Daily pinbar rejection of the recent downward move.
Now because price moved aggressively upwards on 15/3 after the FOMC, it is possibly that price could continue heading higher. However its a pretty compelling signal and the previous downwards move from 2-14 march was strong, it's quite possible that this could signal a resumption of that down move.
So far today's price hasn't moved much reflecting this indecision. I think the best way to play this set up is to sell once price moves well below the low of yesterdays candle, but with the SL just above the midway point of yesterdays candle.
It's also worth noting that the week is nearly over and the weekly candle will likely have some impact on what happens next. The weekly candle currently looks like a bullish rejection of the trendline. but this all depends on how today's (friday's) session goes.
WEEKLY
Now because price moved aggressively upwards on 15/3 after the FOMC, it is possibly that price could continue heading higher. However its a pretty compelling signal and the previous downwards move from 2-14 march was strong, it's quite possible that this could signal a resumption of that down move.
So far today's price hasn't moved much reflecting this indecision. I think the best way to play this set up is to sell once price moves well below the low of yesterdays candle, but with the SL just above the midway point of yesterdays candle.
It's also worth noting that the week is nearly over and the weekly candle will likely have some impact on what happens next. The weekly candle currently looks like a bullish rejection of the trendline. but this all depends on how today's (friday's) session goes.
WEEKLY