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Pinbar rejected off 1.6 ppz. Confluence with 50 Fib level from previous minor swing up. Bar is a little small though. FTA is at black line. A strong break through could bring us to 1.58 where there is stronger support.Ignored
Good analysis on your part with regards to round number and fta. I agree with you on those points.
Looking at the bar quality, however, it's a low quality setup. The bar doesn't protrude from surrounding bars. This goes along with the lack of space. I would define this setup as below average.
Bars that have close fta's can be tricky to trade because you can get caught with a hard rejection right after entry. Know that when you enter these type of trades and be prepared for the worst.
Not trying to be critical Autumm, just want you to see someone else's thought process.
-- Danny
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