Scalping with pin bars. How can we do it properly?
Here’s a simple yet effective strategy to use pinbars in combination with trend lines to scalp several times a day for 10 pip profits.
Preferred time frame(s): 1 min
Trading sessions: EURO, US
Preferred Currency pairs: EUR/USD, GBP/USD, USD/JPY, NZD/USD, USD/CAD, AUD/USD, GBP/JPY, EUR/JPY, EUR/AUD
I recommend that you focus on just one or two currency pairs initially.
You will have more than enough signals with one or two pairs you select and, as your account and experience grow, you can diversify by including additional pairs.
EUR/USD 1 Min Chart
As shown in the EUR/USD chart above, price pulls back toward the rising support trend line.
We open long trade near the trend line after the bullish (green arrow) pin bar.
Both long trades were closed for +10 pips (click the chart to enlarge).
- Draw solid upward trend line (at least 60 candlesticks)
- Wait for the price to pull back toward the support trend line (low risk opportunity)
- Wait for bullish pinbar (green arrow) to appear
Go long now! Place 10 pip stop loss and exit the trade for 10 pips profit.
- Draw solid downward trend line (at least 60 candlesticks)
- Wait for the price to move up toward the resistance trend line (low risk opportunity)
- Wait for bearish pinbar (red arrow) to appear
Go short now! Place 10 pip stop loss and exit the trade for 10 pips profit.