Pinbar at a demand level or supply level is always a strong signal. This time it resulted in +130 pips for us.
Few days ago, we published our analysis about a supply level on EURUSD. At the time of writing that blog, price was being rejected from the subjected supply level. And at the end of the day, after all the rejection, a nice pin bar was formed.
We trusted our analysis and traded the demand level. And it turned out to be positive pips, all the way to our target.
Here is the closer view of the chart…
Something to note here is that even if we hadn’t traded this level (as last time the price reached this level, it went past through it before getting back to normal course), the pin bar was a strong signal. There was no reason to avoid this trade.
Here is the broader look at the chart and supply level itself
On this trade, we set our target to 130 pips i.e. first area of . And our stoploss was 160 pips. With this trade, we got out with 5% added balance to our accounts 🙂