There are many different types of trading strategy in the forex market. Trading strategy tends to vary from traders to traders. Though there are many types of system in the market price action trading strategy is considered to be one of the most profitable trading systems in the world. However, in order to trade the financial assets by using the price action trading strategy in the world, you need to make have a very clear understanding about the basic candlestick pattern. If you look at the professional traders then you will notice that all of them are trading the live assets with the professional trading platform. Though there are many different types of candlestick pattern in the forex market, in this article we will discuss the pin bar trading system in the market.
Formation pin bar
Pin bar trading is very much popular among the professional price action trader. The formation of the pin bar is pretty simple and the professional trader can easily identify it in the chart. The candle has a long tail and it’s usually three times the length of its body. If you use the easyMarkets iphone apps then you can easily spot it in the trading chart.
Perfect place to trade the pin bar
The pin bar can be found in any place of the trading chart. But it doesn’t mean that you have traded all the pin bars in the market. If you look at the professional trader then you will notice that every single one of them is trading the pin bar by using the easyMarkets iphone apps at the support or resistance level in the market. Unlike the professional trader, the novice traders trade all the pin bars in the market and thus fails to make money in the online trading world. So in order to make a profit by using the pin bar, make sure that you trade the key support and resistance level in the market only.
Use the higher time frame
Most of the novice traders in the forex market fails to achieve success in the finical industry since they trade the lower time frame in the market. It’s true that if you trade the lower time frame in the market then you will have lots of trading signals but the quality of the signal will not be great. The expert in the forex trading industry always uses the higher time frame in their easyMarkets iphone apps to execute their trades. But in order to trade the higher time frame in the market, you need to have an extreme level of patience since you will have to wait for a long period time for the trade setup.
Summary: Trading the pin bar in the forex market is one of the most profitable ways of trading the live assets in the market. If you look at the professional trader then you will notice that most of the traders in the forex market follow the above-mentioned tips and make a huge amount of money just by using the pin bar trading strategy in the market.