Pinbars support forex traders with low risky entry indicators if utilized appropriately. We will be positioning stop-losses just higher up or beneath the Pinbar to manage the risk as low as viable. This foreign exchange system incorporates pinbars and the Mega trend indicator.
1. Pinbar and mega trend are the only indicators required.
2. The recommended time frame for utilizing the strategy is one hour, four hours, weekly or monthly.
3. Appropriate on any trading sessions.
4. Perform best on major currencies or currencies that crosses.
Instance EUR/USD Hourly Chart
We have two genuine entry indicators in the EUR/USD downward trend. Red pinbar and the red mega trend signal line results in an auction signal.
1. Mega trend signal borderline blue (bullish market trend).
2. Green pinbar displays on the char.
Begin purchase at the open of the next bar. Position your stop-loss one pip beneath the low of the bullish (green) pinbar.
Price target is equivalent risk to reward 1:3 (i.e. risking 25 pips to make 75). By preference, exit the exchange prior resistance.
1. Mega trend indicator borderline has to be red colored (bearish market trend).
2. Red pinbar displays on the chart.
Begin auction at the open of the next bar. Position your stop-loss one pip higher up the high of the bearish (red) pinbar.
Price target is equivalent risk to reward 1:3 (i.e. risking 40 pips to make 120).By preference, exit the exchange at the prior support.