bearish pin bar reversal that indicated prices were likely to move lower. This pin bar occurred around the 50% retracement level of the previous move in the market. I don’t trade 50% retracements blindly, meaning I want to see price action confirmation at a 50% level before I enter a position.
I look at the 50% point of the actual pin bar itself as well, as often you can place a sell limit order at this point because price will often retrace up or down the pin bar the next day after it forms, this often allows you to have a tighter stop and thus a larger reward to risk. This is just one of the forex price action trading methods I discuss in my trading course.
I discuss in this video the importance of patience in forex trading; if you are addicted to trading you will never make money no matter how much I teach you. Take up a sport, get a hobby, whatever you do you must learn that patience is the key ingredient to forex success; this is why I stress to traders that they should stick to the daily charts when learning to trade.
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