Pin Bar Forex Chart Patterns Strategy For MT4
The Pin Bar Forex Chart Patterns Strategy For MT4 is a specialized trading system which works best on the 30-minute time frame. We will be using this strategy to trade any of the currency pairs in the forex markets.
This trading system uses a daily pivot points indicator. We will be using these levels to great effect. These levels offer strong and relevant zones of support and resistance, and therefore they can provide good signals in the market. However, we will be looking for a specific pattern that forms on these levels as this will be our general signal. That pattern is a bullish and bearish pin-bar pattern.
In order for you to open a sell position – the price action needs to imprint a bearish pin-bar candlestick pattern on the main daily pivot points or on any other pivot point level. When that has occurred you must open a sell market order right below the bearish pin-bar. Set your stop loss one pip above the pin-bar. Then on the other hand, for you to open a buy position– the price action needs to imprint a bullish pin-bar candlestick pattern on the main daily pivot points or on any other pivot point level.
When that has occurred you must open a buy market order right above the bullish pin-bar. Set your stop loss just below the bullish pin-bar pattern. You can counter-trend trade with this trading strategy or you can trade in line with the underlying trend direction. However, you should note that the pin-bar is a reversal pattern.
Meaning that the extent of the reversal is determined mainly on whether the signal is in the direction of the headline trend. So what you could do is to prioritize bearish pin-bar patterns when they hit the Pivot point levels on the bullish retracements in strong downward trends.
Additionally, those bullish pin-bar patterns which form at the pivot point levels in strong bullish markets should take first preference. This is just a way for you to stack the odds firmly in your favor. Having said that though – these are not compulsory rules.
Download the complete system description and the files here: