Last week, I was so busy working on this new blog and had little time to look properly at the charts, failing to note a very significant price action setup on GBPJPY weekly. Apart from being a pin bar at the dynamic support, it also exhibited an equally significant price action bullish setup known as the Bullish 2 Bar Reversal. We can see that price has continued in its more dominant bullish run after these setups. In the coming weeks hopefully, I will try to put up some write ups on some of these setups. However, in the mean time, These are part of what I try to teach in the Advanced Price Action Course.
Price have managed to reach our expected target from the Pivot Bottom Pin Bar Bullish confirmation setup spotted on the 2nd of March. A Pin Bar at resistance should interest sellers but Ive got my doubts because of the more dominant bullish trend on the pair, pointed out in the weekly chart above. However, I will keep my eyes on the 4 hour intra day time frame to see if the premium signal members can get a chance to short the pair.
My Recommendation: Unless you are an advanced price action trader, don't trade this setup.
2 comments:
I took this sell trade simply because of the strong rejection of that key horizontal resistance with a pin bar but am out now with some profit. I just figured that this uptrend is still intact judging from the weekly TF and it appears that the inside bar formed at that resistance will lead to a fakey with might eventually send price northwards. Waiting for the close of the daily candle. Thanks
yes Emmy, there was a chance to short this pair and I also did take the short in my trade room. Unfortunately, I was a bit too greedy and we only came out with about 40pips. We were aiming for upto 200pips but had to take what we had.
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