AUDUSD: Bearish Pin Bar Sell Signal - 50% Retrace Entry, 11-2-22
AUDUSD: Bearish Pin Bar Sell Signal - 50% Retrace Entry, 11-2-22
Price Action: Price formed a Giant Bearish Pin Bar Signal just under the 0.7171 short-term resistance level, overnight.
Price formed an Inside Bar Breakout Pattern, earlier this week (We did not consider trading this pattern as it is an incredibly wide pattern which makes it hard to manage Risk-Reward and the market is very choppy at the moment).
Potential Trade Idea 1: We are considering selling on a retracement higher to within the 50% range of the current Giant Bearish Pin Bar Signal, with stops above the Pin Bar’s high.
Potential Trade Idea 2: For more aggressive traders, we are considering selling from the current Giant Bearish Pin Bar Signal, with stops above the Pin Bar’s high.
Price Action: Price formed a Giant Bearish Pin Bar Signal just under the 0.7171 short-term resistance level, overnight.
Price formed an Inside Bar Breakout Pattern, earlier this week (We did not consider trading this pattern as it is an incredibly wide pattern which makes it hard to manage Risk-Reward and the market is very choppy at the moment).
Potential Trade Idea 1: We are considering selling on a retracement higher to within the 50% range of the current Giant Bearish Pin Bar Signal, with stops above the Pin Bar’s high.
Potential Trade Idea 2: For more aggressive traders, we are considering selling from the current Giant Bearish Pin Bar Signal, with stops above the Pin Bar’s high.