Gold Price Action Strategy with Support and Resistance Gold Price Action Indicator
One of the strategies for trading xauusd price action is use of Pin Bar. A pin bar is a reversal xauusd price action signal on a gold chart which shows an obvious change in market sentiment during that period.
This pin bar candlestick has a long tail with the closing xauusd price near the open.
The pin bar candlestick looks like a pin thus the name Pin Bar - occurs after an extended move upward or downward.
How to Trade XAUUSD Price Action Pattern with Support and Resistance XAUUSD Price Action Indicator
This xauusd price action reversal gold signal is confirmed after market closes below the candlestick that precedes this xauusd price action pattern. Below the gold pin bar xauusd price action reversal gold pattern is confirmed after the xauusd market closes below the blue candle that preceded this xauusd price action pin bar candlestick.
How to Trade Gold Price Action Pattern with Support and Resistance Gold Price Action Indicator
Combining Pin Bar XAUUSD Price Action Pattern with Support and Resistance Lines:
This pin bar xauusd price action reversal gold signal can be combined with other gold line studies such as Support and Resistance levels which can be used together with this xauusd price action trading signal to generate buy or sell signals.
Support and Resistance Levels
A pin bar xauusd price action candlestick that forms after xauusd trade price hits an important support or resistance level can be used as a gold signal to enter the gold trading market. When a this xauusd price action reversal gold pattern forms the trades taken should be in the opposite direction of the tail of this xauusd price action candlestick.
If the xauusd market moves up this forms a pin bar candlestick with tall upper tail, then the gold signal is to open a sell xauusd trade transaction.
If the xauusd market moves down the forms a pin bar candlestick with tall lower tail, then the gold signal is to open a buy xauusd trade transaction.
Gold Price Action Strategy with Support and Resistance Gold Price Action Indicator
