Forex Trade Signals Mar. 21st – London Close

AUDUSD – Forms Strong Reversal Bar at Key Level

I wrote in my facebook page earlier how I was watching for price action triggers going into the London close as the Aussie approached a key support level at 1.0423.  Price has since formed a psuedo-outside bar which is more of a piercing pattern since it did not eclipse the prior bars highs.  Am going to keep watching for a possible bottoming here and potential trigger – either a pin bar off the key level or an engulfing bar, either on the 4hr or 1hr time frame.  Should this level fail, then I will watch for a breakout pullback of the key level to look for shorts.

price action forex piercing candle 2ndskiesforex mar 21st

EURUSD – Pin Bar Rejection off Key Level

The Euro lost ground today as it formed a pin bar setup off the same key level it did two weeks ago (1.3284).  Price has since sold off about 80+pips since then and found short term support at the 4hr 20ema and swing points at 1.3175.  Should price break below this, we will expect further selling to challenge 1.3100 shortly after.  If price pulls back to the 1.3284 level, we will watch for price action triggers – either looking to sell a pin bar setup, or watch for a breakout retest play to the long side.

forex pin bar strategy pin bar trading 2ndskiesforex mar 21st

*FYI – I’m experimenting with doing trade setups around the London close so if you enjoy seeing end of London analysis and trade setups, make sure to comment and let me know.

Market Commentary:

Spanish 10Y spreads jumped their most since the first day of the year, Italian yields broke back above 5% hampering the EURO’s gains. That plus technical selling after it failed to push through to new highs and breached stop-loss orders as it fell.

Continued comments about a cooling housing market in china have dampened prospects for Aussie gains.

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Other Related Articles:
Pinbar Trading – Price Action Forex Trading with Pinbars
What Is Dynamic Support and Resistance?


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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.

Related Article

  • Gabriel

    I for one would love to see some more London close analysis. Liked how you spotted the 1.0425 level earlier on.

    • Thanks for the feedback Gabriel. Will definitely consider doing it if it gets a strong enough response.

      Kind Regards,

  • John

    Hi Chris,

    I saw your facebook page comment and I agree that more analysis at the London close would be really useful.

    • Thanks for the feedback Jon. Something I will definitely consider.

      Feel free to like/tweet to share and pass on the analysis.

      Kind Regards,

  • Ayaz

    Chris, very useful and precise commentary on London close and your insights were great. London close commentary of yours is very much welcomed.

    • Thanks Ayaz,

      Appreciate the feedback. Feel free to like/tweet to share the article and pass it on.

      Kind Regards,

  • Jimmy

    sounds good chris, it would be a good short if we break below the 1.3179 level right?

    • depends upon how price action does it. If it barely pulls back from here, but then encounters strong selling, id look for a breakout retest setup of the 1.3175/70 level before taking a short

      but if price falls down in a tentative fashion from here, then i would consider looking for a price action trigger to long the pair

      depends upon context and how price action forms from here

      hope this helps
      chris capre