How to trade Pinocchio Bar (Pin Bar) With Price Action Examples|BEST Forex Trading Strategies
he Pinocchio Bar or Pin Bar is a popular price pattern among traders who use technical analysis. The Pin Bar is easy to spot, and you can trade it effectively within the market’s support and resistance structure. The dynamics underlying this simple price pattern is intriguing.
In Martin Pring’s Technical Analysis Explained, he calls the pattern Pinocchio because it lies.
It lies about the market direction. And its long nose exposes its lie.
Let’s expose the Pin Bar below.
THE TRADING PSYCHOLOGY BEHIND THE PIN BAR
To appreciate how the Pin Bar works, you will find it helpful to understand the market dynamics it capitalizes on.
Trading breakouts is a common strategy. The usual approach for breakout trading is to place entry orders and stop orders at support and resistance levels.
By making a momentary break of these levels, Pin Bars trigger the orders of these breakout traders before trapping them into an adverse situation.
As the Pin Bar closes back within the support or resistance, prices make a run for the other direction, trapping the traders.
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