I did not trade that pinbar because of several reasons.
1. Not at a swing point.
2. Because of #1 I am not confident that if price were to move back to that area, price would then reject that area again.
3. There is overhead resistance. Even if it were to continue up, it would stall in that area most likely unless it busts through, which would make me second guess myself and I don't like to have that.
4. It created a lower high and a higher low (pendant) which is based on my experience, 50/50.
So this one was a no go for me and my plan.
On another note, I did take GBPNZD Evening star formation off of the Daily. There was a Pinbar but I was not confident in it as there was support underneath. However there was a large down bar which then confirmed to me the Evening star pattern. Lo and behold I am in profit.
Next on my list is the newly formed AUDUSD Pinbar to the upside and GBPJPY EB to the downside. GBPAUD/AUDCAD PB is worth a look.
If anyone has any questions regarding these I'd be delighted to answer
If anyone wants, I'd love to post charts and stuff! Is anyone else considering or in anything?
Yeasterday I traded pinbar but I set 1:3 risk reward ratio and my price didn't hit my TP. So I made a good forecast but I am break evenMaybe you think that I made a mistake because I didn't trailed my trade. But after reading this ebook I trade only daily charts. It saves me a lot of time and my trading account grows
http://www.amazon.com/dp/B00HOPBAEY/?tag=tff-amazonparser-20
Yea man, I've only been trading off the daily and its been the single most important decision I couldve made for myself. I didn't read the book but I learned through self experience what worked for me and my personality, which happenned to be trading and analysing off the daily.
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