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.
5 Comments Leave a Comment
Nial Very nice video
Thanks, Nial, for this great demonstration and explanation of this entry strategy! After having completed a paid course which didn’t teach exit strategies other than stop losses and targets, I’d be very interested to view your exit strategies which one needs to apply when things aren’t going to plan.
I’ve read your comments about sticking with the trading plan, but is there a place for intervention??
Great insight into trading off multiple time frames.
Thanks for showing D1 & H4 relation.
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…..