Forex Pin Bar Price Action Pattern – Live Trading Setup
Below I talk about a forex trade setup forming on AUDJPY forex pair. The market has formed 2 inside bars, and 2 pin bars, forming confluence of factors to support my views for a move to 78.15 area. Trade offering risk reward of around 3 to 1.
Watch Part 2 Of This Trade Setup Video Here To See What Happens
Video Synopsis - Forex Buy Signals Setup on AUDJPY pair
We are looking at the AUDUSD daily candle stick chart in this video and are going to walk through an inside bar / pin bar forex price action signal trade setup. We can see the 0.7406 level was previous support that was broken; price subsequently reclaimed this level and pushed up through it, which was an important event.
WE can also see an important level at 0.7837, it’s a swing point that connects two previous highs. So we have upside potential towards 0.7837. We have added confirmation via two consecutive pin bars that were also both inside a mother candle. This is called an inside bar / pin bar combination setup. There was also a false break event that formed a few days earlier that helped push prices higher.
Our stop loss on this setup would be around 100 pips and the upside potential would be over 300 points, this is how professional traders look at the market; analyze levels, look at the price action signals, nice tight stop and nice wide profit target. This is called risk to reward, when we have our risk tight and our reward high, we have a solid trade setup, especially with the signals and momentum in our favor.
7 Comments Leave a Comment
Thanks for sharing your knowledge
Interesting combo signal setup between insidebar, pinbar, and false break that increase probability and confidence level.
A million thanks Nial, your a good mentor…
Another great video…I have been trading pin bars with a pretty good rate of success thanks to finding this site over a year ago. Would be neat if you could put a book together so I could reinforce this knowledge while sitting on the beach ;-)
I have already subscribes Nial, and I hope to join the group in the near future. Really kool stuff bro.
Do you look at any other patterns at all when placing your trades? Do you look at heads and shoulders, wedges, double tops and double bottoms, pennants, flages, rectangles, channels, morning stars, evening stars, hanging man, hammer…etc. These are the stuff that I used to demo with, but I really preffer the Price Action. Would you recommend that I continue to use them with the price action strategy?
i just would like to inform you that those free tips in the youtube really help me a lot in anticipating the outcome of the market at the moment i wont be able to join the group just yet but really looking forward to subscribe
Another great video on good simple set ups. I did not take the AUD/JPY…but did take a boatfull of pips on the nice pin bar last week on the AUD/USD 4 hr.
I just sit around and take the A+ trades…simple.
Thanks again for your mentorship!