Fakey Pin Bar Reversal EUR/JPY

[ForexProdigee]

A false break has formed on the Eur/Jpy Daily. The pin bar formed as it broke through the mother candle and closed above the mother low. After looking at this, what makes you not want to enter this trade? Im curious to see other traders insights on Price Action trading.

 

[rathcoole_exile]

i have no idea what you are talking about, what false break out ? what pin bar ?

I don't even know if you are talking about going Long or Short ?

But, for the record, I wouldn't go Long on this - yes it's at the extreme S4 Weekly Camarilla Pivot Point, which would normally suggest a reversion towards the median PP
But price is so far underwater beneath the Ichimoku Cloud, with so much downwards pressure, I struggle to see it rising.
As for a Short, well, if it closes below 96 and holds, then I'd go with a tentative Short

(by the way, I don't trade this pair normally, just took a quick look to try to fathom out what the hell you're talking about, but I still can't make head nor tail of your post)

 

[rathcoole_exile]

by the way, shouldn't it be Prodigy with a "y" ?

 

[ForexProdigee]

Yes it should be with a Y. Here is the false break setup: Trading The Forex Fakey Strategy - False Break Setup - YouTube

I would of made a decent profit if i had gone short when i posted this.

 

[rathcoole_exile]

yes, I know what a false break out is !

what I meant is, I couldn't understand a word of what YOU were trying to say !!

First, I couldn't see any pin bar or false break out on the daily chart
and second, i had no idea if you were suggesting to go Long or Short !!!???

 

[rathcoole_exile]

and by the way, it's
would have,
not
would of

 

[ForexProdigee]

would have* thanks.
but my mistake. i thought it was a false break before the candle closed. when it did, the signal turned out to be invalid. *shrug* I'm still learning.