Yesterday we could spot Pin Bar on D1 AUDJPY chart. It happened after dynamic bullish move and is located on important support. Theoretically we don’t have much space for gains and we shouldn’t count on more than just last high (86.35. Let’s see if we can use this signal to make good transaction.
In case when on higher time frame there is a good signal but there is not enough space to realize it or SL is too big we can take a look at smaller time frame. Take a look at H4 chart. Here we can also see a pin bar, the same ass two times before (blue arrows). We have gains, support and signal candle.
THIS ANALYSIS WAS CREATED IN COOPERATION WITH XM BROKER. OPEN FREE XM ACCOUNT AND GET FREE $30 FOR YOUR TRADING.
We just have to set buy limit order on 50% retracement of signal candle and thanks to that have nice RR 1:3. Example parameters of this order:
- Buy Limit: 83.95
- Stop Loss: 83.15
- Target Point: 86.35
