Pinbar Pattern Strategy

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 set-ups everyday, Pinbar is a popular patterns and appears quite frequently on many currency pairs and across all timeframes.
Here’s the recent Pinbar pattern occurrence on GBP/USD H1 chart on October 24, 2011:

If you have suggestion or questions regarding the Pinbar trading system, please feel free to submit them using the form below.

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