The Pin Bar Candlestick Reversal Pattern in my opinion is the single  most powerful candlestick reversal pattern there is! When identified correctly and traded the right way it will produce consistent profits time and time again. This individual single bar reversal pattern is enough to make a living off of when managed correctly.

In this post we will look at what is a Pin Bar, the difference between a great Pin Bar Reversal and an average reversal pattern. Where to look for Pin Bar reversal patterns, the correct way to trade Pin Bars, the best position to  place your stops and finally is there a good time to take a Pin Bar Trade.

What is a Pin Bar ?

A Pin Bar is a candlestick pattern where the body of the candlestick is very small and has a very long wick.  There are two types of Pin Bars a Bullish Pin Bar and a Bearish Pin Bar.

A Bullish Bar is represented by a small body at the top and a long wick below, this indicates that price was sold down by the bears and then immediately bought straight back up by the Bulls. In a perfect world the close is above the open for a bullish pattern and no wick at the top of the body. The opposite of this is true for a bearish pattern.

I stated that this was the case in a perfect world but if you limit yourself to this perfect pattern you will be missing out on an awful lot of good trades. This pattern comes in many forms and it is up to the discretion of the individual as to what identifies a tradable Pin Bar and a non-tradable one. Here are some examples of Pin Bars that I find are acceptable and will not hesitate to initiate a trade from.

This example shows all bullish Pin Bars, bearish reversal patterns are the exact opposite. note: for the sake of this article I will refer to bullish reversals patterns as blue in color and bearish reversal patterns as red in color.

What to look for in a Pin Bar

• I am looking for a small body to the bar, the smaller the better
• At a minimum I am looking for a wick that is three times the length of the body, but the longer the better. A Pin Bar with a wick that is ten times the length of the body has a much higher probability than one with much less.
• Location, location, location is just as true for a  Pin Bar Candlestick as it is for real estate. I will get into this later in the article but it is just as important as the reversal pattern itself.
• The wick must stick out from the surrounding price action

When It’s not a Pin Bar Reversal

• When it doesn’t meet the above criteria
• when it has a long wick protruding past the close or opposite the long wick, this then forms more of a spinning top style pattern and is far less reliable
• When it appears in a less than favorable location

Where to look for a Pin Bar Candlestick

• Previous major swing highs or swing lows
• Any major levels of Support and Resistance
• Pivot Points
• Trend Lines
• Round Numbers
• At Fibonacci levels
• Where there is strong confluence or a combination of many of the above points

Here are some examples of the Pin Bar in play

The way to trade the Pin Bar Reversal

In my opinion there is only one way to trade the Pin Bar Candlestick and that  is to always and I do stress ALWAYS wait for the bar to close. Once the bar is closed only then can you be certain that the Pin Bar has formed correctly. Once the bar has been identified it is just a matter of insuring it has formed in a high probability location, then quite simply open a position using your own risk parameters.

Stop placement when trading the Pin Bar Candlestick

Stop Loss placement is the simplest part of the whole equation. In my opinion there is only one place to put your stop when taking a Pin Bar play and that is at the extreme of the long wick, I generally place mine the distance of the spread plus five pips.

The reason for this is quite simple, it is quite common for price to re-test previous major levels. This just so happens to be where we are taking our trades and there is nothing worse then taking a position only to see it get stopped out and then see it go and hit your profit target.

Is there a good time to take a Pin Bar

There are times when these Pin Bar reversals can be a higher probability trade, this is really only relevant if you are trading the lower time frames, for example the 5min, 15min, 30 min and 1 hour time frames. These times are

• Frankfurt open
• London 0pen
• US open
• Sydney open

The reason for this is these are times when there a fresh new players coming into the market, if enough of these players have a different opinion than the current market the gross effect of this is they can turn the market on a dime.  It is this sort of market behavior that creates these Pin Bar Reversals.

Conclusion

The Pin Bar Candlestick reversal Pattern is one that not only happens to occur quite frequently, it is also one of the most powerful reversal patterns available to a forex trader. This pattern can be traded on any time frame and is best traded from major price action levels like previous support and resistance or pivot points and the like. The better the Pin Bar formation the higher the probability and the better the location the higher the probability. Only take the best Pin Bars in the best locations and the rewards will speak for themselves.

