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.

pinbar chris capre price action 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.

ichimoku trading chris capre

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.

Remember to leave us your comments which are always appreciated, and also to ‘Like’ and ‘Tweet’ below to share it.

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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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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  • Amis

    Hello Chris,

    Great setup and thanks for sharing it.We are glad to have your insight about market.In case of your GBP/USD chart,the pinbar is very sharp but in my chart it is not that sharp.I mean in your chart that candle has a long wick downside and almost no body but in my charts the wick is short as there is a decent amount of candle body.This makes it difficult for me to identify trades.Can you suggest some solution?? and what is it with (4HR,40days)?What it means?

    Looking forward for your advice and tips.

    Thank You

    Amey Sawant

    • Hello Amey,

      Am back from a 2 day holiday so I apologize for the delay in response.

      The difference in our charting is simply the server time your charts use. For this chart, it was based upon the NY Close but one alternative would be the london open.

      4hr/40days isn’t anything special. Its just a 4hr chart that looks back 40days, no special sauce here.

      Kind Regards
      Chris

      • Amis

        Hello Chris,

        Oh thats nice.Hope you had a great time.
        Ok I was guessing the same thing.Would you prefer only the mentioned timings(NY Close/London Open) or anything will do?
        According to me,the timing which you are using develops good pattern to spot a trade as well as entry and exit.Is it the case?

        Thanks

        Amey Sawant

      • Hello Amey,

        I definitely recommend sticking with either of these two times. The order flow and patterns will be much more succinct within these two starting times.

        Kind Regards
        Chris

      • Amis

        Hello Chris,

        Yeah indeed I agree with you.Again thanks a lot for your valuable advice.
        It will be much more simpler for me if you can make it in terms of GMT.Eg.(GMT(+/-)X)=Your chart time or market watch.

        Thanks

        Amey Sawant

      • Hello Amey,

        If my numbers are correct, it would be GMT 8 (london open) or GMT 22 (NY Close)

        Hope this helps.

        Kind Regards
        Chris