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I have been involved with Forex trading for about 6 years now and after being disappointed with mainstream indicators I discovered price action trading relatively early in my career. Since then I have made price action the focus of my Forex trading, embracing it with a passion. I don't like... More
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  • GBPCHF Drops A Bearish Pin At Key Swing Level 0 comments
    Mar 21, 2014 11:02 AM

    bearish swing trade opportunity

    The GBPCHF daily chart clearly shows a strong downtrend in place with very aggressive bearish momentum. It's important as trend traders to wait for signs of strength to sell on in weak markets. A counter trend retracement provided a golden opportunity to do just that at the close of the last New York session.

    The market regained some of its losses and retraced back up into a price level which previously acted as support. The move into this level was denied and the candle closed as a bearish pin bar. The long upper wick demonstrates the level is holding as resistance and confirming to us price action traders this level is acting as a swing point in the trend.

    If lower prices develop off the back of this bearish swing signal, we could see the next bearish extension of this downtrend.(click to enlarge)

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