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NIAL FULLER
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FX Commentary: GBPUSD Pin Bar Buy Signal, 21st February 2013

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By in Forex Trading Commentary Last updated on | 6 Comments

Trading Setups / Chart in Focus:

GBPUSD – Sterling/dollar pin bar buy signal from key support

In recent commentaries we’ve discussed the potential for the GBPUSD to move into the key weekly support near 1.5270 – 1.5230 and form a daily chart pin bar reversal buy signal from there. Today, we can see the market has formed that signal and it could lead to a potential move back to resistance near 1.5390 or possibly beyond that to the 1.5625 area. If you look at the weekly chart of this market, it has bounced from this key support level the last few times it’s hit it, so clearly it’s a key chart level. There are basically three ways to enter this pin bar setup; at market ( a little more aggressive), on a buy stop just above the high, or if you’re more conservative you could wait for a small decline into the 1.5220- 1.5180 region, (that’s the 50% tweaked pin bar entry, one of the entry styles for this setup we teach our students).

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Forex Commentary:

In the currency markets today, the euro dropped to a six-week low against the U.S. dollar on the back of weak euro-zone economic data.

The dollar index moved up 0.4 percent on the day, hitting its highest live since early September of last year. The dollar index measures the strength of the U.S. dollar against a basket of other major currencies.

Other Markets:

In the U.S. markets today, stocks lost significant ground again on the back of worries over the strength of the U.S. and euro-zone economies.

The Dow lost 46.92 points, or 0.34 percent, the S&P 500 dropped 9.53 points, or 0.63 percent, and the Nasdaq lost 32.92 points, or 1.04 percent.

Upcoming important economic announcements (New York time): 2/22/2013

4:00am EST: Euro-zone – German Ifo Business Climate
8:30am EST: Canada – Core CPI m/m
8:30am EST: Canada – Core Retail Sales m/m

  1. Prash February 23, 2013 at 12:27 am

    Hi Nial,
    excellent site.
    i have a query regarding strategy of using S/R with candlesticks.
    Have observed that sometimes price forms doji/hammer at key support levels, (as in the figure above) but breaks through it, without sustaining it.
    how do we tackle such situations..

    Reply
  2. Jacek February 22, 2013 at 10:50 pm

    Hammer is obvious but it’s still a counter trend trade. I would stay aside.

    Reply
  3. george theodoridis February 22, 2013 at 7:07 pm

    i realy want to take this trade but i am affraid the weekend.(elections in Italy).

    Reply
  4. Nabs February 22, 2013 at 6:56 pm

    Pin nose break entry filled – stop @ 60% pin – 1:2 RR

    Reply
  5. Thabiso February 22, 2013 at 4:09 pm

    wow great pin bar on the daily chatbeginning to look for retracement on the 1hr to go long

    Reply
  6. Jim February 22, 2013 at 2:23 pm

    Saw this setup. Tempted to go market as it looked like a great signal with good support. I went with the 50% retracement and didn’t get a fill by about 15 points.

    Reply

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