• Home
  • About
  • Contact

Forexobroker

Download Our Forex Strategies and Indicators

  • Daily Forecast
  • Tradingview Tools
  • Courses
  • Metatrader 4 Indicators
    • Free Metatrader Indicators
    • Paid Metatrader Indicators
  • Metatrader 4 Systems
    • Free Metatrader Systems
    • Paid Metatrader Systems
  • EA’s
    • Paid Expert Advisors
  • Forex Brokers

Fxi Pivot Point Indicator – Trading using pin bars in combination

March 31, 2015 by Dominic Walsh 6 Comments

If as a trader you are keen, you shall notice that there are some bars or candles that are former with a longer tail or wick than the body. These are called pin bars or exhaustion candles. They can be bearish or bullish pin bars.

The bullish Pin Bar has a tail end that points down. It shows there is a price reversal that is about to happen. If you place an arrow at is tail facing the body, the arrow will point to the direction of the reversal; which in this case is upwards. This bullish candle actually shows that the market is rejecting any further lower prices or level of support. Therefore if such a candle is formed the prices are likely to rise.

The bearish pin bars have their tail end pointing upwards. If you place an arrow at is tail facing the body, the arrow will point to the direction of the reversal; which in this case is downwards. This bullish candle shows that the market is rejecting any further higher prices or level of resistance. As a trader if such a candle (exhaustion) forms then be prepared for prices to head downwards.

fxi_pivot point indicator.

As a trader you should target the close of the pin bar and then open a trade in the direction that the pin bar points (this is by placing an arrow at the tail end pointing the body).

However after opening a position it is tricky to determine how far the predicted trend will go. When you enter a trade you are targeting profits as fast as possible. So you have to be sure of when to open a trade and when to close the trade.

Based on the above drawback, you need to combine pin bars with an indicator to get 100% result. The most convenient indicator to use is the fxi_pivot point indicator.

Fxi pivot point indicator

This indicator shows the daily lows and highs. It draws a line at the lowest prices of each day and this line is called the support level. It also draws another line at the highs of each day which are referred to as the resistances.

It also has another line in between the supports and resistances which indicates the market price level at which the day closes at.

Inserting the pivot point indicator

Download the indicator (croll down page to download FXI Pivots.ex4), save it in the indicators folder in the MQL4 folder. This is done by opening the MT4 platform and clicking at theFxi_pivot point indicator file burton at the top left corner. Then clicking at open data folder.

After copying the indicator here close the mt4 platform and open it again.

Then click at insert, then custom and scroll down to locate the fxi_pivot point indicator and double click it. Then click ok on the pop up dialog box that appears.

You are now good to go!

Fxi_pivot point indicator

Fig.2. fxi pivot point indicator on chart.

Using the fxi pivot point indicator with the pin bars

In this trading system you look for the pin bars that form at the resistances or supports. Then you open a trade at the close of the pin bar or exhaustion candle.

Be sure to place a stop loss at the end of the pin bar tail. This will ensure that you are safe in case the market misbehaves due to other factors like news or pressure from traders.

Then place your take profit at the nearest previous 3rd day support or resistance level in case of a bullish bar or resistance or support level in case of a bearish bar. You start with the one on which the pin bar has formed on.

This strategy will give you 95% and above returns.

Fxi_pivot point indicator

Fig.3. Combining pin bars and fxi pivot point indicator.

From figure 3 above, as a trader you are to open a buy order at the closing of the second pin bar as shown then take your profit as shown. You realize that if you had opened the order at the close of the first pin bar and put your stop loss at the end of the tail you would still take your profits. The blue numbers shows the count to the third previous day support. Open demo account to test this indicator.

Download Free Fxi Pivot Point Indicator

Download Fxi Pivot Point Indicator

Filed Under: Free Metatrader Indicators Tagged With: forex education

Comments

  1. denis says

    April 1, 2015 at 3:30 pm

    Thanks! Many hanks!

