Yes you can use area or you can go into the 4 hour charts and find a closer support zone. I say this because that is a long way for it to just “retrace”. It would basically be the start of a downtrend if it went all the way down to there.
Yes that is where you should be watching, this is spot on! Good job
Hi there, I am interested to know the reason you reckon a downtrend is coming? Is it because the price shoot up too quickly at the moment?
Im not by any means saying a downtrend is coming. I was just saying IF the prices fell all the way to the place he marked it would be a start of small downtrend. At least for the moment. Hope that clears everything up for you 
[QUOTE=“Trading With Price Action;476545”]
We have a pin bar that just printed on the 4H GBP/USD chart. It is right on the major support zone that I marked. The pin bar isn’t huge but it still looks like a good trade setup.
GBP/USD 4H Chart
<img src=“301 Moved Permanently”/>[/QUOTE]
Hi
For me the signal is not strong enough and more importantly to me this had happend at the wrong time for me to be trading the 4hr and I personally will be waiting for the London session to see how price plays out, I would be looking for a spike lower taking out the stops to give a larger signal but all the best with anyone who has taken this trade and I hope it works out
Joffie
Howdy
When the preceding bars is twice the size of the signal bar I ALWAYS pass on the trade.
Simple no trade for me too.
Is it based on any entry signal?
I can’t see any except a pin bar (second last red candle); not very strong thou
Hi HMR,
Go to the H4 time frame and look at the bullish engulfing pattern on sitting on the SS level.
That was my entry. H1 was just in case a trade wanted to get in later. the chance is still there.
Grix
Are you asking how to know if it is bullish or bearish pin and hinting at going higher or lower?
yes bullish or bearish pin bar
Have you read the first post and followed it’s instructions? Honestly?
[QUOTE=“GRIX FX;476753”]
Hi HMR,
Go to the H4 time frame and look at the bullish engulfing pattern on sitting on the SS level.
That was my entry. H1 was just in case a trade wanted to get in later. the chance is still there.
Grix[/QUOTE]
This bullish engulfing pattern does not meet my requirements with it being at a swing low and I will be waiting to see if price heads back lower into support again to produce a better entry signal and looking for price to even test the 1.5200 round number for a buy but good luck to all who have taken this trade.
Joffie
I just want to show how the trade of GBP/USD pin bar worked out for me. My take profit level was hit with 3 pips to spare and I made over 80 pips. The trade setup wasn’t fantastic but I took it since it was at a major support level and was with the trend.
GBP/USD 4H Chart
Thanks Joffie, am already +60 pips after the engulfing pattern.
worked out quite well.
Grix
What pair is this?
That is EurNzd