So Where to from Here

The Pin Bar is only part of the plan, what you now have is an excellent entry strategy for a forex trading system.  To complete this  system you still require a Pin Bar Money Management Strategy, a Pin Bar Trade Management Strategy and a Pin Bar Exit Strategy.

Once you have established  these criteria, there is one final thing to do Back Test! Back Test the system and confirm  that you have a profitable system.

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Why Load the Boat?

In all trading we identify opportunities through our analysis which we anticipate favor a price movement in one direction. One of the most challenging parts of trading the news can be getting filled where you want.  What makes this trade so special is the fact that this is the premise behind the trade.

Although this is a trade that does not happen very often it is a trade that offers some of the greatest risk to reward ratios I have ever experienced in day trading. The thing with news trading is it is notorious for wide spreads and poor fills.Now we need to consider why this is so, so that we can understand the advantage that this trade offers over other strategies.

Forex is a zero sum game, what this means is that for every buyer there has to be a seller or there is no trade. This is exactly what happens around these major announcements, many players are extremely risk averse at these times and therefore remove all there standing orders that they have in place and sit on the sidelines until after the volatility generated around news time has died down. The outcome of this is a major reduction in liquidity and therefore the chances of finding someone to take the other side of your trade are significantly reduced.

Many traders attempt to trade the news and fail miserably, this is because they don’t understand what is taking place at the time of the release. The number one biggest mistake a fledgling news trader can make is to try and capture the breakout of the release. They access the release and then place their order to then see it get filled 40 plus pips later. The best explanation for this is covered in this post The Structure of Forex Brokers, I recommend you read it first and then continue with this post.

This trade has a specific set of rules and things to look for and after you understand what is actually happening you can begin to see the enormous opportunities that exist. For this example I will use the same one I used for my News Trading for Easy Money Post. As I stated in that post, prior to news announcements especially the NFP price will often oscillate in a tight range prior to the release, when this happens it is quite easy to identify where the orders will be but is not a pre-requisite for the trade.  All I am really looking for are the most recent highs and lows.  I am talking about the last hour or two on the 5 min chart,  this chart shows what I am talking about.

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This is KEY for it is these highs and lows  that the bold breakout traders will place there orders outside of in anticipation of capturing the breakout.  It is also quite common for these same traders to place an order on both sides of this range in essence straddling the range in preparation for grabbing the breakout which ever way it goes.  It is these orders that I am targeting with the spike,   it is why the spike forms and therefore there is someone there to take the other side of the trade.

This is what makes this trade so appealing to me, the fact that my odds of getting in early on the move and getting filled are remarkably increased due to this phenomenon. In this example the forecast was -119k and the actual release was -11k, this is great news for the US economy and therefore the GBP/USD pair should see a significant fall in price.  In the next chart you can see the spike clearly and it is this spike that I endevour to catch.

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The previous high was 1.6664 and the high of the spike was 1.6672, 8 pips and then price reversed and proceeded to drop like a brick, price dropped over a 100 pips in the next 30 minutes.  If you fail to catch this first move then you simply stand aside and await the first retrace, once this forms you use one of the other strategies to look for your next entry.

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I stated earlier in the post that this trade does not happen that regularly but when it does I hope you can now see the opportunity this trade offers.  Please note that prior to the release it is best to drop down to the one minute chart as you get a much clearer view of the price action and can fine tune your entry.

This style of trading is not for the faint hearted and again I can’t stress the importance of back testing, this all happens pretty fast and you need to be on the ball to interpret the release and take action in seconds.  The most important thing is getting the announcement on time.

Most forums are useless for this style of trading as by the time you get the number it is to late.  Many brokers have instant news providers now and if not there are plenty of providers out there.  The best value for money that I have found is a website called TradeTheNews.com, they offer both a text platform and an audio platform.  The audio is the best choice as you get to hear the release rather than have to read it but this is all dependent on your budget, but as a whole once mastered the text is quite adequate.

