5 Minute Pin Day Trading System
This simple system is simply great if you are the kind of day trader who just wants to make a few of pips every day. After all that is all we need to change our lives.
This system uses a candlestick formation fore entry trigger and nothing more. I must stress that you can not really trade this system if you do not have a spread of 1 pip of less. I have .9 pip on the EURUSD which is offered by a couple of large well known brokers.
Open a 5 minute candlestick chart.
Wait for a pin bark formation. This formation happens when price opens then moves up or down by at least 5 pips before returning back to almost the open price. This creates a candlestick that looks like a pin bar.
We are going to take trades in the opposite direction of the pin bar, for example if the pin is pointing down we are looking to trade long and if the pin is pointing up we are looking to trade short.
Use a 10 pip stop but remember this is an emergency stop only in case you cannot close the trade for some reason.
Once a pin bar is formed take a trade on the break of the pin bar, do not let the trade go against you by more than 5 pips.
Once you are in profit by 2 pips never let it go back into a loss.
These setups are good from 2-8 pips maximum, you will not get big moves, I like to take 2-3 pips out at a time.
This system uses a candlestick formation fore entry trigger and nothing more. I must stress that you can not really trade this system if you do not have a spread of 1 pip of less. I have .9 pip on the EURUSD which is offered by a couple of large well known brokers.
Open a 5 minute candlestick chart.
Wait for a pin bark formation. This formation happens when price opens then moves up or down by at least 5 pips before returning back to almost the open price. This creates a candlestick that looks like a pin bar.
We are going to take trades in the opposite direction of the pin bar, for example if the pin is pointing down we are looking to trade long and if the pin is pointing up we are looking to trade short.
Use a 10 pip stop but remember this is an emergency stop only in case you cannot close the trade for some reason.
Once a pin bar is formed take a trade on the break of the pin bar, do not let the trade go against you by more than 5 pips.
Once you are in profit by 2 pips never let it go back into a loss.
These setups are good from 2-8 pips maximum, you will not get big moves, I like to take 2-3 pips out at a time.
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