AUDJPY Continues with Pin Bar Candlestick Patterns
This is a recap of the previous Video on AUDJPY pin bar inside bar combo signals. Market trending nicely and has formed a further bullish rejection from lower levels. Watch Part 1 Of This Video Here Before Watching Part 2 Below.
Video Synopsis – AUDJPY Continues with Pin Bar Candlestick Patterns
In the above video I recap the AUDJPY Pin Bar Forex Trade Signal setup on the daily chart from the previous video. In the last video I talked about the bullish signals that were forming on the daily chart, we can see in this current video that a bullish pin bar / inside bar combo formed on the daily AUDJPY chart. These inside bars formed within a “mother candle” which is a bar that fully engulfs the subsequent price bars.
On this setup my stop loss was set at 93 pips, setups like this allow for nice tight stops which make for great risk to reward ratios. The trade is currently in profit in this video and I moved to break even making this a risk-free trade. My target was set near 0.7830 for a risk to reward of 3 to 1. Note in the video the strong swing point that held near 0.7571.
If you would like to learn how to simplify your trading and trade price action setups off higher time frames as I did in the above video, please check out the member section and trading course for more profitable setups.
About Nial Fuller
Nial Fuller is a Professional Trader, Investor & Author who is considered ‘The Authority’ on Price Action Trading. His blog is read by over 200,000+ followers and he has taught 25,000+ students since 2008. In 2016, Nial won the Million Dollar Trader Competition. Checkout Nial's Professional Trading Course here.
Hi Nial. In the chart you see another pin bar signal at the key levels after the previous one, do you enter another trade with the same position ?
Nice risk free setup by trailing the stoploss after new support existed from two rejection tail bars…Thanks Nial
I constantly spent my half an hour to read this website’s articles daily along with a mug of coffee.
The video was very educating. Thank you
Thanks again.
Hi Nial
From my understanding of your price action trading methodology, you would not have entered this trade until it retraced down to the halfway point of the pin-bar ?
Since it did not retrace that far, how did you determine to enter the trade anyway ?
thanks
Mike H
There is multiple ways to enter a pin bar, in this case, my stop was able to be tight, under 100 pips, and the market dipped down on the Monday open and proceeded to rally.
Its a solid opportunity when a market gaps on Mondays. Hope you understand that this style of trading is not mechanical, you need to use your head sometimes, it will come with experience.
Nial
wooo ~ *sparkly*
I’m definitely a Nial group*ie ! :)
You and me both. : ) So clear and helps to develop a feel for the market.