I should have some videos up soon that will demonstrate clearly how to do the various news trades and I will elaborate more on trade management as well and profit taking,  I am also doing one demonstrating how I back test  these strategies which I feel will be immensely beneficial to many of you.

Perry

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Anticipating a reversal in price and entering on the resumption of an existing trend is a great way to capture large swings in the market or add to current positions, anticipating these moves and actually capturing them are two completely different things.  The count back entry method will allow you to  get in near the start of these moves when other signals may not be present.

There are many ways that you can get into the market when it is having a correction or pulling back from the main move.  Some of these are to look for candlestick reversal patterns or the cross of an indicator or 2 moving averages or the break of a minor trend line.  There are unlimited ways you could enter this type of  situation but these signals are not always there and thus you can miss a large part of the move before you realize that you need to get aboard now.

I want you to think about when you are already in a move and you are looking to protect profits, how do you manage this situation.  One way is to utilize a trailing stop and all this does is trail price at a specific distance of your choice and if price reverses by whatever amount you have chosen the order is automatically filled and you are out of the market.  This entry technique is quite similar in function to a trailing stop but works the opposite in that it is a trailing entry instead.  It trails price buy a number of price bars, this can be any number of your choice but i prefer a three count.

Now this is where it is a little bit different than a trailing stop as the count only counts a bar that has made a new high or low depending on the direction of price, if a price bar is inside the high/low of the last candle then it does not count.  Here is a series of charts to demonstrate the count back in action, for this example we are assuming that an uptrend is already in play and we are looking to buy.

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By using the three bar count the entry also allows for price volatility  where as if you used a fixed amount to trail price you could be exposed to much more whipsaw.  What I like the most about this method though is its absolute simplicity and ease of implementation,  for these are the foundation of robust trading methods.

As with all things trading the simpler it is the easier it is to replicate  and ultimately much less chance of things going wrong, the more complex a method is just means a lot more variables to allow for and thus more risk.

Perry

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This is an extremely effective forex strategy that I use for trading the Non Farm Payroll numbers.  This strategy can be used on any news announcement,  the key to trading this strategy is you want a substantial fundamental surprise.  What I mean  by this is you are looking for a dramatic change in the actual number compared with the forecast number. The bigger the surprise the better the opportunity exists for profits.  What this surprise creates for technical traders is momentum and momentum means OPPORTUNITY.

I Love the Non-Farm Payroll as in my honest opinion it is the best trading day of the month,  If I were to only trade once a month then this would be it and as I have stated many times, you only need to master one trading method and you are on your way toward financial freedom.  This would give anyone a realistic chance to trade as it requires only one day a month of your time and you really only need to trade for about five to six hours and your done.  It is quite easy and far less time consuming as other methods  to back-test as well.

I know a lot of people who won’t go near the market on this day as they are scared due to the volatility but it is this volatility that creates the best opportunities!

When there is no surprises in the announcement and I am not looking at any other trades on the higher time frames I will just turn off the computer and take the day of as it will generally be a choppy one.

First thing  we need to do is identify what is a surprise so we know when to trade and not to trade.  A surprise has to be a very substantial shift in the number from the forecasted number.  I will use last months as an example as this is exactly what happened and thus there was a great opportunity for profits.

Now before I go any further there a many ways to trade these large announcements and over time I intend to cover a lot more of these but for today I am only going to discuss this one strategy to try and simplify things.  For the numbers I will use Forex Factories calender as it is available to all and quite reliable.  The only downfall to this is the number is generally delayed for two to three minutes but as this trading strategy is not about trading the news it is fine for this purpose.

Here I have inserted a picture of their calender on the day

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You will note that the previous months number was 4k or four thousand more employed people than the previous month.  This month the forecast is that there will be 3000 less employed people than last month, now look at the actual number.  There was actually 85000 less employed people than the previous month and 82000 less than the forecast.

This is a great example of  a fundamental surprise, now if the number had been only 50k or less I would not trade. When the surprise is less substantial the trading day tends to get very choppy and therefore much more challenging to trade.  What we are seeking is a very definite indication of market direction and when the surprise is large generally you will see the market move in the direction of the surprise.  In this example the USA had 85000 less jobs and this is not good at all for their economy and therefor not good for their currency.  The outcome is a weakening of the US Dollar or inversely a strengthening of there cross pair.

