Forex Trade Signals and Setups Mar. 7th

EURJPY Update – Pinbar Long Hit Target

A recap of our Pinbar long from yesterday as it finally hit its target locking in a nice 110pips of profit with less than a 30pip stop for an almost 4:1 play.  It actually hit our 106.90 target to the pip and was quite a stubborn one which is not surprising as all EURO based positions were being pared throughout the NY session with the upcoming ECB rate decision tomorrow and ongoing issues with the Greek Bond Swap deal.

Price did get a surge when the Fed announced they are considering a sterilized QE (meaning they do not expand their balance sheets) as the stock markets, precious metals all gained on this announcement. For now, we are standing aside as the ECB rate decision looms so will hold on all EUR based positions until after the announcement.

pinbar price action 2ndskiesforex mar 7th

NZDUSD – Forms Inside Bar After Strong Impulsive Move

After three days of strong selling, the Kiwi took a pause and actually made some gains on the day.  We suspect this was likely due to position paring ahead of the RBNZ rate decision whereby they said rates will be on hold for a while since the strong Kiwi has affected exports and tourism, thus hurting the economy.

The pair was gaining for the day, but on the announcement started to sell-off losing almost 50pips from that moment to current price.   We like selling any rallies up to the .8250 level which is the daily 20ema with a move back down to .8100.  We are also noting the inside bar from yesterday’s price action and would be open to selling on a break of the prior low just below .8100.  Overall sentiment is bearish so until price prints and holds above .8250, we will remain bearish and look for price action triggers to sell for an eventual move to .8000 and eventually .7900.

inside bar price action forex mar 7th chris capre

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Other Related Articles:
What is Dynamic Support and Resistance?
Forex Trading Insights (The STOP Method)

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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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  • Patricia

    Hi Chris,

    NZD/USD pulled back to 0.8250(daily 20EMA)today, do you sell the pullback to the 20EMA before the daily candle closes ?

    I had a limit sell order triggered at this level, but I closed it later as I’d like to wait for the daily candle to close and see how it holds against the 20EMA(reject off or close above). It seems too risky to me to sell the pullback to the 20EMA before the daily candle closes considering we don’t have a clearly established down trend yet. Please share your thoughts on this.

    thanks,
    Patricia

    • Hello Patricia,

      I’m going to be answering this on tomorrow’s trading insights article so look for a full answer then.

      But a quick one is this;
      take a look at the 1hr chart and you’ll see the trigger on both NU and AU

      Kind Regards
      Chris

      • Nel

        4Hr candles seems to be consolidating in this area for both pairs. Let’s see if price goes south today.

      • will be writing about them today so stay tuned

        cc