find a trade setup and have a view on the market, we can then fine-tune our. In the example chart below, we can see a recent pin bar in the gbpjpy on the daily chart time frame. After these initial price movements have taken place, the next move our breakout is more likely to have conviction behind it because all the weak positions were shaken out of the market in initial rate swings. We enter a trade when either the high or low of this range is broken. How you handle this situation is up to you. Hence the name, were now entering the bullish pin bar on a 50 retrace. Here is a simplified example.
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We then watch to see which level (either the high or low made in the first 15 minutes or so) is potentially going to be the high or low for the rest of the day. Forex Daily Stats page to get all sorts of daily stats on the forex pairs of your choice. Subtract.77 from the.02 high to get a target price.25. As a trend following strategy, this can be used during most time frames and in most markets. This trading approach is really the keystone that holds together my entire trading philosophy, and if you master it you will be one giant step closer to becoming a successful trader. Daily Range Day Trading Strategy Final Word This method has multiple applications, not just the basic strategy discussed here. . There should be a distinct impulse wave, a distinct pullback, and a distinct consolidation during the pullback. The 50 entry strategy is a more aggressive approach to entering pin bar setups. This is called pin-point accuracy sniper-trading and its the most powerful way to trade the market in my opinion. It then moves above the swing high of the rebound and back above the open.