Short on bearish pin bar after consolidation Short

Australian Dollar/Japanese YenFXCM

Description

⋅ Mar 7, 2015 6:49 PM

UPDATE 12/03: 2) scratched
Results:
1) 2 won on 1 risked
2) 0 won on 1 risked
Summary:
2 won on 2 risked

UPDATE 11/03: 1) TP hit, profit taken 2) stop moved to b/e

Two short entries after .618 pullback and trendline fakeout:

1) sell limit at half of pinbar, with TP on low 10/2014
2) sell stop under lows 2/2013 & 5/2014, TP on low 3/2014

AUDJPY

Comments

jazzik

⋅ Mar 9, 2015 11:24 PM

Guys, do you know why the bearish pin bar from 6/3 changes to totally different shape after the chart is updated with current data? Is it a bug?

Olu

⋅ Mar 10, 2015 4:25 AM

It is the same on my chart after update. Whjat did it change to on your chart?

jazzik

⋅ Mar 10, 2015 7:08 AM

Now it's fine. Yesterday after clicking price update, the 6th of March candle changed colour to green, had different shape and different hi/lo prices. There must have been an issue with the charting algo.

Olu

⋅ Mar 10, 2015 2:33 PM

Must have been. Right now price is going down.

Olu

⋅ Mar 7, 2015 7:53 PM

I forgot to add that the high of the friday candle just about touched the 50sma on the daily chart before the rejection

jazzik

⋅ Mar 8, 2015 2:31 PM

Yes, 50 MA being touched raises the probability of success for this setup even higher. Cheers for that!

Olu

⋅ Mar 7, 2015 7:48 PM

I was just about to put this idea up when I saw yours. I think the idea is credible. The move up from the lows is not as dynamic as the move down. Secondly this move happened at the same time usdjpy moved up strongly. It only attests to the weakness in the aud

jazzik

⋅ Mar 7, 2015 7:52 PM

Good point on USDJPY, let's see where it gets us.