How are you going to trade the Pin Bar on the Weekly EURUSD?

I should have asked "How are you going to enter the Pin Bar on the Weekly EURUSD?"

Weekly

Daily

Daily EURO

wait til it breaks the low of the week

Anyway from what I see on the daily chart, eurusd is at a nice 38.2% fib level or 23.6% fib level, might have a good support at 3289 or 3200 (depends on how u draw), I think it will be a good idea to wait and see whether it is really a support over there.

I was reminded this previous week to never trade against the major trend...If you think of taking this trade, please explain to me why (I know that PA on both daily and weekly may be indicating that the trend is weakenning) and what your target is.

Is there a double top forming?? Quite possibly...

D.

I see all weekly highs and lows as Sup/Res levels. (current red dotted lines)

I will enter short at 1.3255 and T/P at the 1.3200 level.

S/L 1.3292.

Daily

I'm in. Short 1.3255.

Analysis From Fxcm

London,
March 26. Ease back from the 1.3410 highs continues. Price action last week
formed a shooting star reversal on the weekly candles and the lower open and low
already seen today is half way towards confirmation. Will watch this week"s
close for a negative scenario to confirm completely.
1.2980 is the first level of any real support on the weekly charts. This is
repeated weekly highs from May/June last year and was a previous top on the
charts. Those playing the short side can use this as an initial target level.
Weekly trend studies as well are in the process of rolling over ahead of
overbought levels and a break below the aforementioned 1.2980 should open the
way for further weakness towards 1.2485 which was a weekly low last October.
Nearer term however there are the 21-day, 30-day and 200-day Moving Averages at
1.3225, 1.3195 and 1.3080 respectively and all provide good support ahead. Given
that this pair has not managed to sustain bearish corrections recently and price
tends to consolidate gains as opposed to pulling back the move lower is likely
to be disjointed. Daily trend studies are ticking lower. A 1.3200 retest is
favored here. This is the 38.2% retracement of the 1.2870/1.3410 rally. A break
here eyes 1.3140 and 1.3075 which are the 50% and the 61.8% retracements of the
same move. [email protected]

Stop out at 1.3292. Let's see what news bring. Looking to reenter a short.

Jim

Oh Yeah, I forgot about the other eye. That's my story and I'm sticking to it.
Jim

Don't know what I was thinking. Pin bars usually retrace back to form the other eye. My thinking was that the 1.3292 level was strong Res. Now it may act as strong Sup. We'll see.

Jim

Weekly

Daily showing engulfing bullish bar.

I was just wondering how you had been trading that pin bar.

I took the short, but with the stop just past the 'nose' of the pin bar, so that my stop is at 3412. As a result I am still in the trade although I am down quite a few pips.

Right now my short does not seem very healthy and I am trying to think of what could occur which would send this pair down.

Looks good on the 4 hour, moonchild. Retrace on at .618 and daily Res. level.

USD seems to be gaining some strength across the board, more or less. Swissie is coming up slowly and cable is also dropping.

Often news does have an effect but usually it is transitory and after causing a violent move, then everything goes back to business as usual. This has been taking a long time to start going back to the way things were before the news. It has been happening so very slowly that I have been wondering about whether there was going to be followthrough.