Forex Price Action – Gold Breakdown After Inside Bar | Feb 20th

Getting hammered in a take no prisoners sell off, Gold has ended bearish 8 of the last 10 days, with today being the worst daily close from high to low of the year.  This was following an inverted pin bar which was doubling as an inside bar, along yesterday’s bar which was inside the prior large selling bar.  In the process, the precious metal lost the $1598 support and has barely held onto the $1564 support.

There are only two more stops below at $1550 and $1525 with the latter being the 2012 lows.  For now, I’ll look to sell on corrective rallies towards $1596, and will only consider buys off the 2012 yearly lows barring intraday price action which shows the bids holding the line there.

inside bar pin bar price action trading feb 20th

If you want to learn to trade price action, learn rule based systems, get access to the traders forum, lifetime membership & more, visit my Price Action Course page here.

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

Verified Profitable Trader

Hi, I'm Chris Capre, Founder of 2ndSkiesForex. I've turned $3,000 into $83,000 in my first 6 months of trading. I'm a verified profitable trader and trading mentor. I help traders of all levels change the way they think, trade and perform. 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 18yrs 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.

Related Article