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Fading after Rejection Bar Formation on GBPUSD

  • Posted on: 21 June 2015
  • By: strategist
Fading after Rejection Bar Formation on GBPUSD

Three bars with huge bearish wicks appeared on June 19 2015 after a rally. This signified that the pair had hit a strong rejection/resistance area. I shorted aggressively for this being a very strong short signal. Took quick 6-7 pips but the trade was good for a lot more. However, there was definitely a cluster to the left (not shown on screenshot) and I had to be conservative with the T/P.

As always, trades like this one require a lot of experience and a good ECN broker.

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Thank you and green pips to all of you!

Tags: 
scalping
gbpusd
M15
15-minute chart
fifteen-minute chart
pin bars
candlestick formation
fade trade
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