Gold Price Action Strategy with Support & Resistance Gold Price Action Indicator
One of the strategies for trading xauusd price action is use of PinBar. A pinbar is a reversal xauusd price action trading signal on a gold chart which shows an obvious change in market sentiment during that period.
This pinbar candle has a long tail with the closing xauusd price near the open.
The pinbar candlestick looks like a pin thus the name Pin Bar - occurs after an extended move upwards or downward.
How to Trade XAUUSD Price Action Pattern with Support & Resistance XAUUSD Price Action Indicator
This xauusd price action reversal gold signal is confirmed after market closes below the candle 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 pinbar candle.
How to Trade Gold Price Action Pattern with Support & Resistance Gold Price Action Technical Indicator
Combining Pin Bar XAUUSD Price Action Pattern with Support & 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 candle 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 candle.
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 & Resistance Gold Price Action Technical Indicator
