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Forex Trade Signals and Setups Nov. 21st
GBPUSD – 4hr Pinbar Setup
The GBPUSD has been getting hammered as of late, shedding almost 500pips in the last 10 days. We recently wrote about a breakout-retest trade setup at 1.5850 which ended up playing out to perfection. Many of our price action traders made money on this setup so hopefully you did the same.
Now the pair has sold off on the 2nd major leg of this move and stopped right on the 61.8% fib of the last major upmove (1.5273 – 1.6165) at 1.5615. Notice the 4hr pinbar setup off this level communicating the market has responded to this level for now. If this level holds, then bulls have a good opportunity to get long targeting the 20ema which is a natural pullback level in trends. This offers a good low risk/high-reward opportunity so a potential trade setup.
Should this level break, then we anticipate a quick move to 1.5550 and the big figure at 1.5500 within the next 24hrs so watch for price action clues here.
NZDUSD – Still Bearish on Ichimoku Charts
As we wrote about last week;
‘Price is now rapidly approaching the .7730 swing lows. A break here targets .7600 and .7500.’ This target was finally hit today and many of our Ichimoku traders posted over +500pip gains on this so hopefully you did the same as well.
From an Ichimoku perspective, the chart is still incredibly bearish. The tenkan and kijun are in alignment which is very bearish. Also the Kumo is falling sharply and still quite thick suggesting any reversal here. Thus, look for pullbacks towards the .7650 level for another leg down and a possible TKx signal offering another opportunity to get short. Any break of the kumo would mean to start looking for possible longs. Until then, we remain short.
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For those of you looking to trade Advanced price action, or our Ichimoku Systems, make sure to check out our Advanced Price Action or Advanced Ichimoku Courses where we teach rule-based systems for trading Price Action and Ichimoku Cloud Trading.
We also wrote a great new article on The Psychology of Risk.
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