Euro Pin Bar + Intraday Double Bottom | July 15th

EURUSD – Forms Intraday Double Bottom off 1.3000
Yesterday in our weekly market commentary, I suggested buying EURUSD off the 1.3000 level. The pair intraday formed a double bottom and with trend pin bar off the 1.3000 level, going 8 pips past it, then shooting up higher +60 pips. Anyone buying this intraday price action pullback would be up well over 2R, with some students up 3R, so hopefully you have taken some profit off the board now. Short term the pair is in a larger range, but the double bottom rejection off 1.3000 suggests more upside. Expect a retest of 1.3187 soon, while a daily close below 1.2975 sets up 1.2900 and 1.2775.

euro pin bar intraday double bottom price action 2ndskiesforex.com

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Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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  • d

    Dear Chris
    thanks for the tip. but what was the signal to buy on 60 min or 4H charts? i didnt find it.
    regards

    • Hello DF,

      If you look at the original post which I linked to in this article, it talks about on a daily chart the formation and level to watch. It wasn’t a particular signal like a pin bar or inside bar – just the level and surrounding PA which supported the buy. Thus, its important to not always be looking for a ‘signal bar’ when the level and PA is supportive.

      Kind Regards,
      Chris Capre

  • df180

    Thanks Chris. I did watch the original post. So does it mean that I should have just put an order to buy at the 20 EMA and go to sleep? if yes where would I put the stop? I ask to learn for future opportunities.

    • Hello DF,

      Hmm, I specifically stated in the first post (weekly commentary) of where to enter, along with a hint of the stop, so you should be able to find the clues in there.

      Kind Regards,
      Chris Capre

  • df180

    Thanks
    this is you post. I dont find the hint.
    “After the FOMC meeting last week, the USD has been taking a beating, particularly against the Euro which has gained over +300 pips since the meeting. Short term we definitely favor to the bullish side as it formed a with trend pin bar setup off the daily 20ema. The pair should retest the 1.3188 where some bears will likely be waiting. For those wanting to get short, this would be the first level I’d consider shorting, targeting 1.3088 and 1.3038. Bulls meanwhile will want to see a corrective pullback into 1.3000, targeting 1.3188 and potentially a return to 1.3375.”

    • Hello DF,

      Its all in the last sentence and the second sentence.

      Hope this helps.

      Kind Regards,
      Chris Capre

  • df180

    Thank you mean 12975.

    • Hello DF,

      I actually mean 1.3000 as the entry as that is the level talked about in the weekly commentary.
      The targets were also listed.

      Stop would not be hard to figure out based on the commentary.

      Kind Regards,
      Chris Capre