In this example I will use the Eur/Usd pair.  So this number should see a substantial bull move in the Euro due to the sudden weakness in the greenback and this is exactly what happened.

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Now for the rules

• We trade the 5 min chart
• First and foremost, we are only interested in trading in the direction of this fundamental shift so in this scenario we are only looking to buy or go long.
• We do not trade at all for the first fifteen minutes after the news is released.
• For the divergence I use the Stochastic Oscillator and the settings I use are 5,3,3.
• What I am looking for is divergence between the oscillator and price to give me a  signal to take a long position.

OK lets walk through the setup know and see just how to trade it. Once the news has been released we wait patiently for the first fifteen minutes and then we can start looking for our entry. There was an opportunity in this instance that appeared just shy of two hours later. After I have identified the divergence I then need to calculate my position size.

For this trade we placed our entry after the stochastic turned up confirming the divergence and also signaling our entry, this was at 1.4322.  To calculate our position size we need to know where our stop is and in this instance we would place our stop below the previous low, this was at 1.4294,  this gave us a stop-loss of 28 pips.

I will just go through how I calculate this just for those that are unsure.  We will assume that I have a trading capital of $10 000 and am risking 1% of capital per trade. So 1% of 10k is $100 dollars, to calculate my position size i simply divide 100 by my risk of 28 pips which would give me 100/28=3.5.  This equates to either 3 mini lots or 35 micro lots depending on your trading platform.

All that’s left to do now is place your target and for this I would use the previous high and this was at 1.4400.  This particular trade had a total risk of 28 pips and a total reward of 78 pips so a risk to reward ratio of 2.8:1.

Here is an image of the trade

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This is a simple strategy that is very effective if you have the patience to wait for the setup and the control to sit by and watch some very substantial moves that generally precede this trade. This is the trade in its simplest form, I have an advanced way I trade this setup and that is once the divergence is confirmed I look for a significant candlestick pattern to give me an entry and a stop position.  What I look for is either an engulfing pattern, a pin bar or an Inside bar to trigger the trade and then place my stop on the other side of the pattern.

In this particular scenario you could have used the breakout above the inside bar and placed your stop just below it.  What this achieves is a much smaller stop and thus the potential for larger position size and thus greater profits. In this case our entry would have been at 1.4321 with our stop at 1.4305.  This would have reduced our stop to only 16 pips allowing us to take a position of 6 mini lots or 6.2 micro lots.

Now this also offers greater potential of being stopped out so it totally depends on your appetite for risk as to the way you personally take these trades. I am inclined to take the lowest risk trades as I have learn t that risk is the only thing I have any control over in this game and when I am right I prefer to be positioned well for it.

So from here if this style of trading appeals to you then back-test it, try it and then implement it into your arsenal of trading tools.

I have a few other methods that I use to trade the NFP but will save those for another article.

Perry

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Here is another chart pattern that appears quite regularly and can be quite an addition to any one’s trading arsenal.  What makes this pattern so appealing to me personally is the fact that it gives a very low risk entry point. It can preclude some huge market moves and with such a low risk the rewards can be huge if managed correctly.

An Inside Bar signals  falling volatility and market indecision. The current bar’s range is within the previous bar’s range.   Another way of saying the same thing – an inside bar has a low greater than the previous bar’s low and a high less than the previous bar’s high.  This market indecision can and does regularly supply the trader with the information that the market may be about to reverse.

This pattern can be traded on any time frame but as always the lower the time frame expect a lot more whipsaw. This pattern will complement any trading system or method.  It is another pattern that supplies the trader with both a low risk entry point and secondly supplies the trader with a logical place to put a stop.

As with all candlestick patterns this should not be traded in isolation.  When traded using a trend filter like a moving average this can be a extremely profitable pattern.  Another way to play this pattern could be with an oscillator and take breakouts when the oscillator is overbought or oversold.  Lets look at some examples of these two scenarios and where we would place our stops.

