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The pin bar formation is a price action reversal pattern that shows that a certain level or price point in the market was rejected. The pin bar itself is a bar with a long upper or lower wick and a much smaller body.
In a bullish pin bar reversal setup, the pin bar’s tail points down because it shows rejection of lower prices or a level of support. This setup very often leads to a rise in price.
In a bearish pin bar reversal setup, the pin bar’s tail points up because it shows rejection of higher prices or a level of resistance. This setup very often leads to a drop in price.