One last thing, hang with me Alter
Ok now when a pinbar sits at such a swing low, what happens is the s/r levels that are normally more minimal now come into effect much quicker. Lack of space creates this problem(for the most part). So what happens is we now need to look to close bar highs and lows for possible turning points to clear. If you look to the left the bar high which sits at 1.5950 is where price hits and stalls. Being so close to our pin b/c it is at that direct swing low. So if one wants to trade this still(and of course that is up to you), the best thing would be to place your order under that. To me though, when that next day was such a large bullish bar, that is when it is best to close out your order. BUt now we cans ee if price clears the 5950 level the next set of lows I marked off in blue.
I hope this clears up some things, maybe not though
Mike
Ok now when a pinbar sits at such a swing low, what happens is the s/r levels that are normally more minimal now come into effect much quicker. Lack of space creates this problem(for the most part). So what happens is we now need to look to close bar highs and lows for possible turning points to clear. If you look to the left the bar high which sits at 1.5950 is where price hits and stalls. Being so close to our pin b/c it is at that direct swing low. So if one wants to trade this still(and of course that is up to you), the best thing would be to place your order under that. To me though, when that next day was such a large bullish bar, that is when it is best to close out your order. BUt now we cans ee if price clears the 5950 level the next set of lows I marked off in blue.
I hope this clears up some things, maybe not though
Mike
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