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