In Wednesday’s market commentary, we discussed the Euro false break + pin bar reversal signal that formed at the prior swing high and key resistance at 1.3200. We suggested looking for shorts at 1.3200, which sold off heavy today, about +140 pips so hopefully you profited from that as many of our members and savvy price action traders did.
We did not take some arbitrary 50% retracement method, asprice action doesn’t just pullback automatically to 50% retracements on pin bar signals. The price action will respect the most recent price action around the pin bar, and the logical conclusion was to look for shorts around 1.3200.
The signal has now offered an excellent reward to risk ratio of at least 4:1, so profit certainly can be taken at this point. For those thinking there is more downside (which I’m inclined to agree with), the next support comes in at 1.3000 and 1.2960. Bulls will want to wait for these levels before getting long, as the right price action forms there.
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Euro False Break + Pin Bar Profits, +140 Pips
Published 05/02/2013, 03:01 AM
Updated 05/14/2017, 06:45 AM
Euro False Break + Pin Bar Profits, +140 Pips
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