While I have been and am still bullish on the weekly candle, there has been a fairly bearish signal in the 4 hours that has formed and also been confirmed. I was originally in the position from earlier this week and planned on holding until either the weekly pin bar broke to the upside or there was a significant enough bearish signal to cause me to close my position. I was still able to close for a profit since I had gotten at a lower price. Such a signal happened overnight. The setup was an inside bar/ pin bar fake-out. That is where you have an inside bar pattern followed by a breakout to the upside which quickly pulls back in and formed a pin bar. This is generally strong signals due to the fact that many market participants will get long on the breakout and when price pulls back in you have a squeeze setting up. In this particular case there were multiple inside bars which give the pattern even more strength.
If you are bullish and still want to get long there are a few options, you may simply want to wait until the price breaks above the weekly pin bar for the safest trade, but also the smaller risk-reward. If you are feeling more aggressive you could enter once price touches the important trend line at around 0.7475, or simply sit this one out.
If you are bullish and still want to get long there are a few options, you may simply want to wait until the price breaks above the weekly pin bar for the safest trade, but also the smaller risk-reward. If you are feeling more aggressive you could enter once price touches the important trend line at around 0.7475, or simply sit this one out.