Wick Play + GBP/USD Analysis

My goodness I just came across something on the James16 group that blew my mind away. Pin bars (Aka hammers, upthrusts/springs, pinocchio bars) have been the bread and butter of my trading recently, and  it is very easy to simply interpret a pin bar with a lower tail as bullish and that with an upper tail as bearish. What if this is not necessarily true? There is a strategy known as the Wick Play on the James16 group which in short is about fading the pin bar. In other words, we long a bearish pin and short a bullish pin. Shocking? I must say the basis behind this is so good and it opened my eyes to a new level of price action analysis. I shouldn't go into the details of this strategy, but the key is to analyze the location of the pin bar.

I'm reminded that every single setup out there is about location. Where did your favorite setup form? Is your bullish engulfing just under resistance in a downtrend? I feel so thrilled to learn about the Wick Play because even though I'll not be trading it (This is definitely something only for the pros), it gives me confidence to hold on to my trades even if an opposing pin forms. So say I'm short and a bullish pin formed at a non support area, I do not need to freak out and close my trade immediately. Heck there is even a strategy to short that pin! Also, I am better able to differentiate between good pin bars and bad pin bars.

Here is (in my noob opinion) a potential candidate for the Wick Play:

GBP/USD Daily

At first glance it appears that there is a bullish pin bar. Already I see people screaming long on public forums. Take a closer look. Prices just broke down a mini double top. On the weekly chart GBP/USD is a huge bearish outside bar with no near strong support. Would you want to long this pin bar? I already know some experienced traders who're looking to short a retracement instead. To add perspective, lets look at the 4H chart.

GBP/USD 4H

The pin bar on the daily chart is simply a pullback to broken support turned resistance on the 4H chart!! Now indeed prices might go higher; it is approaching the uptrend line, at a big round number of 1.6, there is some Fib confluence etc, but is this a high probability setup? In my opinion definitely not! I used to go around trading setups blindly, these days I'm more careful as to where the setups occur and how the chart looks like on a higher time frame. It is all about location, location, location.