CADCHF Prints Rejection Signal on Range Bottom
Wake up this morning and check some of the latest battle station alerts that have come in on my phone and seen the CADCHF pin bar alert.
It is important to remember the Battle Station is not a signal service, it is just a chart scanner with quality filters, so when you get an alert, you need to check the chart to see if the trade signal is worth taken or not using that powerful brain of yours 🙂
The Battle Station was designed to the be a multi tf scanner that makes your life easier, so you don’t have to watch all these different charts and time frames for price action signals, and breakout events.
So moving onto the pin bar pattern found, it looks good because it works with the current structure of the market. If we look at the daily chart, we will see this is the range support…
So the range structure is clear here, so it makes that we would start to see bullish price action events down on the range bottom, and also makes sense that we could set up for a long position here riding off good bullish price action evidence.
If the range structure holds, and we do see a bullish range cycle off support – it should be an easy 3x reward if you can snatch a pull back style entry on either the daily, or the 12 hour signal.
Best of luck on the charts!
Perfect Follow Through to the Stratosphere!
If you’re going to try pick tops or bottoms, this is how I like to do it.
Nice price action signals off the major turning points.
I notice a lot of traders trying to pick tops and bottoms mid trend, without comboing them with any proven major turning points.
That’s why “the trend is your friends” is such a popular term, because without these major levels to base a major reversal trade idea on, you should just stick with riding momentum.
This trade played out picture perfect, pull back entry hit for a tighter stop and better reward profile on the trade.
3x was hit very easy, and for those who held longer, more rewards followed.
If you want to try out my Battle station tool that gave me the alert for this trade – you can use the download widget below to get yourself a free trial.
However, if you want to master price action trading and are really interested in trading like I’ve shown in the commentary today – checkout my Forex War Room for serious traders.
I hope you all walked away from this with money in your pocket 🙂
Best of luck on the charts this week!
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