Let talk about . What is Pin Bar?
, which is short for 'Pinocchio Bar,' is a single setup that clues price action traders into potential reversals in the market. A is an elongated wick that 'sticks out' from price action. Traders will usually look for one-sided wicks that are two times the size of the body.
What separates a from a Fake Pin Bar?
The difference between a and a Fake is determined by recent price action.
If the long wick sticks out from recent prices, that is a . This is the ‘lie’ that the market may be telling us: That a movement to a previously untested level has brought a new group of buyers (or sellers in the case of a ).
If the long wick does not stick out from previous price action; they are not a genuine , but rather ‘Fake Pin Bars.’
Suggested buy zone remain the 50% level of which fall between 3480$-3525$
Join our discussion room for more about our trading ideas.
Please share your thoughts about it and support my post with your LIKES.
It will be good to always understand risk involve in trading. Always trade with stop Loss in place.
Set up an entry/exit strategy for every trade, with good risk/reward ratio.
But my concern is the bounce produced, it seems so low which give me another thought about possible new leg down to confirm Bullish divergence before we rise up finally.
Suggested new entry will be in accumulating form, we are to go with 50$ gap in between our orders from current price at 3485$ down to 3360$. This look like different of 125$.
That is best way to trade this market for now. I expect big bounce within the range.
Please do leave your like as you go through the page.