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
Hello my name is Henry Nnalue and I am the founder of Swanforex Group. a small blog where I post free trade setups to help traders trade the markets profitably. I recently found Forexstreet.net and I liked it. starting from today, I would post regular trade setups here at the close of the New york session every trading day. be sure to follow and benefit from this. Always read the comments to follow updates on the trades…Continue
Added by Henry nnalue on August 20, 2013 at 10:30am — No Comments
GBPNZD on the daily chart formed a bullish fakey setup after today's candle failed to break below the previous day's inside bar and also going ahead to close as a significant bearish rejection candle. Considering that the weekly time-frame remains significantly bullish, we are likely to see price move higher towards…Continue
Added by Henry nnalue on August 19, 2013 at 9:49pm — No Comments
Slightly more exotic pair than usual here, with the CADCHF. I'm currently short from 0.9462 with original stop at 0.9550.
Eyeing up a potential reversal at the 0.9030 horizontal support level. Price needs to give me some form…Continue
Added by Andrew Hewerdine on June 6, 2013 at 9:13am — No Comments
The AUDCAD has of course been moving down over the past few weeks, and making lower highs and lower lows on most timeframes. However price is currently forming a bullish pin bar setup from a stong level of support.
Check back to…Continue
Added by Andrew Hewerdine on May 29, 2013 at 12:30pm — No Comments
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
Cable is at a horizontal level with continuation divergence and looks like it could move to the upside, before we see price stall and create a head and shoulders pattern.Continue
The Kiwi is at a diagonal support level and has formed another bullish gartley formation on the daily timeframe. I've also been interested in buying kiwi for a while as the price is bouncing off the weekly 50ema, which has been given great respect throughout this upward trend.…Continue
Added by Andrew Hewerdine on May 14, 2013 at 3:01am — No Comments
Last week's oil stats were the catalyst for the continued sell off in the WTI June contract which saw the oil price fall to $90 per barrel, before bouncing back with strong volumes on Thursday and Friday to close above the $95 per barrel price point.
However, yesterday's price action on the daily chart has now…Continue
Finally, ECB left with no choice and had to slash its rates by 50 basis point. I had already mentioned in my weekly (Monday) outlook note that price stability is the key responsibility…Continue
Added by asad rizvi on May 3, 2013 at 8:12am — No Comments
trade for next few days.price on daily charts shows uptrend channel and actually is on the bottom of channel,breakbottom line 1.5170 in my opinion should sterling get to 1.5032 if won't break next level is 38.2% fibo 1.5424 so we should sell on this position with the 1.5075 or even 1.5032 target.daily charts shows abc formation(correction) what ussually mean another waves down soon.brakthrought 1.5424 might invalidate this scenario and the price will start heading to 50% fibo…Continue
I wanted to post a few trades I took recently on AUDUSD and Silver. You can see the entry and exit points for each trade which I did just using price action strategies.
Here they are below;
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
Israel takes out Hamas Chief of Staff
oh my, I was wondering where the super fast price action spike in brent came from. Good thing I was long, but man, it smacked my target so fast, I didn't have time to expand it :-ooo
Although I will confess…
Added by 2ndSkiesForex on November 14, 2012 at 4:51pm — No Comments
Home to some of the greatest programmers and hackers in the world (I dated one not too long ago :-ooo), The MICEX (Moscow Exchange) halted FX trading due to a software (skynet) glitch.
I talk about this in my upcoming fxstreet interviews how we are trying go regulate human traders, but not algos, or the programmers behind them. Its the software's fault is a convenient scapegoat, but the programming and programmers need to be regulated as well.
Case in point with the MICEX…
Added by 2ndSkiesForex on November 14, 2012 at 2:32pm — No Comments
The markets are continuing to change, and the direction is (for now) continually becoming more algorithmic in terms of trading, markets and price movements. I personally think a lot of these algos, particularly HFTs, are highly toxic to markets, if not the global economies which are subject to them.
Take for example the Knight Capital disaster, the Facebook IPO, the Flash Crash, the Reverse BATS, and on and on and on...
Shoot, we now have Twitter-Feed based hedge funds…
Liquidity and volumes were definitely lower today with most pairs and instruments playing in a tight range today. In the process, Silver has formed back to back inside bars, or an ii pattern, and this will not go on for much longer.
Although the precious metal is trying to form a base, it has yet to show any bullish legs,…Continue
Added by 2ndSkiesForex on October 30, 2012 at 9:50pm — 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