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
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
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
As I had noted two days ago, Silver was showing reducing price action spreads which communicated it was likely bottoming out around $31.50. That is exactly how it played out, and has now broken above the dynamic resistance for the last 12hrs. If the $32 figure and dynamic support can hold, an attack…
Added by 2ndSkiesForex on October 25, 2012 at 11:30pm — No Comments
Failing at the critical $35 figure, Silver has been getting pummeled, dropping $3.50 in the last 2.5 weeks. What I am noticing is how the price spreads have been getting smaller on each leg down (especially the last one), suggesting we could be seeing a bottom soon.
If price can get above $32.00 and break above the dynamic resistance and 20ema, then I suspect perhaps the precious metal will put in a HL…Continue
Added by 2ndSkiesForex on October 23, 2012 at 10:22pm — No Comments
Today, Gold has continued its sell-off, losing its luster as it shed over $15 breaking a key support level at $1739. In the process, it hit an intraday low sub $1730. Before the major sell-off today, it formed three inside bars, and then started the impulsive sell-off on the break of their lows. It has since then formed another inside bar, so a pullback towards the…
Added by 2ndSkiesForex on October 15, 2012 at 10:46pm — No Comments
Since the market got the green light from Bernanke and the QEinfinity policy, the Dow Index cleared past the yearly highs and went on a 350pt run in a few days. However, in the last six, the has consolidated forming a series of overlapping bars between the 13653 and 13495 levels.
Although i'm not sure how much longer this range will hold since we have had three touches on each end, as long as the …Continue
Added by 2ndSkiesForex on September 24, 2012 at 11:07pm — No Comments
*NOTE: Although the Greek election has resulted in a Pro-Europe/Austerity party victory (and consequently EURUSD bullish), we remain being overly bullish for three reasons;
1) Spain is still a major thorn and may need more money
2) Italy is starting to heat up on the radar of countries needing assistance
3) The Greek PASOK party said they will not join a coalition govt unless Syriza does, and they said they would not. This means…
Added by 2ndSkiesForex on June 17, 2012 at 10:28pm — No Comments
Today I am going to give a lesson on how to find some of the best support and resistance levels in the market. If I had to say - I think there are three types which are the best support and resistance levels you could find. But it would take a long time to go into each type, what are the characteristics of each, what they mean from an order flow perspective, and how to trade each type.
So I am going to cover in today's lesson, what are some of the most critical variables to…Continue
The EURJPY formed a potential pin bar reversal setup two days back and has been struggling to make new gains into the upper regions of the rejection failing twice to breach the dynamic resistance and 20ema along with the key role-reversal level at 100.50. Although overall short term momentum is up with the pair…
***I am doing a Free webinar on The Trading Mindset this Thurs. at 14.00GMT so make sure to come.
After taking a drubbing for the first half of May, the EUR/GBP has been displaying price action characteristics of a bottoming as of late. First on the docket, it formed a HL (higher…
Added by 2ndSkiesForex on June 7, 2012 at 2:41am — No Comments
**I am doing a Free webinar on The Trading Mindset this Thurs. at 14.00GMT so make sure to come.
After rocketing up $72 from the dismal NFP number, gold has trotted in place for the last two days forming an ii pattern (or a double inside bar pattern). Although we are…
Added by 2ndSkiesForex on June 4, 2012 at 10:09pm — No Comments
EUR/JPY Prints 12 Year Lows...More Downside?
Selling off for 8 days in a row, the EURJPY has been getting pummeled by the Greek tragedy and the Pain in Spain, which now (the latter) seems to be taking center stage. We checked the data and 8 days is the max. consecutive selling days this pair has printed over the last 12 years. It has only done this (8 days of consecutive selling) 2x in history, today completing the 2nd…
Added by 2ndSkiesForex on May 31, 2012 at 11:44pm — No Comments
USD/CHF - Head Fake Above .9600?
The Swissie today formed its first daily close above the .9600 level which is the first time in over 14 months it has done this. The question is, is this a false break or head fake? Although it closed above the key level by 3pips, it has formed a rejection of the lows and the highs forming a trading range. As you can see from the chart below, price has thus opened inside the wick or rejection area of the prior…
Spain, Greece and the Horror with No End...For Now
Although markets were calm today from the US Memorial Holiday, Spain today asked the EU to act in providing support for fiscally frail gov'ts (read 'Spain is begging for help') as its fiscal gaps and banking system (but, but...Bankia is fully solvent you said) are getting pummeled with soaring yields which are punishing the rates on bonds. Again, Spain is 4x larger than Greece so if Spain…