DislikedI didn't take this trade because I was too late, and the PB had already broken before I saw it, but it looked like a decent setup on the AUDNZD for a few reasons:
1. The pin formed by breaking below where I would draw a PPZ, aand then returning to the area above it.
2. The next bar confirmed it and it broke in the expected direction.
3. The PB also rests pretty much right on the 38.2 fib line (not pictured, sorry)
4. The first target area is about 65 pips away, leaving room for at least some profit.
The only bad thing I could think about...Ignored
This isn't really a pinbar. We want to have that "nose" or tail of the bar protrude away from prior bars price. Often the further the better especially when starting out.
Let me know if that makes sense
Mike