I have been watching some charts and looking for more patterns to help technically decide which way a trade is going.
Pin bars allow us to see indicators of a change of direction for a trade, the pins are pointing the opposite direction for the way the pair is going to go… after 3 or 4 normally it’s a good indicator the trade has in face changed direction. The longer the pin, the larger the swing.
This is a good guide.
In fact, I just made 18% profit in under 5 seconds using this trick. GBPUSD showed 3 signals. Trade went on just after the last one. Took profit 30 pips higher. Like anything it doesn’t ALWAYS work. Us scalpers like fast trades that are quickly over but reap great rewards.
I do actually prefer one massive pin bar but after a bullish bit, then a drop the small pin bars indicate another upward trend.
Being a terrible scalper as I am I thought I’d do a little demonstration and get some profit out of it. Just took 6% because I’m a bit busy at the moment. Again this is a scalpers tool really because its not really indicating anything long term. If you want to get a quick profit this is a good way to do it (incidentally, if I’m showing someone trading and I pull this off it’s almost like magic!).