The USDCAD has fired off a pin bar reversal on the weekly price action chart that is rejecting the near term support level. This pin bar is down at a swing low and in-line with the recent weekly up-trend, with price making higher highs and higher lows on the weekly chart in recent times.
If price can break the high of this pin bar and gain momentum to push higher, the next major resistance for this market comes in around 1.0420. Price breaking through the high of the pin bar is going to be key. If price cannot break through the pin bar high, it will be an indication that the bulls are not strong enough to regain control. If price fails and moves back lower, the next support for price comes in around 1.0160.
I recently wrote an article on the major points that traders struggle with on the pin bar reversal. Whilst the pin bar is quite a popular price action signal and can be a super powerful and reliable signal when used correctly, it is too often used in the wrong spots on the charts and not how it is supposed to be used. If you trade the pin bar I highly recommend you read this article here: Where traders go wrong with the pin bar reversal.
USDCAD Weekly Chart
Hi Johnathon,
If I put an entry right above the high of this pin bar and stop loss just below its low, take profit at the next resistance level on your chart, I will have a profit of 80 pips and a stop loss of 150 pips. I read on your thread that several times you don't choose this because it doesn't have enough space for you. Please explain why you choose this as a A+ setup.
Btw, i'm very excited about your course. I'll sign up soon and see u there:)
but i’m not confident enough to place the order on the weekly time frame since the stoploss is so big !
It is all relative….. The stops are bigger, but the profits are bigger also, so as long as you are working out your money management it should be no different to trade the daily or even 1hr chart: https://www.forexschoolonline.com//forex-money-management-that-actually-works/
thanks a lot sir !
it analisis great
Weekly chart…..
its not USCAD CHART DAILY I THINK