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  • Trading The ECB: 3 Scenarios For EUR/USD - Credit Suisse

    From efxnews.com

    Looking towards tomorrow’s ECB decision, Credit Suisse economics team expects Draghi to sound dovish, and doesn't anticipate an explicit extension of the bank’s QE program until December. Strategy-wise, CS global FX strategy team outlines three likely scenarios for EUR/USD following the decision and how to trade around each of them. 1. No policy/ guidance change (EUR bullish): "We would expect EURUSD to push into its August 1.15-1.17 range. This is an area that we would look to re-engage with downside structures. We see 1.15 as a critical level for the ECB and would expect a fresh wave of dovish commentary above ... (full story)

The " pin " bar that hit 1.17 several days ago suggests that the pair is seeking that level again before a rapid decline back to 1.10 . Does anyone have a strategy for using pin bars as a reversal or continuation ?
Trading Consultants Inc JJG
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Exactly, I use pinbars quite often as entry signal for potential reverse movement. Stop 10-12 pips beyond the tail. It is even stronger signal when near some key technical level. It works out well 70% of the time. I encourage everyone to use pinbars at the top or bottom of the market (or day).

Piphunter
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There was no pin bar reaching 1.17. Prices nearly touched 1.15 , then dropped.
  •  Guest
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The 1.17 was on Aug 24, 2 months ago.
Sorry for the misstatement about the 1.17 my charts show that as a daily pin bar. But it was indeed in August. As we now see the EU dropped rather strongly and now the critical decision is what's next will we trade range from 1.11 1.10 back to 1.15 or so or do we break the 1.08 to reach parity by year end.
Quoting Guest
Exactly, I use pinbars quite often as entry signal for potential reverse movement. Stop 10-12 pips beyond the tail. It is even stronger signal when near some key technical level. It works out well 70% of the time. I encourage everyone to use pinbars at the top or bottom of the market (or day
Piphunter
Trading Consultants Inc JJG
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