A very large pinbar formed on the 11th April. 2003, on the EURUSD. This setup looks very similar to my previous entry.
Factors in favour of the pinbar:
+ off a significant support zone
+ off a 50% fibonacci retracement level
+ off 21 EMA (barely)
What happens next...
- this setup isn't as strongly ranging as the previous setup
- it took awhile for the pinbar to break and trigger an entry (16 hours). Setup a pending order until pinbar is broken in either direction?
- this particular pinbar also formed just before Friday's close. I'm suspecting that short-term reversal signals will be prevalent towards the end of Friday as traders close their positions for the weekend.