MXT replies to: Pinpars Rock


{quote} That’s not a pinbar. It’s far from it actually. It’s just an exhausting looking candlestick that worked in your favor.

You’re absolutely right, but I often go by the wick itself, a pair of decent wicks, especially on the 2hr chart in the right place is a trading setup for me.

If you look at the move up, there’s is one big massive candle from the bottom swing, with no wick, that tells us the market is well bullish, then a pause, looks like a high risk long maybe, but look, the first candle is bullish, then before the next move up, another bearish rejection, now if I was looking at this chart in real time, I would start to get very interested, and I would probably be looking at a shorter time frame for an entry. Then the last candle gives another bearish rejection, so we have 3 tests on the same level so up it goes. None of them exactly a pinbar but there’s enough wicks there to show the market is going to continue.

Also notice that the wick itself on the ‘pin’ before the up move is bigger than the body of the previous candle and it’s a higher high and the close is higher than previous close.

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