pin and drive

The pin and drive reversal entry trigger

As you might know, I’m mainly a reversal trader. I use other strategies as well, but my bread and butter setups revolve around swing trading reversals.

 

This article is about an entry trigger I often use for my reversal trades. I describe it in my trading plan as pin and drive, which basically means that if I see a pin bar followed by a drive in the opposite direction (a momentum candle, if you wish) AND some additional conditions are fulfilled, I have found that it is often a good trigger to enter a reversal.

 

But first, let’s make it clear what I mean with a chart:

 

Pin and drive reversal trigger examples

 

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XAUUSD

Weekly forex outlook: January 28

Hi traders! How was your trading week? I’m quite early with my weekly forex outlook this weekend. One of the things I’ve started to make a habit of (thanks to this book), is to get up early. It’s incredible what you can get done if you get up a couple hours earlier, it feels to me like I almost have an extra half day available to me!

 

The past week was relatively quiet. However, it still gave us excellent conditions for a couple of trade setups I was describing in last week’s outlook (see the past week trade review section below!).

 

The dollar initially moved lower but regained some of its losses in the second part of the week, ending pretty much where it started. As predicted in our previous outlook, gold saw a sell-off to below-1200 levels. Finally, oil crept up a bit higher but stayed mostly in the range it’s currently in.

 

Macro weekly outlook

 

 

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