forex-scalping-with-pin-bar

Support/Resistance and Pinbar Forex Scalping Strategy

Forex Strategy, Scalping

Support/Resistance and Pinbar Forex Scalping Strategy

How does forex scalping with pinbars work? Here’s a simple, yet very effective low risk trading strategy with pin bars and key support/resistance levels.

Chart Setup

Indicators: SupportResistanceLevels, PinBar
Preferred time frame(s): 5 minutes chart
Trading sessions: London and New York
Best currency pairs: any

Download

Download The Forex Scalping Strategy With Pinbar And Support/Resistance.

Example: AUD/NZD 5 Minute Chart

forex-scalping-with-pin-bar

As shown in the AUD/NZD chart above, the special pinbar indicator identified a bullish pin bar close to the key support line. Go long now and place a stop-loss 2-3 pips below the key support line. Fixed take profit: Exit the buy trade for at least 1:2 risk-to-reward or higher. Alternatively, close the buy trade near the first key resistance level.

Trading Rules

Buy:

  • Bulish pin bar (green arrow) appears near the key support line (SupportResistanceLevels indicator)

==> Open buy order

Stop-Loss: Place 2-3 pips below the key support line.

Price Objective: Exit the buy trade at risk-to-reward 1:2 (i.e. risking 12 pips to make 24). Alternatively, ride the uptrend until the price reaches the first key resistance level.

Sell:

  • Bearish pin bar (red arrow) appears near the key resistance line (SupportResistanceLevels indicator)

==> Open sell order

Stop-Loss: Place 2-3 pips above the key resistance line.

Price Objective: Exit the sell trade at risk-to-reward 1:2 (i.e. risking 10 pips to make 20). Alternatively, ride the downtrend until the price reaches the first key support level.

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