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Roker1
Sep 29, 2017 9:30 AM

Daily Pinbar at Structure: time to retrace? Long

Australian Dollar/U.S. DollarFXCM

Description

Hi guys,

as you can see on the left hand side of your screen we're up to a previous level of structure. And in doing so, price has formed a nice pinbar showing buying pressure. When i look at the 4 hr chart then, an engulfing pattern appears following a pinbar, and that gives me reasons to believe we could see a reversal at this point. With a little retracement, i'll go long with stops below the lows, and targets as shown.

If you have questions/ideas, please let me know down below.
Otherwise, see you in the next chart!

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Trade closed: stop reached

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