weekly pin bar has formed and had an initial response, now looking for a retrace of the head of the pin bar and hit it long on an h1 entry. Confluence is 38% fib
I am short since 43 for one lot. Do you see it going any higher than the highest wick displayed as of close on Friday ?
Please offer your opinion.
Hiltonuk
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possibly up to the 50% fib @45.84 the high would be where i would look to exit but theres area of trouble be for that i trade short term on oil so wouldn't really look to hold for very long
tbuckle
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the pin bar has a .07 selling wick, is that really enough to consider it a pin bar? second you stated that a weekly pin par has formed! It has not! The "pin bar" is hourly not weekly. Weekly is a big green candle with little wick. I look forward to your feedback.
Hiltonuk
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thanks for questions, if you check the W1 chart you will see the prior week is in fact a pinbar with a large wick . i will play a pinbar by placing an order at the head of the pinabr after initial response so in essence a retrace of the pinbar.
the H1 pinbar you point out i agree certainly does not qualify as valid. i hope this helps, perhaps i can improve my explanation too.
tbuckle
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Ohhhhh, I see what you are saying. I kinda doubt it dips that low, but what do I know! Thanks!
Please offer your opinion.