Forex Price Action | Aussie Pin Bar Pattern off Support | Sept. 18th

AUDUSD
Sticking with the Aussie, the pair has pulled back from the recent swing high resistance level at 1.0612 lately and sold off towards the 1.0400 level I mentioned from yesterday.  In doing so, the pair formed a pin bar pattern off the dynamic support and daily 20ema.  Due to the location of the low of the pin bar setup, I would be interested in taking longs into a pullback towards the pin bar lows with tight stops below 1.0400. Targets would be set just shy of the 1.0612 highs offering a solid Reward to Risk play so bulls have a play here.  Bears can wait for a price action rejection at the above levels on weakness to short for a move back down to 1.0400 so plays on both sides here.

pin bar pattern pin bar setup 2ndskiesforex.com sept 18th

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Global Market Commentary:
European and US indices fell a bit with concerns over Spain asking for a bailout package which they need just to stay afloat as 10yr bonds pushed over 6% this week.

The EURUSD fell about 70pips on the day while Gold gained about $3 and crude continued yesterday’s fall halting at $95.50.

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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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  • DV4

    Hey Chris,

    I like this purely because I want to short AUD, but only a little bit higher… I think she is going lower and on the verge of a monthly wedge breakout

    On a side note, been missing your webinars at FXstreet, when do you think you will be back in action there?

    Cheers
    Dion

  • mohsin tarar

    Hy Chris….u r awsmm……