I'm looking at going short if price breaks below this h4 pin. Possibly the beginning of another swing down.
It looks like a good rejection of the 1.31000 level. Also, the top of the candle has touched the fib 61.8 and 38.2 confluence of the last two swings.
I think putting a stop a little above the IB after the pin should be enough. If price breaks above that, it may be showing that there is not much downward momentum.
I'm having some trouble judging where to put the first target, but if the downtrend is intact price should make at least 1.30200
I'm also wondering if price should move right on down after the pinbar instead of forming an IB for it to be a good setup.
Anyone's thoughts would be appreciated.
Dave
It looks like a good rejection of the 1.31000 level. Also, the top of the candle has touched the fib 61.8 and 38.2 confluence of the last two swings.
I think putting a stop a little above the IB after the pin should be enough. If price breaks above that, it may be showing that there is not much downward momentum.
I'm having some trouble judging where to put the first target, but if the downtrend is intact price should make at least 1.30200
I'm also wondering if price should move right on down after the pinbar instead of forming an IB for it to be a good setup.
Anyone's thoughts would be appreciated.
Dave
About two hours later, the chart looks bad for a short. Things are looking bullish right now, after that BUOB. It will be safer to wait for more PA to see what develops: