A Big Bullish Pin bar formed at the higher low level of an Uptrend line which confirms the fake breakout.
How to know the candlestick pattern (bullish pin bar) is valid or not?
1) Watch the candlesticks patterns only at the important price levels like Support and Resistance areas, Highs and Lows of the trend line, etc. If the pin bar formed at any of these important price levels, it’s a valid reversal setup.
2) If the pin bar formed in the middle or unimportant price levels, Please ignore those candlesticks. it’s an invalid reversal setup.
In this gold analysis, A big bullish pin bar formed at the low level of an uptrend line which gives the confirmation of reversal.
Conclusion: Don’t look at the candlestick patterns all the time, look out for the candlestick pattern only at the important price levels for confirming the reversals or Breakouts.
Don’t trade all the time, trade forex market only at the confirmed trade setups.
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