AUDUSD - Daily Pin Bar Fails As Predicted, Crude Oil Inside Bar Breakout | Jun 12

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AUDUSD – Daily Pin Bar Fails As Predicted
Yesterday in our daily market commentary, we discussed the daily pin bar at key resistance, but noted we felt the momentum was too strong to be selling said pin bar. This analysis turned out to be correct as the pair dipped only a tiny bit lower, then skyrocketed higher, forming a new daily high.

This goes to show how important it is to read price action context in real time, which was clearly communicating the current leg was still showing heavy momentum. You must learn to read the price action context first, not just salivate at every pin bar.

The pair has now reached the resistance zone we suspected it would, between …

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