Pinbars can be traded with different entry methods. Wait for the Pinbar to complete. Open trade at the start of next bar with a market order. Another method is opening trade on a 50% retrace of the PinBar. In this method, trader waits for the price to retrace to the midpoint of the entire Pinbar’s range. More conservative approach is to place a stoploss buy order above the high of the Bullish Pinbar and stoploss sell order below the low the Bearish Pinbar.
Traders can use their discretion in opening trades with the Pinbar. One of the best methods is to trade Pinbars formed in the direction of trend. This can be considered as trend continuation trades. Reversal trades can be opened when the Pinbar is formed at important resistance or support levels. See the chart attached. Placing the stoploss for the trade at the opposite end of the pin bar is good. Pinbars work best when they are formed at important support or resistance levels.
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