USDCHF DAILY CHART
The USDCHF has formed a super large Pin Bar reversal. This Pin Bar has a huge nose and is sticking out, up and away from all other price like the best Pin Bar’s do. The one worry with this Pin Bar is before it formed the obvious trend has been clearly moving higher and to take this trade would be trading directly against the trend. The trend is your friend and whilst many trends are changed from Pin Bar’s, your odds of making a winning trade are lowered when trading against the trend. The Pin Bar can be a great signal for changing trends. Go to any of your charts on any time frame and you will quite often notice that just before a change of trend was a Pin Bar.
USDCHF DAILY CHARY | 16th May 2013
EURUSD DAILY CHART
In yesterdays blog we posted about the Bearish Engulfing Bar (BEEB) that had formed on the EURUSD that had the potential to push price lower over the coming sessions. To read that post see here: EURUSD BEEB Since this post price has moved lower and into the first support area. Price has tested this area and moved to close just off the daily session lows. From here traders could look to protect their capital by tightening or trailing their stops.
EURUSD DAILY CHART | 16 th May 2013
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