DislikedI got a PM today where someone wanted me to comment on why the PA setups on Usd/Cad and Aud/Usd 4H charts failed.
Here's my take on them (decided to post it up at the thread for everybody's sake)
AUD/USD 4H:
BEOB off a swing high. Conventionally a great location for a BEOB to be at specially when it comes along with divergence as in this case. For me though this was a very easy pass.
USD/CAD 4H:
Pin bar with the nose touching the 1.03 mark. BRN? Yes! Great setup? NO!
g.Ignored
Great analysis on the setups. Yesterday, I took the 4H PB on the USDCHF which didn't workout. Though there is traffic on the left, I took the short trade considering that for the last 5 bars PA did not breach the 1.0167 level and when it did pop up it was convincingly rejected from the BRN 1.0200. While in the short trade when the price did not tank fast enough I started getting doubtful of the setup and as such cut the trade with half bar loss.
May we have your and other seniors thoughts on this setup.
Cheers
Novice 198