The pin bar candle formation is a price action reversal pattern that shows that a certain level or price point in the market was rejected. once you get acquainted with the skill of being able to correctly spot a profitable pin bar trade setup, you would be amazed just how profitable this setup can be. Lets first go over what a pin bar…Continue
The AUDUSD has been in a constant strong downward movement over the past few weeks, and there's been good money to be made selling this pair.Continue
Attempting to bottom and make some headway to the upside, the EURUSD failed to clear the 1.2800 role reversal level which was the Oct. swing lows. For now, the pair is stuck between 1.2800 weekly highs and 1.2659 lows which was the pin bar rejection on Tuesday. So bears can look to sell any weak rallies up to 1.2800 while bulls can…
Added by 2ndSkiesForex on November 18, 2012 at 10:01pm — No Comments
Similar to how the Euro I discussed on Tuesday reversed with an engulfing bar + pin bar combo, the Cable is possibly attempting to bottom after losing ground for six days in a row. After forming a final flag pattern to end yesterday and start today, the pair rallied off of 1.5825 with a strong bullish piercing bar,…
Added by 2ndSkiesForex on November 16, 2012 at 1:18am — No Comments
As I had discussed in yesterday's market commentary, the pin bar and engulfing bar combo highlighted did produce higher prices for the Euro, and went to the first resistance level I mentioned yesterday (around the 1.2763 area). Some of the course members got in on this trade and profited nicely from it…
Added by 2ndSkiesForex on November 15, 2012 at 1:57am — No Comments
Skynet was offline today, along with all human traders as hurricane Sandy forced US exchanges to close today. Regardless, a key support level in 13000 is coming under pressure for the Dow Jones. Although a decent sized pin bar formed Friday off this level, pressure remains on the major index, and should the key support fail, 12750 and 12500 will be under attack shortly after.
Bears currently have control so …Continue
Added by 2ndSkiesForex on October 29, 2012 at 10:12pm — No Comments
After the bloody hit the Dow Jones took on the 25th anniversary of Black Friday, the US index formed a large bullish pin bar, and a fake out in the process. This could very well have trapped traders short just below the 13300 support level.
What I am noting is how the DJ…Continue
Added by 2ndSkiesForex on October 23, 2012 at 12:29am — No Comments
After a 5 day rally, the GBPJPY found resistance at 128.25 forming a pin bar rejection in the process. Although the last major swing was down and formed a LL (lower low), the last upswing formed a HH suggesting an increase in volatility. Key resistance for bears lies between 128.25-128.81 so bears can watch for…
Added by 2ndSkiesForex on October 22, 2012 at 12:01am — No Comments
*Note: I am back from a week vacation so expect a full week of articles and market updates.
Stuck in a short term channel, the GBPJPY has had more impulsive selling than buying within this channel so am slightly more bearish than bullish. Notice the two large rejections towards the upper end of the channels with the last one forming a…
With the dollar gaining vs. the majors all week, the Kiwi-Dollar has been the most resistant. Today it formed a double bottom at a key role reversal level in .8187. The 1st attempt at this level printed a pin bar which pushed prices back about 100pips. However, the second attack (today) on the level stopped right at it. After forming a smaller pin bar rejection off of it, it then formed an outside bar and ended …
Added by 2ndSkiesForex on September 26, 2012 at 10:20pm — No Comments
After having its first weekly bearish close in six, the Euro ended the week posting an inverted pin bar that is also doubling as an inside bar. It has to be noted a bullish inverted pin bar in a bearish pullback is a failed attempt to rally. However, even though the rally failed, it indicates there is some buying…
Retreating from the recent swing highs over the last 5 days, the New-Zealand dollar formed a large with trending pin bar off a key role reversal level today. It should be noted how the day started off very bearish for the pair, which reversed gains sharply after touching the key role reversal level at .8210 and closed up on…Continue
In keeping with the Aussie which is one of my favorite pairs, the Antipodean currency has retreated from the major swing high resistance level parked at 1.0612 lately, selling off over the last two days towards the 1.0400 level I mentioned from yesterday. In the process the pair formed a pin bar pattern off the…
The AUDUSD pin bar setup I had discussed in yesterday's weekly forex commentary came off, pretty much selling from the market open throughout the day, losing about 85pips in the process. Accompanying this signal was a combo pin bar/engulfing bar on the 4hr time frame which was a rejection rejection off the key…
Added by 2ndSkiesForex on September 17, 2012 at 10:42pm — No Comments
Climbing for both 7 for the last 8 days and 7 of the last 8 weeks, the Euro has looked impressive being given the go-ahead from Bernanke and the German Court. With the trend being so strong, I'm really looking for longs. However, the price action is feeling a bit parabolic and climactic at this point.
Added by 2ndSkiesForex on September 16, 2012 at 7:52pm — No Comments
Since the Euro ended last week with a false break, over the last two days the regional currency formed an inside bar, while today posting a combo pin bar. What I find interesting about these two is how the…
Added by 2ndSkiesForex on September 4, 2012 at 9:48pm — No Comments
As the snoozefest continues with investors pulling out prior to the Jackson Hole meeting this Friday, breakouts are an endangered species till then while small ranges are dominating. Tis no surprise that an daily inside bar formed on almost everything, but the one that is more notable is the one on…
Added by 2ndSkiesForex on August 29, 2012 at 10:02pm — No Comments
After breaking out of the summer range, the cable formed a pin bar rejection at the next resistance level and has since sold off for two days.
Today it has reached the breakout level and rejected nicely off of it, confirming it as a role reversal level. It did so forming an …Continue
Added by 2ndSkiesForex on August 28, 2012 at 9:28pm — No Comments
As I talked about in yesterday's price action & ichimoku outlook, the price action for the Aussie communicated it was likely running out of steam and the pair may be rolling over. Although the pair hasn't made major ground or broken the key support level at 1.0496, it did form a daily …
Added by 2ndSkiesForex on August 13, 2012 at 10:15pm — No Comments
After the massive losses in the Euro from mid-April to mid-July, the pair has been forming smaller price spreads (in the downtrend) while the bulls in the counter trend move are starting to out strike the bears. This to me is suggestive of an exhausted 3-mos down-move finding no new bears (at the moment). This has led to the bulls demonstrating some ability to take short term control as they continue to build higher lows and higher highs with greater…
Added by 2ndSkiesForex on August 12, 2012 at 10:14pm — No Comments