Thursday, March 7, 2013

GBPUSD Price Action: Pin Bar Trade Setup pulls off 07/03/2013

1362610270-clip-29kb

In my trade commentary yesterday, I pointed this setup but I was quite hesitant taking the trade because of some other non-corresponding confluences. However, during the London session, a significant prize action was spotted on the 4 hour chart (10:00 GMT GBPUSD INSIDE BAR SETUP 06/03/2013) -an inside bar trade setup. A break of the low of the mother bar triggered a sell-off which some of the members of my signal groups took advantage of. This trade offered well over 1:2 risk to reward ratio and could get as far as 1:3 or 1:4

My recommendation: Stay bearish