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Pin Bar candlestick pattern is a candlestick that you usually encountered but did not realize was special. Traders often combine Pin Bar candles and the Support/Resistance threshold to identify price trends.
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Pin Bar
Identification characteristics
Pin Bar are not difficult to recognize in trading candlestick charts. With identification characteristics of Pin Bar candlesticks are:
- Candles have a small body because the opening and closing prices are not much different.
- The distance from the body to the peak or the bottom is very big on a side and very little on the other side.
Pin Bar candlestick meaning
Pin Bar shows that at this time, buyers and sellers are trading very competitively. A peak and a bottom are separated, but at the end of the session, the closing price is close to the opening price. It should be noted that regardless of whether the body of the candle is near the bottom or the top, the closer it is, the more prevalent it is in this session. The Pin Bar shows some signals about the upcoming trend of the market.
How to use Pin Bar candlestick
Combined support/resistance threshold
Instructions for using support/resistance indicators
The use of a reversal signal only when using the Support/Resistance indicator is quite weak. To complement this weakness you will use one more signal which is the Pin Bar.
The reversal prediction appears when the Pin Bar appears right at the Support/Resistance threshold. The candlestick pattern will have body characteristics within the threshold and a long tail of Pin Bar outside the threshold, which is a strong signal that the price will reverse.
However, this scene has a low rate of occurrence, because the perfect support/resistance thresholds occurrence rate is less than 40%. But at least when the Support/Resistance indicator combines with the Pin Bar, it is surely a reverse point.
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Combine other indicators
Based on the nature of the Pin Bar candlestick, you can use it to support other indicators. Pin Bar means showing the pull between the sellers and the buyers, the winning side will become a signal of the next trend.
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