Pinbars are a good sign of a pair rejecting higher prices. This in combination with other coincidences in the same area shape our bias and help to create our trading decisions.
This time we have:
+ Continuation of the bearish trend.
+ Pinbar.
+ Rejection of the 50% Fibonacci retracement level.
+ Rejection of the yearly pivot.
+ Rejection of the monthly pivot.
+ Rejection of the weekly pivot.
+ Rejection of the 50 EMA.
+ Previous structure support is now resistance.
Look for a confirmation either with an entry using the intraday charts for a tighter risk:reward, or enter on the break of the low of the pinbar. Stops above the candle should be safe if what the market is telling us is correct.
As usual this is not guaranteed to occur and as traders we are expected to use our own analysis to further confirm our decisions. Happy trading!
This time we have:
+ Continuation of the bearish trend.
+ Pinbar.
+ Rejection of the 50% Fibonacci retracement level.
+ Rejection of the yearly pivot.
+ Rejection of the monthly pivot.
+ Rejection of the weekly pivot.
+ Rejection of the 50 EMA.
+ Previous structure support is now resistance.
Look for a confirmation either with an entry using the intraday charts for a tighter risk:reward, or enter on the break of the low of the pinbar. Stops above the candle should be safe if what the market is telling us is correct.
As usual this is not guaranteed to occur and as traders we are expected to use our own analysis to further confirm our decisions. Happy trading!
