Textbook Pin Bar Set up on EUR/GBP H4 Chart

A classic pin bar set up has formed on the EUR/GBP four hour  chart. Price reached to a prior resistance level of 0.9030, which we can see on the weekly chart below before reversing.

Stochastics also crossed from above 80 to below 80, adding to the bearish scenario.

The set up is usually traded by placing a sell stop entry order below the low of the pin bar. The protective buy stop loss order is normally placed above the high of the pin bar.

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