Get started

Pin Bar

ETHUSD - Selloff looking likely from bearish pin barETH has produced yet another bearish pin bar which could produce the next leg down in price. This pin bar formed when price attempted to rally but the rally could not be sustained. There have been a number of bearish pin bars in ETH over the past few months on both the daily and intra-day time frames, from which a number of have produced large selloffs. I point out just one of them on my chart where the most recent selloff from the $190's occurred. If price does break down then the next logical supports are $110 (trend line support) and $100 which is a very important support level both in historical context as well as for psychological reasons. Keep in mind that there was a large bullish engulfing bar just a few days ago which could bring strong buying pressure back in if price does attempt to break back down to the $110 level.
BITSTAMP:ETHUSDShort
by krugman87
1
ETHUSD PRICE ACTION PIN BAR TRADING STRATEGYPin Bars This price action strategy will focus entirely on a price pattern called pin bars. This candle is simply the price hitting a certain level and being “rejected” from it. This bar has a long tail on it with a small body. There are different types of characteristics for a particular pin bar. For instance, the long end of the candle is the wick, while the small end (the opposite side of the body) is called the nose. Most agree the long tail, or “wick,” will be at least two-thirds the total length of the pin bar itself. The other part of the pin bar will naturally be, at the most, one-third of the candle. The open price of the candle and the close should be relatively the same price. This forms the ‘Body.’ To confirm a pin bar, you must wait for the candle to close. Just because the current candle “looks” like a pin bar, does not necessarily mean it is. in the example above, the price movement could have continued upward and closed at the top of the candle. In turn, it would not be considered a pin bar. Basic Guidelines: Timeframe - ANY Market - ANY Indicators - NONE OTHER - Trend lines, horizontal lines, support resistance lines (anything to help you find these areas). Step 1: Find a Pin Bar On Your Chart. *Note This is a stock price action strategy, and a forex price action strategy. I will use a currency pair as an example. Price action charts are with any market and timeframe. First, identify a pin bar that has formed. Step 2: Look for Past Price Action to Determine Why The Pin Bar Formed. Why did the reversal suddenly hit a price, and then continue back to the upside? Let’s zoom out a bit on a daily chart. We'll figure out if we can see anything that explains what happened. Note** you can either look at the current time frame you are on, in this case, a 1-hour time period. Or you can bump up one or two periods to gather information. Resistance in the past can mean support in the future. What happened is the price hit this level but failed to break through it. Since the long bullish wick formed, we decide it is time to enter this trade based on what we learned from the prior days. This is what Price Action is all about. No two trades are the same. However, we can take what we've learned from the past. Then make the best judgment as to where the price is going in the future. You are essentially like a detective when you trade price action. The point is to gather many pieces of evidence to back up your conclusion. You are trading with confluence. Sometimes simple is best. Study the charts and form an educated conclusion as to where the price will go. Step 3: Trade entry You just enter the trade 2-3 pips from the break of the nose of the pin bar. Step 4: Stop loss Place the stop loss 3-5 pips away from the wick. The end of the wick will be a support area. So if this is broken the trend may continue downward. Which is why you place your stop 3-5 pips away from this. Step 5: Exit Strategy Your exit strategy is when you hit the first level of support or resistance on your chart. As you can see, the price hit a point then stalled out. Once we see the price action stalling out, we exit the trade immediately. Conclusion - Price Action Pin Bar Strategy Price action is another fundamental element to learn when trading the market. There are thousands of strategies you can use with price action. It is important to find something that works for you. These pin bars are hard to miss. They are relatively accurate when you learn why a pin bar formed. Pin bar candles are shown in any time frame. The rule of thumb is, the higher the time frame, the stronger the signals. But that does not mean that this will not work on a five-minute time frame. Do not trade every pin bar you see that forms. Gather up key information from the charts. Then form the best conclusion to determine if you should enter the trade based on the rules.
COINBASE:ETHUSDEducation
by Tradingstrategyguides
GBPUSD Wave AnalysisGBP made some really interesting moves the last two weeks. Anybody who is familiar with the Elliott wave Theory was expecting the final push to the upside. We now have finished the 5-Wave structure to the upside, which took place since September. The Brexit is pretty clear right now and UK will face some macroeconomic difficulties. From the technical perspective we will have some very interesting setups for the next Weeks/Months. Market finished 5-Wave push to the upside This week we got the immediate retrace and selloff which was also 5-Waved and the beginning of something big. Across all GBP Pairs we get some nice daily/weekly sell signals I am waiting for the retrace to occur to get another sell setup IF the months closes below 1.2900 we get a picture perfect Pinbar candlestick. This would indicate a much bigger selloff toward new lows on the weekly and monthly chart. Let's watch the 4H/1H Chart to get a good entry around the regular fibonacci lvls. Follow us to receive future updates on this and other pairs. Learn how to apply the Elliott wave Theory to the markets!
Short
by Phils_Ocean