Forex Trade Setups Commentary: Gold pin bar / fakey setup 8-10-10

Forex Trade Setups Commentary:

Gold pin bar / fakey setup

Gold formed a rather strong looking bullish pin bar which signals lower prices have been rejected and a possible leg higher.

There is also a fakey in the making here but to trigger the fakey price needs to move higher and take out the high of the mother candle.

Gold has been on a bullish swing since bouncing off support near $1155.00 on July 28th. The weekly chart is still in an uptrend and the daily and 4 hour chart appear to be gaining steam to the upside once again, if the there is bullish follow through we may see another nice move to the upside.

Price action trend trading with gold has paid off very well recently and today’s pin bar / fakey setup could be the catalyst for another leg higher.

For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.

Commentary:

The U.S. dollar moved higher today but gave up much of its early session gains late in the trading day as the Federal Reserve said it would take new steps to counter a weak recovery.

The Dow lost 54.50 points, or 0.51 percent, the S&P 500 dropped 6.73 points, or 0.60 percent, and the Nasdaq lost 28.52 points, or 1.24 percent.

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