Forex Pinbar Strategy - Pinbar based Effective Trading Strategy

Forex Pin Bar Strategy - http://www.ForexCandlestickMagic.com Forex Pin Bars are very useful trading candles. The reason is that the Pin Bar candle indicates that price is witnessing a strong support or resistance. If a trader has this information, he or she can take educated forex trading decisions such as if the trade should be closed or a trade should be opened etc. The important thing will be to observe what is the shape of the next candle. Suppose price of a currency pair is moving in an upword direction. After some time if a pin bar forms indicating price is facing major resistance, it will be important tonotice what is the following candle looking like. If the following candle is a bearish candle, then it would indicate that the direction of market has reversed and open trades can be considered for closing or new trades can be opened. to access accurate forex charts, you can visit - http://www.Dailyfx.com In this video, I am covering what are pin bars. How do ideal pin bars look like, which kind of forex pin bars are most common. I am also going to cover a very effective and accurate forex trading strategy that is based on pinbar patterns. At the end of the video, I am covering what are the common mistakes most of the traders make when using Pinbars and also what are the precautions traders should take. In the beginning I am mentioning how does a pin bar candlestick look like. Remember, the use of Pinbar is same in any kind of trading market such as Forex, commodities, Stocks, Options etc. A perfect pinbar has a very long wick and a small body. The long wick indicates that a strong support/resistance is being faced by currency pair. However, truth be told, a perfect candlestick are not very commonly seen. More common are pin bars that have substantial sized body which are equally good for trading too. The important thing to note is that the wick needs to be long in size and should be larger than the body of candlestick. To decide on opening or closing the trade, the forex traders can wait for a confirmation candle. The confirmation candle can be the next candle or can be within next 3 to 4 candles. The Forex Pinbar Strategy typically work best on timeframe of 1 hr or up. At lower timeframes, the pattern is not that effective. Also, the trader should not look for just the perfect forex pinbar to take trading decisions. The pinbars with long wick and substantial sized body are equally effective too. So, watch this video on Forex Pinbar Strategy and leave your comments - https://www.youtube.com/watch?v=JIKEsKcjUhg