Woweeee the daily price action charts have exploded all at once and produced a heap of price action trigger signals all in the one day.
Rather than focusing on just the one chart as I normally do, I am going to look over a few of these pairs that today have fired off the price action trigger signals that hopefully you have been able to take advantage of using the teachings we discuss in this blog.
As I often talk about; the market comes in swings and round abouts. It is these swings that catch out the amateurs or retail traders and allow the pro’s to make their profits. The retail traders are so keen to trade ALL OF THE TIME, whilst the pro’s realize not being in the market is often the best place to be.
The market will often be quiet for extended periods and then like we have seen today; form a heap of setups all at once. This is when the professionals strike and clean up. Mean while the retail traders also make these same trades, but they are trying to just get back to break even because of the losses they took on from the other rubbish trades they played during the slow period.
USDSGD Daily Chart
Boom – What an A+ textbook pin bar reversal. This is a pure example of a pin bar at it’s finest. Pin bars do not often come along this pretty and we need to keep in mind that our regular high probability trades don’t need to be this pretty, but as far as pin bars go; this one is super high probability.
This is with the strong recent down-trend, rejecting a daily resistance and price flip level, at a pull-back and value area and price has space to fall back lower into.
USDJPY Daily Chart
A very obvious Bearish Engulfing Bar (BEEB) that is up at the high of a range and rejecting a major daily resistance. Whilst this one does not have as much room to move lower into because it is in a tight range and has a lot of minor support areas below, it is still a solid setup.
GBPCHF Daily Chart
A Bearish Engulfing Bar (BEEB) rejecting a really obvious daily area. Price had just broken the daily support and was making a really quick re-test of the old support and new resistance when it formed the BEEB. The Engulfing Bar was the confirmation that price was rejecting the new level and that price was looking to sell away back lower from the new resistance/old support. This is a more advanced type of setup that has more involved to in and you can learn more about this in the members courses.
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Johnathon
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