Forex Beginners Should Try Bullish Pin Bar Trading Strategy
Forex Beginners: What Do We Need to Start Out? The first thing we are going to talk about is a forex beginners tutorial. When you sign up for a forex trading account, you will be given a PIN, which is your log in password. This is what you use to create your free account and take your first trades. Once you have your account set up, you need to learn the basics of forex trading.
There are several trading strategies that you can learn from forex tutorials. One of these strategies is called the Inside Bar and Forex Candlestick Strategy. It is perfect for the forex beginners because all you need to do is put in a trade and it tells you when to make one. For example, if you put in a trade, it tells you when to buy and sell and the system trades for you automatically. If you want to learn more about the inside bar and forex Candlestick Strategy, you can read the linked article below.
The next strategy that is for the forex beginners is called breakout and we will talk about this in detail later on in this article. However, first, let’s talk about a new trading term. This term is known as “DAG” or “DAGG” stands for “double entry”. This term means that you enter and exit a trade in the same transaction and it shows where your money is at any given moment.
If we look back in history, there were many great traders, which made their fortune from trading strategies like the Inside Bar and Forex Candlestick Strategy. A trader or a beginning trader must learn from these forex trading strategies if he/she wants to become a good trader. One of these strategies is by using the pin bar trading strategy. So, let’s continue with this article and learn how the pin bar strategy works.
First, the inside bar and the forex pin bar trading strategy were created by George Brown, the famous forex market analyst. He believed that one of the best ways to predict the major trend of the currencies is to follow the breakouts. The breakout is defined as when there is an increase of price in one currency in a very short period of time. So, if we take the example of the USD and the GBP, the breakout is when the USD increases by around 0.7 percent in one day. If we look into the history of the major trend, there were major breakouts in each of the 3 major currencies; the EUR/USD, the USD/JPY and the USD/CHF.
So, the inside bar trading strategy bases its strategy on this fact and also tries to find the support zone. Usually, the breakout occurs near the moving averages. In forex beginner’s guide, this is usually referred to as the Support Zone. If the support is present, then it means that the trend will continue like this. On the other hand, if it is absent, it means that the USJpy or the GBP might reverse direction and start to fall.
Now let us move on to the forex trading strategy named the Bullish Pin Bar. This is basically the same as the inside bar strategy but the only difference is that it targets the bullish pins. In this new support method, the trader tries to find the top of the current uptrend as well as the resistance level. There is no break out here; it is more of a period-based approach which uses technical indicators to predict the direction of the trend.
What is great about using this new support method is that you can easily copy the patterns of the bears. If you look at the previous charts, you can easily see that the bears’ patterns include a couple of price points moving up to the support line and then back down again. This is actually what is happening in the market right now. So with this forex newbie trading strategy, you can easily predict the direction of the market by using the technical analysis to identify the signals.
