Pinbar Filtered By Value Chart Forex Patterns Strategy For MT4
The Pinbar Filtered By Value Chart Forex Patterns Strategy For MT4 is a premium strategy to trade any asset. Pin Bar indicators, News indicator, Bands (20, 2) and Value chart is used as the essential tools for this system.
Finding the pin bar is not so easy as it seems. Many people trade the continuation pin bar thinking that the market is going to reverse. Let’s say after the bearish pin bar price rallied higher and break above the high of the pin bar. So, that one is not our bearish pin bar rather it’s a bullish continuation pin bar. To identify the false pin bar, it is important to analyze the support and resistance. For this, we are using the bands.
The bands will be our support and resistance. If you spot a bearish pin bar with a small arrow mark at the top of the pin, you might have a valid short trade setup. Note that the pin bar must test the band resistance. The new value chart will print yellow bars if the setup is valid. Short the asset with 4 pips stops above the tail of the pin bar. Take profit will be set to the lower band. But in some cases, you can set a fixed take profit for 30 pips.
When you spot the bullish pin bar at the band, look at the reading of the new value chart. If it paints a green bar, you can go long. Set your SL 4 pips below the tail of the pin bar TP is 30 pips above the entry price. Some of the traders often get confused with the pattern formation as the price tends to test the band with minor pullbacks. This very common and your trade should be fine as long as you use the stop loss according to our guidelines.
In the case of the bigger pin bar, the stop loss for the trade becomes a little bit ugly as you have to take high risk. To solve the problem, you can take advantage of the minor pullback in price to open a new trade. Note that it is a conservative method and you might miss some of the good trades by trying to use the pullback in price.
Download the complete system description and the files here: