asferruzzi
Short

Pinbar downtrend short trade

FX:AUDUSD   Australian Dollar/U.S. Dollar
38 2 5
Recent pinbar shows a pullback from the downtrend. price rejected previous support. pinbar is a trigger to enter a limit short trade. Entry price is set for middle of the pinbar candle. Risk reward is 1:2.
It could be bullish depending how you analyse. I can see there is recent support four days ago at level 0.7244, the last candle shows buyers could not push price above this support level and sellers quickly rejected price back down to close near the same level as the day prior. This could be an indication that sellers have control. The overall trend is down therefore long term sellers have control of this trend also.
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Thats not a rejection!, its still a bullish candle
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