Pin Bars all around

Well hey everyone, just wanted to update you all on my price action trading progress. I have recently cashed in on the USDCAD and the GBPUSD, both of these pairs have fired off some very well formed pin bar setups late last week that I profited on. I am starting to really learn the power of risk / reward in that you can have many losing trades but as long as your winners more than make up for your losers, it really doesn't matter how many losers you have. This is definitely something that I learned from reading all the articles over at Nial Fuller's website, he has a ton of good stuff over there both free and premium, I love it all.

Gold price action

The chart below is the daily chart of gold. Note the pin bar / fakey setup that occurred last week which has sent prices higher this week. I actually took a fair chunk of change out of this setup and I wanted to show everyone.

There are some simple principles at work here:

• Momentum was clearly higher as evidence showed by the 8 / 21 day emas crossed up
• We then got a clear (minor) fakey with pin bar setup. (Nial explains the minor fakey in his member's section)
• Price moves up into next resistance near $1390.00 / ounce
• Very cool trade.
  

Forex Trading Education with Price Action

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To check out more cool information on price action trading click here: forex trading education