Also to add to this if I may. That pinbar although by proxy shows very weak momentum for the bears. A strong close is very crucial IMO and why I never play proxy pins(IMO tougher to play)...
..A strong close off this area could hav given a much stronger signal that the bears were actually wanting to short this market. Instead price only bumped up on the round number and stalled rather then sold off. This is crucial. It is not uncommon for price to ever stall at any round number like this, but the key is to decipher if it is TRUE selling vs just profit taking, or weaker selling...
..Notice how the pin doesn't close within the prior bar and also how it sits low. Meaning the high of the proxy pin is only barely coming over a prior high that is 6 bars back. At the same time all the other xxx/jpy pairs were simply stalling out minimally also rather then any true sign of weakness.
)i cant resist it, so im bumping this post BIG Time. & i wont truncate it (like i often do).
PLEASE Pay attention to this post.
if i get what Mike (Darkstar's master student
) is saying, he wants something like a BEOB (instead of a proxy pin) to convince him that this is TRUE selling, rather than weak selling or merely profit taking.im a but unsurprised no one (specially the newer members) replied to this post by Sir Mike.
some people might think this is just a 'plain old Mike reply'. when i finished reading it & looking at the respective chart, my conclusion was "this is a GOLD post". VERY important, MUST READ.
I highly encourage everyone to re-read this, & let it sink in. (the meat/essence of his post is in bold)
imbibe this post, seriously, as if oxygen to your lungs.
(NOTE: this is NOT an A-HA light bulb moment for me... this is an A-HA moment for most of you, sooner or later)
i really hope this helps
. 
