Ok, so for those of you who went and sold this off of a pinbar...well, you got played! Any of you who have followed me for any amount of time know that I keep saying, DON'T TRADE PINBARS! This was just another example of why. Pinbars are for suckers! But that isn't to say that pinbars don't mean anything! No. They do. It's the PRICE ACTION surrounding and including the pinbar that matters! Not the pinbar itself. Anybody that tells you to sell off a pinbar is just throwing darts at a dartboard and yes, sometimes you hit the bullseye. Yes, there are trading methods that use the pinbar as part of the trading strategy but IMO, it's hit or miss. Mostly miss.
Anyway, the way I see things and the way I trade, I take the whole into consideration and see what it going on in the entirety of the chart AS WELL as the price action of the moment to decide to take a trade. Case in point here. What has been happening is that prices have been trending up in a corrective wave inside a very narrow and vertical ExD trading channel. When this channel breaks, it should lead to a rapid fall coming back down.
In addition, if you look at the Daily chart, you can see that there is now a completed "Crown of Thorns" pattern and when that pattern completes, it usually leads to a pretty strong reaction (a fall in this case).
Here is my Daily chart from September 18th, 11 days ago. At that time, I had already said to watch for another swing back up to complete the "Crown of Thorns" pattern. At the time, we had just seen a strong move down and many so-called "experts" here were telling everyone to sell. I told my members NOT TO SELL because there should be another swing back up. Here's the chart and you can check the date on it to see I'm not lying:
And here's today's Daily chart showing that swing up I predicted would happen and that the "Crown" is now complete. Now prices spiked higher than I expected it would and broke outside the MAJOR DT TL, but that can easily be a false break and if prices break back down and through it, a strong sign of a drop to come.
Believe me or believe the pinbar guys. Up to you. All I and my members know is that we're gonna be making large pips on this pair and add to our +5000 pips that we have already made this month! Did you?