GBPUSD Pin Bar Signal at 1.6900

GBPUSD – Forms a Counter Trend Pin Bar At 1.6900
In a slow day with the UK Labour Holiday, the cable has now climbed for a 4th day in a row. The pair has formed a pin bar signal, which is either the kiss of death for this breakout, or a mild rejection that will lead to a pullback, and thus buying opportunity.

I’m leaning towards the latter, as there still is no evidence of a reversal (yet). So I’ll look for pullbacks towards 1.6820 or 1.6781 (~Daily 20 ema) for opportunities to trade with the trend

If the pair sells off violently from here, and closes below the latter level and daily 20ema + dynamic support, we may see some profit taking from current bulls, and thus further unwinding.

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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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  • David

    Hi Chris nice roll reversal trade gbpusd was the trade setup placed before price reached 1.6820 or did you wait for conformation before pulling trigger

    • Chris Capre

      Hola Dave,

      Just answered this question in the forum.

      Kind Regards,
      Chris Capre