Monday, April 27, 2009
GBPJPY on a 5M Chart
Attached is the 5M chart of GBPJPY with 1H MM levels drawn on it. This chart has been presented to show a peculiar type of PA called pin bars. This shows you how, using pin bars even on a 5M chart, you could make a lot of pips based on price action and just within a few hours of time.
In the attached chart, see the number of both bearish and bullish pin bars and just see how many pips you could have made. With the weakness in the JPY crosses, you would of course prefer to take the bearish pin bars rather than the bullish ones. All you need to do is take the trade with the SL just above or below the pin bars which gives you a very low risk. Also, pin bars in new highs or previous highs have a higher probability of success. Just simple, low risk trading.
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