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NIAL FULLER
Professional Trader, Author & Trading Coach

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

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By in Forex Trading Commentary & Trade Signals by Nial Fuller Last updated on | No Comments

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.

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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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About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 20,000+ students since 2008. In 2016, Nial won the Million Dollar Trader Competition. Checkout Nial's Professional Trading Course here.
  1. Viet July 11, 2019 at 12:32 am

    Nial, Im from Vietnam. I cannot describe how much I admire you.
    Never imagine some simple candle patterns have such power on the market.
    I always dream to be a successful trader living my free life with beloved but have never reached it after some years of ups and downs…a lot of pain, loss …
    I want to have a life like you, being happy with beloved wife and daughter and enjoy trading, please help me by posting more about your price action applications, I promise with you and with myself that I will appreciate every piece of experience from your posts.
    Many appreciation, admiration, loves and best wishes from me to you.

    Reply
    • Nial Fuller July 12, 2019 at 1:53 am

      Your comment is very appreciated, it is good to hear from traders in Vietnam.

      Reply

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