Hi there,
I am fairly new to trading and very new to posting on here and would appreciate some help.
I am currently two months in to demoing daily pinbars and so far, it is going quite well and I am 5.25% up after two months. However, I can see that my results could have been better. I have in one of my trades taken a large loss (180 pips) where price reversed on me and hit my stop loss positioned just beyond the end of the pinbar.
Something I am having difficulty with at the moment is the position of the stop loss. The J16 material says that if you trade a 150 pip Pinbar and therefore put your stop loss 10-15 pips beyond the nose of the pinbar, you would be risking 165-180pips (worst case scenario). However, I have noticed that James says that he would never be prepared to take this size of loss and would KILL the trade if it were to go 30-50 pips to the wrong. I have also seen on this thread traders such as Jaroo, Ryanmcd etc. trading this way…killing the trade way before it gets anywhere near the end of the pinbar. Is there any point to the stop loss being at the end of the Pinbar as, in reality, we are just trading with a 30-50 point stop loss?
I hope someone out there can help clarify this for me.
Regards,
Kean
I am fairly new to trading and very new to posting on here and would appreciate some help.
I am currently two months in to demoing daily pinbars and so far, it is going quite well and I am 5.25% up after two months. However, I can see that my results could have been better. I have in one of my trades taken a large loss (180 pips) where price reversed on me and hit my stop loss positioned just beyond the end of the pinbar.
Something I am having difficulty with at the moment is the position of the stop loss. The J16 material says that if you trade a 150 pip Pinbar and therefore put your stop loss 10-15 pips beyond the nose of the pinbar, you would be risking 165-180pips (worst case scenario). However, I have noticed that James says that he would never be prepared to take this size of loss and would KILL the trade if it were to go 30-50 pips to the wrong. I have also seen on this thread traders such as Jaroo, Ryanmcd etc. trading this way…killing the trade way before it gets anywhere near the end of the pinbar. Is there any point to the stop loss being at the end of the Pinbar as, in reality, we are just trading with a 30-50 point stop loss?
I hope someone out there can help clarify this for me.
Regards,
Kean