    Reply
  2. Henryanto says

    April 1, 2015 at 10:41 pm

    Good indocator to be shared.

    Reply
  3. Harlan Barclay says

    April 4, 2015 at 3:45 am

    In your directions to load the indicator you say the file is a ex4 type.
    When you click on the download site it loads a rar type file that does not work in the MQL4 file. I see it inside the MT4 platform but it does not show up in my indicator selection area in the platform. Need a little help?

    Reply
  4. Dominic Walsh says

    April 4, 2015 at 8:35 am

    Hello Harlan,

    You need to extract .rar file with win rar. You can download it here: http://www.win-rar.com/download.html?&L=0

    Best Regards,
    Dominic

    Reply
  5. BILIAMINU NURUDEEN says

    April 7, 2015 at 5:53 pm

    sent me good thing god bless you and me

    Reply
  6. akmal aziz says

    April 10, 2015 at 1:34 am

    i download systeam

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Email
  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • RSS
  • Twitter
  • YouTube
Forexobroker

Archives

  • January 2023 (6)
  • December 2022 (7)
  • November 2022 (19)
  • October 2022 (20)
  • September 2022 (27)
  • August 2022 (13)
  • July 2022 (4)
  • June 2022 (2)
  • May 2022 (2)
  • April 2022 (3)
  • March 2022 (5)
  • February 2022 (3)
  • January 2022 (5)
  • December 2021 (1)
  • November 2021 (3)
  • October 2021 (3)
  • September 2021 (2)
  • August 2021 (1)
  • July 2021 (1)
  • June 2020 (7)
  • May 2020 (6)
  • April 2020 (7)
  • March 2020 (7)
  • February 2020 (10)
  • January 2020 (3)
  • November 2019 (1)
  • September 2019 (3)
  • August 2019 (3)
  • June 2019 (1)
  • December 2018 (1)
  • November 2018 (4)
  • October 2018 (9)
  • September 2018 (11)
  • August 2018 (5)
  • July 2018 (6)
  • June 2018 (3)
  • May 2018 (6)
  • April 2018 (2)
  • March 2018 (9)
  • February 2018 (8)
  • January 2018 (10)
  • December 2017 (10)
  • November 2017 (14)
  • October 2017 (3)
  • September 2017 (3)
  • August 2017 (13)
  • July 2017 (25)
  • June 2017 (21)
  • May 2017 (20)
  • April 2017 (21)
  • March 2017 (15)
  • February 2017 (16)
  • January 2017 (18)
  • December 2016 (11)
  • November 2016 (21)
  • October 2016 (63)
  • September 2016 (24)
  • August 2016 (22)
  • July 2016 (16)
  • June 2016 (16)
  • May 2016 (16)
  • April 2016 (23)
  • March 2016 (29)
  • February 2016 (22)
  • January 2016 (22)
  • December 2015 (29)
  • November 2015 (28)
  • October 2015 (29)
  • September 2015 (41)
  • August 2015 (52)
  • July 2015 (47)
  • June 2015 (55)
  • May 2015 (50)
  • April 2015 (58)
  • March 2015 (22)

  • Home
  • About
  • Contact

Categories

  • Daily Forecast
  • Tradingview Tools
  • Courses
  • Metatrader 4 Indicators
    • Free Metatrader Indicators
    • Paid Metatrader Indicators
  • Metatrader 4 Systems
    • Free Metatrader Systems
    • Paid Metatrader Systems
  • EA’s
    • Paid Expert Advisors
  • Forex Brokers

Visit Our Forex Strategies And Forex Indicators Below:

Forex Trading Strategies

Free Forex Indicators

Paid Forex Indicators

Paid Forex Strategies

“Our order process is conducted by our online reseller Paddle.com. Paddle.com is the Merchant of Record for all our orders. Paddle provides all customer service inquiries and handles returns.”

© 2015-2023 Forexobroker

Copyright © 2023 · Magazine Pro Theme on Genesis Framework · WordPress · Log in