Both currency pairs closed the day with very significant bullish rejections forming pin bars, as they attempted to break above previous resistance zones cutting short the bullish pullback. This is no surprise as I've been consistent with this pair and pointed this out in yesterday's trade commentary.
My recommendation: Stay short with targets about the near term supports as indicated on the charts
4 comments:
Very Nice and on point analysis Chris. Please, will it be wrong to have entered this market at 50% retracement of those pins? Will it trigger? Good Work and thumbs up
I didnt get to see your comment sooner but right now, the AUDUSD has done a 50% retracement. My trade in the free signal group also triggered at about this point.
Thank you very much.
Feel free to contact me directly.
Thank you Chris, I appreciate your response. I am a price action learning trader and I know you are good at what you do, keep it up. I asked that question because I sometimes wonder if there is any rule as to follow as to when to enter a pin bar trade at 50% retrace, especially a pin bar with good confluence in strong trend such as this. Most times trades at 50% retrace do not trigger you know.Thanks
Your observation is inline. But as you get better, you will get to know what trades to take directly and which ones to wait for a 50% retrace.
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