This next chart shows a great example of how to trade an inside bar using the stochastic oscillator to indicate when price is in the oversold zone to confirm the trade.  In this example you would simply trade the breakout to the upside of the Inside Bar Candlestick.  To do this you place a buy stop order a few pips above the high of the Inside bar.  There is two places that you can place your stop, the first and in my opinion the best place to put your stop is a few pips under the low of the Inside Bar.  The reason I say this is two fold, firstly it offers the lowest risk opportunity and secondly the best trades go your way straight away and don’t look back.  The advantage here is that when this happens you have your best position size on and there for the greatest profit potential.

The second place you could place your stop is below the low of the previous and larger candle.  This may appear to be the safer option but as stated previously the best breakout trades go your way straight away and all this stop does achieve is it gives you a larger stop and thus less position size on the trade.  This is an individual thing and you should trade what you feel most comfortable with.

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This next chart is a daily chart of the EUR/USD.  In this chart I have highlighted some Inside Bars that could have been taken as a trend trade.  In this scenario you would be looking to add positions as the trend continues and look for an Inside bar in a retracement with the assumption that this will signify a reversal in price and the resumption of the original trend.  This is an excellent trading style that allows you to build large positions in a good trend.

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Note how in the chart I have placed all the stops just below the low of the Inside Bar Reversal itself and all these stops have held there ground and were not stopped out.  In the above situation you would be able to put on relatively large positions due to the small stop sizes presented buy the Inside Bar setup.  As always money management plays a major role in all trading and is a subject all on its own.  If you have never looked at Inside Bars then maybe you should, check them out and see whether they could complement you’re current methods.

This is just one great reversal pattern, another is the Pin Bar. Read this post and add another great reversal pattern to your trading arsenal the Pin Bar.

Perry

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Most times  when discussing support and resistance we are generally referring to horizontal areas where price has tested a level previously and generally more than once.  There are many other forms of support and resistance that speculators need to take into consideration, some of these are:

1. Moving averages
2. Pivot points (floor pivots)
3. Trend lines
4. Fibonacci levels
5. Round number levels

Lets now look at these and how they could be used effectively in our trading.

Moving Averages

Moving averages can be used effectively in both a trending environment and also in mean revision environment.

Moving averages can be excellent forms of support and resistance. If you look at any price chart and overlay a moving average just watch how price is drawn back to the MA and also how often when touched or just breached it then reverses and moves away again.  One use of these MA’s is that they work quite well in many situations as a trailing stop.  This is because they are a great form of  support and resistance and if it doesn’t hold then it is a great time to take profits. It is much easier to show this in a chart so have a look at this chart and see just how well this can work.

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Pivot Points

Pivot points or floor pivots as they are often referred to are also excellent forms of support and resistance.  These pivot points have been around for a very long time and have been used by floor traders for just as long.  These points are  a nice simple way for traders to have some idea of where the market is heading during the course of the day with only a few simple calculations.  All you need is the markets previous days high, low and closing price. The calculations I use to get these points are-

Resistance 3 = High + 2*(Pivot – Low)
Resistance 2 = Pivot + (R1 – S1)
Resistance 1 = 2 * Pivot – Low
Pivot Point = ( High + Close + Low )/3
Support 1 = 2 * Pivot – High
Support 2 = Pivot – (R1 – S1)
Support 3 = Low – 2*(High – Pivot)

But there is a much easier way to calculate these levels and that is to get them from one of the many sites on the web that publish them every day, a good one that I  found is  HERE .  The reason that so many of these levels hold is quite simply that a lot of other traders are using the same methods and when you get enough people with the same opinion then the market moves in their favor.  Pivots are great places to both enter the market and take profits depending on each individual situation.   As always a picture is worth a thousand words and the following chart displays a good example of floor pivots acting as support and resistance.

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In the above image I am using a custom Pivot indicator that redraws the pivots each day for Meta Trader, if anyone would like a copy please contact me through my contact page and I will send you a copy.  It is quite obvious in the above chart just how well these Pivot Points do work.

Trend Lines

Trend lines much like moving averages are excellent forms of support and resistance as well, they also are an excellent tool to use as a trailing stop.  This chart demonstrates this well.

