Forex Scalping Strategy Using Pin Bar And Support And Resistance

This Forex Scalping Strategy Using Pin Bar And Support And Resistance  is a fairly simple scalping system that uses price action trading.

What You Need

  • What you need is to identify your support and resistance levels on your charts
  • and know how to identify pin bars. If you can’t then this pin bar indicator may help you do that.
  • Timeframe: 5 minute.
  • Trading Sessions: better to trade on London or New Your session.
  • Best currency pairs to trade: any

 

Buy (Long) Rules:

  1. mark your support level and watch that support level as price comes near to it to see if you notice a bullish pin bar forming
  2. place buy stop order 1-2 pips above the high of that pin bar or open a market order.
  3. Place your stop loss 2-3 pips below the support line
  4. Exit and take profit when price reaches twice or three times what you risked initially for that trade.
  5. Or you can ride the trend until it reaches a key resistance level and exit there.

Here is a chart showing you how to take a buy trade setup:

Forex Scalping Strategy Using Pin Bar And Support And Resistance

Short(Sell) Trade Rules

  1. mark your resistance level and watch that that level as price comes near to it to see if you notice a bearish pin bar forming
  2. place sell stop order 1-2 pips below the low of that pin bar or open a market order.
  3. Place your stop loss 2-3 pips above the resistance line
  4. Exit and take profit when price reaches twice or three times what you risked initially for that trade.
  5. Or you can ride the trend until it reaches a key support level and exit there.
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