Sunday, July 29, 2012

Historical trade - 11th April 2003 - EURUSD

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:

+ size
+ off a significant support zone
+ off a 50% fibonacci retracement level
+ off 21 EMA (barely)

What happens next...

Some thoughts:

- 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.

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