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Fibonacci

Fibonacci has been around since the dark ages and is a tool that is used regularly by many traders.  There are many Fibonacci tools out there,  these include retracements, extensions, arcs, fans and cycles. I personally only have used retracements and extensions in my trading so I will only discuss these here. All good charting packages come equipped with these tools and are easy to use.  I won’t go to much into explaining Fibonacci, if  you want to know more just search the net or you could check out Neal Hughes’s  course on Fibonacci trading which is quite good. These levels are quite effective and can be used on all time frames.

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Round Numbers

All humans seem to have a natural affinity to round numbers and anything ending in 00 or to a lesser extent 50 , these can be effective levels of Support and Resistance.  When looking at any chart just draw some lines at these levels and note how price reacts, it is amazing just how many times price reverses at them.  Please note that again you are looking to this level as a general area as all traders know this and thus place there orders either side of these round numbers and thus price can be seen to spike through them sometimes and then reverse.  Check out this chart for an example of this at work.

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So as you can see Support and resistance comes in many forms and used correctly can define areas where traders can enter the market, take profits and also gives a logical place to put your stops. I believe for all technical traders Support and Resistance trading should play a major role in there trading plan.

Perry

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Support and Resistance  is a very effective tool for finding and locating turning points in the market.  New highs and lows are points where all traders should be extremely cautious and observe how price reacts to these areas. They are excellent places for traders to both enter or exit a market depending on the individual situation.

The example above  shows just how effective this  is.  Lets walk through this chart and identify opportunities to (a) enter trades and (b) exit trades.   Starting from the far left of the chart you can see that the USD/JPY is in a solid down trend,  you can see that when it reaches the point I have marked “First Test” , that price forms a bullish reversal pattern.   This alone is not a big deal, but when price retests the same level and forms a large pin bar rejection candle,  as it did at the point I have marked “Second Test”,  it is time to take notice.

Price,  if observed closely can reveal small clues like these leading to its future direction.  In the above example the pin bar for me would be a solid confirmation that this area is now support and a good time to (a) exit any short positions we are currently holding and (b) seriously consider taking up a  long position.  These Support areas also supply us with key information as to a great place to position our stops, directly below the support line.

Top and bottom picking can be a very tough game, but when we capture one of these moves the rewards can be phenomenal.  These types of trades are not for everyone and would be considered by some as a fairly aggressive entry.  The more conservative trader can still use support and resistance in there trading, the next example on the chart is just one of these examples.

Resistance when broken  becomes support and vice versa.  In the above example you can see where price didn’t even hesitate as it just punched clean past the previous high,  which we would be watching closely to see how price reacts. This swing  high is considered to be previous resistance and when price doesn’t hesitate at this area and keeps going,  this is an another good spot to consider entering the market.

The only problem with this type of entry is that a stop point is not as obvious.  It could be placed safely under the old support under the pin bar that we previously identified.  The problem with this is that we have a huge stop and our position size is dramatically reduced.  Our second choice is somewhere below the resistance that was broken at the previous high.

Now if for example we are an extremely conservative trader and we didn’t like either of the two entries that have already been identified,  then we can just wait for something that meets our criteria.  If we follow price some more, an example of just such an opportunity presents itself.   Price after punching through the previous high runs up some more and then starts to retrace.  when price forms a bullish reversal pattern like the one I have marked “Change of Polarity” it is time for the conservative trader to take action.  It is at this point that there is enough information that the scales  have been tipped for even the most conservative traders to take up a position.  Now lets just identify exactly what that evidence is that has tipped these scales.

• Price formed initial support at the point marked “test 1″.
• Support formed and confirmed by the double bottom pattern formation at “Test 2″.
• Strong candlestick reversal patterns formed at these support points.
• Price thrusting through previous highs with good momentum.
• Price forming a strong candlestick reversal pattern at previous resistance levels confirming a change of polarity.

This  “change of polarity” pattern appears in the charts time and time again.  It is an excellent place to enter the market that stacks the odds in your favor and also identifies an ideal spot to position your stop order.

Support and Resistance should have a place in every technical traders tool box, these are just some of the ways that you could take advantage of the opportunities that support and resistance trading can present to you.

Perry

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