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LESSON: Entering the Pingulfing Bar

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[op_liveeditor_element data-style=””][text_block style=”style_1.png” align=”left” font_size=”16″ font_font=”Montserrat” font_color=”%237e7e7e”]Whilst on the Engulfing Bar we can on occasion increase our risk reward potential by looking for retrace entries on certain trades. We do this by looking for price to slide back either higher or lower back into the previous candles high or low.

The pingulfing bar is part engulfing bar, however the big difference is we are looking to play with and inline with momentum.

That is why price closing in the last 1/3 of your desired trade direction is so CRUCIAL and also why for pingulfing bar setups we only take entry via break at the high or low – the same as a pin bar.

Entering the Pingulfing Bar however we must always enter at the break of the candle low or high. The same entry technique and rules are used to enter the Pingulfing Bar as the Pin Bar.

How You Can Increase Profits With 2 Bar

Sometimes the pingulfing bar will be large, but these are the ones we should be actively hunting for because the bigger they are the more momentum they come with and the more commanding they are – BUT the bigger the stops they will also have.

Taking a short-cut through entry is not the answer, but there are other methods and answers to increase your profits and rewards.

I will show you stop loss methods and further in the course how to manage different market types for more or less aggressive management so you can pick or choose the types of markets you want to trade for your style of management.

Lastly…

The best and easiest way to enter the Pingulfing Bar at the break is to set pending orders.

For example; to sell we would set a pending sell stop and to go long we would set a pending buy stop. When doing this we would also set our stop loss on the trade.

By placing pending orders this way we don’t have to watch the market for trades to be triggered and even when we are asleep we can be entered into a trade. This will help with lowering screen time and also over managing trades due to watching the market too much!

If price goes past the opposite side of the Pingulfing Bar the trade is no longer valid and pending orders should be cancelled.[/text_block][/op_liveeditor_element]