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Chris Capre
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Chris Capre is a professional forex, index futures and commodities trader, specializing in Price Action & Ichimoku trading. Chris applies his methods to the markets both intraday and medium term swing trading, and has been trading for over 13 years. He is also the manager for a private fund... More
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Trading Price Action and Pivot Points
  • AUDUSD Pin Bar + Double Bottom | Feb 21st 0 comments
    Feb 21, 2013 7:43 PM

    Hello Traders,

    Quite an interesting day for trading with some really quality setups.

    One that is interesting to me is the pin bar setup on the Aussie that formed on the daily. This pair launched higher in early Asian trading, but may offer a pullback into the pin bar range. The pin bar formed at the 1.0230 support forming a double bottom, so this bounce may have some legs.

    (click to enlarge)audusd $aud pin bar price action

    Upside resistance is 1.0330 and 1.0350 which are the dynamic resistance and double top from the daily chart, so watch for corrective pullbacks into the level for possible buy signals. A failure to hold 1.0220 will setup a move towards 1.0160.

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