On Friday I opened long position and I wrote about this setup in the morning. For now it brings 60 pips of profit with SL 40 pips.
Here I have active sell limit order on 50% retracement of big bearish Pin Bar (description of Price Action patterns in the end of this analysis). We just have to wait, although if price will go away for more than 2,5x Stop Loss I will cancel this position.
Another position opened on Friday. Very nice Pin Bar candle on support, test of 50% retracement and I’m in.
YOU CAN START USING PRICE ACTION AND INVEST ON FOREX MARKET USING FREE XM BROKER ACCOUNT.
This pair attacked resistance on Friday. However bullish impulse is strong enough that we shouldn’t look for signals on H4 chart (what I unfortunately experienced last week). On H4 chart we play consistent with trend.
Now there are 2 possible signals:
- Short on D1 chart after sell signal;
- Long on H4/D1 if price will break resistance and then there will be correction and test of resistance from above.
After Thursday’s signal pair reached TP on Friday. It was Outside Bar and rebound of Inside Bar. SL 70 pips, TP more than 180. Unfortunately I didn’t opened this position.
Another Take Profit on pair with pound. Rebound of Inside Bar, on Friday there was a test of 50% signal candle, quick drop to local low. SL was 50 pips.
I wrote about this pair on Friday and it wasn’t clear. I counted more on close above resistance and further gains, but there was sell signal. Currently we can see very nice bearish Pin Bar on resistance and we should open sell limit order on 50% retracement.
Pair is testing strong resistance level. If there will be sell signal we can consider short positions. If price will break resistance and close above it, we will look for long positions. Identical situation as on NZDJPY.