In this post I will review the Extreme Pin Bar Indicator. This is a price action analysis indicator that has been developed to be used in the ever popular MetaTrader 4 trading platform for desktop. MT4 is free to download from most online forex brokers. Please feel free to browse my best forex brokers if you are looking for some inspiration.
Hopefully, this Extreme Pin Bar Indicator Review will help you to decide if this is a forex trading strategy that you would like to try out. I think that it has some potential but does require the user to take some initiative. This means that you will need to confirm each trading signal with your own market analysis to make sure that you are happy to take the trade. If not, you can always wait for the next opportunity to come along.
Extreme Pin Bar Indicator Trading Strategy
A Pin Bar is a candlestick pattern that is also known as a long tail bar and is one of the most recognizable candlestick patterns. A pin bar can be a powerful trade set up for either buy or sell trades when combined with further market analysis. The Extreme Pin Bar Indicator can send you an alert when it finds a pin bar and mark them on your charts for you.
Generally speaking, traders may expect that the price will continue in the opposite direction of the long tail. The fundamental idea is that the traders tried to push the market one way but failed, thus exhausting the move, the price may turn and go in the opposite direction. This can be confirmed by using support and resistance levels along with other technical, fundamental and price action analysis.
I would personally prefer to conduct my own detailed technical analysis, fundamental analysis and price action analysis before taking any trading signal. This gives an extra confirmation and ensures that I would remain in control of my trading rather than blindly taking a candlestick pattern setup.
The Extreme Pin Bar Indicator can be used on any currency pair and chart time frame of your choice. The indicator is very flexible and can be customised to different trading styles such as trend trading, day trading, swing trading, forex scalping and more. This forex indicator can also be used on other trading instruments such as Stocks, Futures, Commodities, Cryptocurrencies, Metals and Energies.
Personally, I would look to be trading the most liquid currency pairs such as the EURUSD and GBPUSD as I tend to find that they can have some of the tightest spreads and plenty of liquidity for reliable trade execution speeds at the best available prices, especially when using an ECN forex broker.
I also feel that the higher timeframe charts of 1 hour and above can help to filter out some of the market noise that can occur in the lower chart time frames. It also means less time chart watching.
As with any forex trading system, the money management and traders’ discipline can be important factors. I would try to ensure that I only take trades that present a favourable risk to reward ratio so that one losing trade does not wipe out consecutive winning trades.
What are Pin Bars?
A pin bar is a Japanese candlestick that has a long wick on one side and a small body. Japanese candlesticks were formed by a Japanese rice trader named Munehisa Homma during the 17 century. Munehisa believed that human psychology was driving the market, and he wanted to graphically represent this. The result was the formation of the Japanese candlestick.
The pin bar reversal as it is sometimes called, is defined by a long tail, the tail is also referred to as a “shadow” or “wick”. The area between the open and close of the pin bar is called its “real body”, and pin bars generally have small real bodies in comparison to their long tails.
The pin bar is a candlestick reversal pattern that indicates that the price action at a particular point has been rejected by the market. It is a familiar candle formation on Forex charts and is one of the candlestick patterns that are formed by just one candle.
A bullish Pinbar shows rejection of lower prices. The lower wick of the pin bar candle shows the bears were in control earlier but was eventually overcome by the bulls. A bearish Pinbar shows rejection of higher prices. The upper wick shows the bulls were in control earlier but was eventually overcome by the bears.
Ideally, a Pin Bar should close in favor of the prevailing trend, for example, if the trend is up then the Pin Bar should have a close higher than the open and should be a bullish Pin Bar. The opposite applies to a downtrend
Extreme Pin Bar Indicator Summary
The Extreme Pin Bar Indicator can be useful for spotting pin bars on your charts quickly, especially if you do not have the time to find them. They may not be the most solid trading signals when used alone but they can be combined as part of a more complete trading strategy. I wouldn’t personally use it as is without additional market analysis and a solid trading plan in place.
Overall, I think that this is a basic forex indicator, and something you can do yourself in the MetaTrader platform by simply using the default drawing objects that are included within the platform free of charge.
If you wish to try the Extreme Pin Bar Indicator, perhaps it may be wise to start on a demo trading account. It comes with full support, detailed instructions and a money back guarantee. To learn more and get the Extreme Pin Bar Indicator download you can visit the website by using the link below.
Extreme Pin Bar Indicator
$77
Pros
- Manual Trading System
- Technical Indicators
- Signal Alerts
- Price Action Analysis
- Any Chart Time Frame
- Any Trading Instrument
- Detailed Instructions
- Full Support
Cons
- Quite Basic Forex Strategy
- Not Very Innovative
- Requires Some User Initiative
- MetaTrader 4 Only
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
