Hi, I'm Chris Capre, founder of 2ndSkiesForex. I'm a verified profitable trader and trading mentor. As a professional trader, I specialize in trading Price Action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18 years of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.
EURUSD – Long Tailed Pin Bar + False Break Post ECB | Jun 5
EURUSD – Forms Long Tailed Pin Bar + False Break
As we mentioned in the members commentary yesterday, there was a good chance the ECB meeting and Draghi speak would spark a tremendous amount of volatility. Lo and behold, we have indices jumping, gold bumping, and the USD on the end of a thumping.
While the Euro initially moved lower, the pair bounced heavy forming a long tailed pin bar + false break. This pin bar is actually also doubling as an engulfing bar as well, but the effect is the same with the close above the consolidation’s low, on the highs and the long tailed bar rejection.
Our Trade Idea: I am open to the idea of getting long on this false break + pin bar setup, although I’d prefer a pullback. Conservative traders can wait for a pullback into the 1.3645/15 area, while aggressive traders could buy equal to the daily close, about 5-10 pips lower.
Stops would be suggested below the recent consolidation, while upside targets would be 1.3730 and 1.3830.
Want More? My private members get all my trade ideas & market commentary 4x per week. Click here to become a member.