This market has put in a pretty impressive run higher after its big sell-off and stalled just below key resistance today. The signal we got today isn't really a great price action signal, but we may still see a sell off from these levels. A tactical way to play this would be with a sell-stop order below today's low, which will enable traders to trade any downside movement with momentum on their side.
The bullish pin bar we discussed on the Nikkei 225 Index has completed it's 400-500 pip upside move now and this is definitely the most logical level to take profit from considering how strong resistance at 15200 appears to be. Well done to anybody that took this trade and profited from it, it was a very nice setup and a strong, quick decisive move to the upside!
This price action trading commentary is published by Lewis Barber and represents his current view of the forex market.