Tuesday, May 14, 2013

GBPJPY Price Action: Pin Bar Price Action Setup, May 14, 2013

 The Geppy did rotate lower as expected, following the Closing price Reversal Trade Setup discussed in yesterday's commentary. However, I did advice we look out for buy setups at about support if price managed to rotate lower. We now have a Pin Bar Price Action Setup at the close of today's trading. The trend is still very bullish and expectations are for price to be pushed higher as a result of this setup.

My Recommendation: A long entry is favoured.

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