Video Synopsis - Forex Price Action – Fakey Pin Bar Reversal
In the above forex trading setups educational video I discuss a fakey setup that brought me a profit of about $8200. The setup was a very obvious short signal on the GBPUSD daily chart. The setup was a fakey / pin bar combo setup, we first got two inside bars after a run up, then we got a false breakout of the inside bars that resulted in a pin bar and a false break bar in one.
I always advise novice traders to trade purely off the daily chart, however, I did get in “early” on this setup off the intra-day charts. This was a more advanced entry and I don’t recommend beginners try it, which is why I don’t get into the details of exactly how I entered in the video. But, the fakey / pin bar setup was very obvious and could have been traded after the setup closed out, it provided a very nice return on risk.
I zoom down to the 4 hr chart in the video to show the intra-day false break that occurred that led to the daily fakey setup. To define a target we can find the most recent support or resistance and target those levels assuming it meets your risk reward profile. Price action is king and I suggest everyone reading this go through this forex price action fakey pin bar reversal video and all the videos I have on my website and really get into this stuff because it works.