Pinbar isn’t a new concept in Forex trading. It has a close resemblance to some other candlestick patterns — Hammer and Morning/Evening Star. However, Pinbar has its own nuances, and today I am happy to present the basic Pinbar trading system suggest to me by one of the forum members. It’s a very simple trading system, but it’s hard to get it automated. And, despite the fact that it’s using mainly pending orders for entry, you have to spot the pattern as soon as it appears for not to miss the valuable entry opportunity. While you won’t find really good
Here’s the recent Pinbar pattern occurrence on GBP/USD H1 chart on October 24, 2011:
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