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Pin bar on the daily chart

Pin bar on the daily chart | 06 September 2016

06 September 2016, EUR/USD

Pin bar on the daily chart
Wave Analysis
As previously forecasted, the impulsive wave 5 traded perfectly short as previously forecasted and even formed a perfect pin bar on the daily chart. During this intraday, we expect a possible momentum to the lower side and may even break below 1.1079. From the current chart set up and structure, now is the correct time to go short with an ideal target below 1.1079. Expect a similar impulsive wave in the other positively correlated pair EUR/HKD. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday.

Trade Recommendations:

Now is the time to go short with an ideal target at 1.1079

Bob Stan
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