That is a monster 4hr pinbar, when comparing it to previous candles. The other things I like about it…
1.The fact this this is a 3rd rejection of that level in the past few weeks.
2. It is also a rejection of a Big Round Number.
3. The pinbar is well defined and much larger than previous candles, it protrudes well beyond the previous candles.
4. If it can break through some Near Term Resistance, it has some room to run before it hits trouble.
There are a few things I don’t link about it, such as it is going against the 12 month trend, and it would be nice to see it protruding above the previous weeks candles. If price can break below .8530, it could run for a while.
I have actually been in this trade since the 2 bar reversal from last week. So I am just hanging on waiting for something to happen
It is a shame it is down at the low and not right up at the high and sticking up and away from price and sticking up and away…
I have tweaked the second chart below to show what I would have liked. See how this would have been a much better pin and how it is up at the high and sticking up and away from all other price?
Been a bit frustrating of late this pair just bobbing around and ranging and now stuck in between trouble areas. maybe best to wait for price to make a clean break before looking to enter either way?..?
There is not clear PA signals right now on the 4hr and daily charts for this pair.
The main time frames followed here are 4hr and daily. 15min price action signals are not reliable… at all. Please stick to 4hour and daily charts to not confuse followers of this thread. Thanks.
Although it is an a decent size signal there are 3 things I don’t like about it
Forms against a very strong and obvious down trend
It closes slightly bearish, if I were to take a counter trend trade, would like to see a decent bullish close
Level it formed at wasn’t a super strong support level. Last time price tested this support level was back in 2009. If I were to take the counter trend trade, would like to have it test the level multiple times and reject it
I think it will be better to wait till it retraces to the VBRN of 1.2000 and take a short with the trend from there, which is close to the resistance level I have marked. Or if it breaks lower wait for a retrace.
Things I liked were that it was a decent sized signal and with the short term downward momentum. However the main thing keeping me back was that there was some consolidation and traffic to the left of it.
hi traderamateur) I just use the simple price action so far i have learned from this thread to trade futures.You don,t need something another to trade futures .Futures are just liquid financial instruments like the forex there is just one difference futures have an expiry date.On the expiry date your opened position will be automatically closed in loss or profit.So check the expiry dates before pulling the trigger.Because you need some time to play into )
