Chart of the Week: AUD/USD H4
Here’s the trade of the week. It took place on the AUD/USD H4 chart via support lines on the AUD/USD daily chart.
What we have in the chart below is an outline of a pin bar trading strategy I use to enter trades at the most optimum point.
The AUD/USD was coming down with the USD strengthening overall. You can see the USD gaining value across the board by taking a look at the dollar index chart(not shown in this post). The level of support was already planned out. We were waiting for price to show it’s hand at that location. As it approached the support area at the opening of the London/European session, Asian session traders pushed it away from support to form a bullish pin bar. This is one of the prime signals we use at Forex Market Master to enter trades. You can see where planning your trade has an advantage. Placing trade as close to the candle’s close as possible, we are able to place a stop only 30 pips away. In just over a day, we made a terrific profit.
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