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Pin Bar Continuation Channel “Price Action” Scalping System (7220)


Forex Pin Bar Continuation Channel “Price Action” Scalping System – in my opinion, pin bars are also momentum candles. In order for the market to change directions in a single candle and form a pin bar, the price has to move rapidly in one direction.

Trading NOTES

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This is basically the same as momentum, price leaving a certain level in a very short period of time.

So, on the micro level, pin bars are momentum candles. If you would split them further, you would most likely see a long-bodied candle.

So, let us see how we can use this information that pin bars are telling us to make a profit out of the market.

  • Time Frame: M5 or higher
  • Currency Pairs: Any

 

MetaTrader Trading Indicators
  • Moving Average
  • Pin Bar

 

How to install “Pin Bar Continuation Channel “Price Action” Scalping Trading System”
  • Download TraderVersity.Com-PinBarContinuationChannelSystem (Zip File)
  • Copy mq4 and ex4 files to your Metatrader Directory …/experts/indicators /
  • Copy the “TraderVersity.Com-PinBarContinuationChannelSystem.tpl” file (template) to your Metatrader Directory …/templates /
  • Start or restart your Metatrader Client
  • Select Chart and Timeframe where you want to test your forex system
  • Right click on your trading chart and hover on “Template”
  • Move right to select TraderVersity.Com-PinBarContinuationChannelSystem
  • You will see “Pin Bar Continuation Channel “Price Action” Scalping Trading System” is available on your Chart

 

BUY Rules


  • Moving Average: Price closes above the MA Channel line
  • Pin Bar: Wait for a bullish pin bar candlestick pattern

 

SELL Rules

  • Moving Average: Price closes below the MA Channel line
  • Pin Bar: Wait for a bearish pin bar candlestick pattern

 

Trading NOTES
  • This strategy is a very simple strategy.
  • This allows us to place the stop loss at the end of the wick, knowing that in theory, the market has already rejected that price level. This then gives us a relatively tighter stop loss for a better reward-risk ratio.

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