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 price action signal on chart which highlights an obvious change in market sentiment during that particular period.
This pinbar candle has a long tail with the closing xauusd price near the open.
The pinbar candle resembles a pin thus the title Pin Bar - occurs and forms after an extended move upwards or downward.
How to Trade Price Action Setup with Support and Resistance Price Action Indicator
This price action reversal signal gets confirmed after market closes below the candle stick that precedes this price action setup. Below the pin bar price action reversal pattern setup formation is confirmed after the market closes below the blue candle stick that preceded this price action pinbar candle-stick.
How to Trade Gold Price Action Setup with Support & Resistance Gold Price Action Indicator
Combining Pin Bar Price Action Setup with Support & Resistance Lines:
This pin bar price action reversal signal can be combined with other gold line tools such as and like Support & Resistance levels which can be used together with this price action trading signal to generate buy/sell signals.
Support and Resistance Areas
A pin bar price action candle that forms after trade price hits an important support or resistance zone can be used as a trading signal to enter into the trading market. When a this price action reversal pattern forms the trade positions taken should be in the direction in the opposite trend of the tail of this price action candlesticks.
If the market moves up this forms a pin bar candle with tall upper tail, then the trading signal is to open a sell trade transaction.
If the market moves down then forms a pin bar candle with tall lower tail, then the trading signal is to open a buy xauusd trade.
Price Action Strategy with Support & Resistance Gold Price Action Indicator
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