This Pin Bar has just formed on the Aussie, it has formed a double bottom pattern and right on the one dollar mark an extremely powerful round number level. This is the sort of set up that offers an extremely high probability trade as it ticks all the boxes. Lets look at these:
- Perfect Pin Bar
- Significant previous support level
- Significant round number level
This is enough to consider a long position, lets see where this baby goes, here is the chart of the Pin Bar.
The initial target for a trade like this will be the previous swing high at 1.017 level. Obviously the stop will be moved to breakeven before then, I will keep you posted.
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