asferruzzi
Short

CADJPY long tailed bar

FX:CADJPY   Canadian Dollar / Japanese Yen
59 0 0
Price is trending down on this daily time frame and confirmed with higher time frames. Price has recently retraced to a major support area and formed a long tailed bar. The long tailed bearish bar indicates sellers have taken control of price over the last 24 hours. Price has tested a major support area and was rejected which is also at the 50% Fibonacci level. All these indications make me biased towards a downward move. Entry can be placed half way of long tailed bar, stop placed above the high of the candle and target at next are of long term support. Reward is 2:1.
Comment: I normally only trade perfect pin bars however in this case the long tail indicates a strong rejection which is similar to a normal bearish pin bar so I am treating this candle the same way as I would with a pin bar.
Trade closed: stop reached

Related Ideas

EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out