resistance levels, Fibonacci 50 retracement levels, or moving averages. The last thing you need to know is the pairs and timeframes. Step 2: Identify the highest and lowest bounces in the last year and place an area at each. Mistake #3 Treating all Pinbars equally. If you dont know the basics, thats fine, I got you covered! The daily GBP/JPY chart below demonstrates how a large, well formed pin bar can tip off traders to longer-term changes in trend direction. Many people wait for a candle close to get in, but I have tested this thoroughly and waiting for closes gets you in too late. Lets go over exactly what a pin bar formation is and how you can take advantage of the pin bar strategy in the context of varying market conditions. Significant levels come in many forms.