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Hi Colibritrader,
Do you follow this line of thinking for trading pinbars? You notice a pinbar, look to see the following days price action (which just happened to be a bullish engulfing bar). Wait for it to pull back to the 50% mark of the engulfing bar, and then make the trade?
Or is this just because an engulfing bar formed after the pin bar?
Thank you very much
Hello Daniel,
Not really. I do act on the pinbar itself, but sometimes look for a pull back and another confirmation from a 4H time frame. But to be honest with you, the major signal for me is still coming from Daily. I do not scan down to 4H if I do not see anything intriguing on Daily. I also watch Support and Resistance lines, but only on Daily and Weekly charts.
Thank you for your questions! I am happy to help.
Regards,
Colibri Trader