It got seriously rejected from the bottom of the channel thou. Most definitely scaring the sellers. I’m undecided, but could possibly get buyers on board.
Thanks for your input.
It could well be a good one to buy, it just doesn’t seem to fit with the rules as i understand them laid out by Johnathon in this forum. Best of luck in which ever decision you make
What do you think of EUR/CHF right now?? In a daily chart it looks a downtrend, price dip down to bottom and formed a pin, before rebound to resistance and formed an IB.
hi Waldmann,
First, you need confirmation of the price above the PB before you enter the trade. And if you look at the price, there is no confirmation to enter the trade.
secondly, look how close is the resistance, you don’t have the space to maximize your profit.
Attached is the picture i took this morning, so just ignore the candles after the PB.
EJ
Im sure one of the more experienced members or Johnathon will have some better analysis. I must say it is a beautiful pinbar but for me i tend not to go against the trend
ooppss, so sorry. I thought we are talking about audusd H4 PB.
Just realize that waldmann was talking about the PB formed on Daily.
sorry
EJ
I love it, describing a pin bar as beautiful 
I would like to share my opinion on this if you don mind.
Even the current trend is down but the HUGE bullish pin bar is somehow valid. Given that it was formed at key support level which has been tested several times in the past.
I find that it is quite similar to what happened to GBPUSD not long ago (early January 2013) where there was a HUGE bearish pin bar formed at key resistance level in an uptrend. Please see the attached picture for clearer view. We can see that the resistance level was tested several times (3 times) in the past and at forth test, the price stalled pretty quickly after the huge bearish pin bar.
In conclusion, I think it is still trade-able but I suggest to enter with lower risk (lower % on your account) since we are trading against the current trend.
yep, I was tagged in at the break of the top. Entered with lower risk and will be managing it carefully.
Thanks for all inputs! I’ll wait to sell on retracement if it happens. Safer to go with trend.
Hi Johnathon,
I might miss out but it seems I couldn’t find your opinion on this one.
Thanks
What does anyone think of this one. I had placed an entry order short on the pin bar for it, but it continued to climb. I guess it may still go higher and turn back, but I have removed my order for now. What do you all think?
I guess after looking at it again, it is not really a pin bar. It did not close withing the previous bar. It sure looked good at the time though.
PB is the one formed on DTF on this AU pair.
That PB indicates possibility of trend/bias reversal. So, we should look for buy. However, long term seems to be sell on this.
For me it is tricky to trade this pair today.
It is also in a big consolidation since july last year and this Daily PB formed at the base. Might be a reversal already. For those aren’t sure stay on the sidelines. I took it though
I didn’t take the daily pin bar because it looked like it was against the trend. Later when I was going through the 4 hour I ran across this and it looked good. I guess this is one of those against trend ones that works well.
Never miss out on a pin like that.
40 pips trailing stop for a wishful 300 to 400 pips.
Ts only like that for now, in case ot cant scale this ledge on 1.o244
Hi johnathon,
Thanks for your valuable input. In addition there is BRN also which I missed with your clear resistance line.
I see what u say now. Thank you
Hi waldman007) This is a counter trend setup and we have a overhead resistance not far from the pin bar.Secondly there is one more problem which no one noticed here is that the pin bar is not accepting the round no of 1.0200 it closed below below the round no and entering such a pin bar at the support area is not a good idea.I can,t say it won,t go up but due to the problems i mentioned above we can,t classify this as an A+ setup.
Thanks.
Tahir
After already happened is easy to say to never miss a pin like that.