We commented last week that the half-hearted pin-bar rejecting the underside of the trendline I've drawn in (red arrow) wasn't enough to hang your hat on for a sell.
Sure enough, price blasted right passed that level and looks like it might be kicking off a new uptrend.
For me, I have to sit on my hands.
If price manages a close above 1.3200 (back above the trendline, so perhaps a higher close required if it takes longer), I would favour the upside.
Alternatively (and personally I still think more likely), a close below 1.3050 or so would spike my interest in continued shorts.
Until one of those two things happen, this isn't a tradeable market to me.
Sure enough, price blasted right passed that level and looks like it might be kicking off a new uptrend.
For me, I have to sit on my hands.
If price manages a close above 1.3200 (back above the trendline, so perhaps a higher close required if it takes longer), I would favour the upside.
Alternatively (and personally I still think more likely), a close below 1.3050 or so would spike my interest in continued shorts.
Until one of those two things happen, this isn't a tradeable market to me.