No longer trade the pin bar strategy which was ok but no near as consistent as this one.Been trading this one over a year now.
1. Trade only 4 hr charts..with a 20ema and 50 sma. 20 ema over 50 sma in trend.
2. We try to get the first couple of pullbacks in the trend.
3.Learn how to count the 5 bar candle set up.Highest high on sell and lowest low on buy. Does not have to be consecutive.Number of candles don't matter in the pullback. We are looking for a top or bottom 25% close for entry.
4. rsi 5 on daily charts and rsi 5 on 4 hr charts. Sweet spot on buy is between the 50 and 60 ---sell is between the 50 and 40.I prefer the 4 hr and daily rsi going in the same direction on time of entry.Also make sure the price goes up over the 50 rsi line and back down on sell and vice versa on buy on the 4 charts.
5.Very important : The risk of the entry candle or candles ( 2 at the most) needs to be equal pips or less from the low/high of entry candle to the pivot low/high depending on the trend.Another words we are looking for at least a 1:1 or better to the pivot low/high from the low/high of entry.
6. Personally i identify a pivot low or pivot high as 2 candles on each side of the middle candle.Middle candle being the lowest low or highest high.This is for targets not entries.
7. If i'm selling and anticipating a potential sell entry i do not won't HH's and HL's going up.Vice versa for buy LL's and LH's.Watch the swing points- pivots for high's and low's. Example below. Perfect example below ---Text book trade---post 374
Attached Image (click to enlarge)
https://www.forexfactory.com/attachm...1&d=1548056268
1. Trade only 4 hr charts..with a 20ema and 50 sma. 20 ema over 50 sma in trend.
2. We try to get the first couple of pullbacks in the trend.
3.Learn how to count the 5 bar candle set up.Highest high on sell and lowest low on buy. Does not have to be consecutive.Number of candles don't matter in the pullback. We are looking for a top or bottom 25% close for entry.
4. rsi 5 on daily charts and rsi 5 on 4 hr charts. Sweet spot on buy is between the 50 and 60 ---sell is between the 50 and 40.I prefer the 4 hr and daily rsi going in the same direction on time of entry.Also make sure the price goes up over the 50 rsi line and back down on sell and vice versa on buy on the 4 charts.
5.Very important : The risk of the entry candle or candles ( 2 at the most) needs to be equal pips or less from the low/high of entry candle to the pivot low/high depending on the trend.Another words we are looking for at least a 1:1 or better to the pivot low/high from the low/high of entry.
6. Personally i identify a pivot low or pivot high as 2 candles on each side of the middle candle.Middle candle being the lowest low or highest high.This is for targets not entries.
7. If i'm selling and anticipating a potential sell entry i do not won't HH's and HL's going up.Vice versa for buy LL's and LH's.Watch the swing points- pivots for high's and low's. Example below. Perfect example below ---Text book trade---post 374
Attached Image (click to enlarge)
https://www.forexfactory.com/attachm...1&d=1548056268