Losing trade GBP/USD for -58 pips.
After a pinbar on the 1.59 RN to which price reacted in the past, I've decided to go for a long.
The issue I see with this trade is:
1. Not puting my entry above the high of the pin. In that case, my order would not have been triggered.
2. This downmove is the result of a doji + following strong bull candle from a level, where there is confluence of BRN 1.6 and weekly TL. So we can judge this is pretty strong.
Trading against it, even for a small retracement is not appropriate.
After a pinbar on the 1.59 RN to which price reacted in the past, I've decided to go for a long.
The issue I see with this trade is:
1. Not puting my entry above the high of the pin. In that case, my order would not have been triggered.
2. This downmove is the result of a doji + following strong bull candle from a level, where there is confluence of BRN 1.6 and weekly TL. So we can judge this is pretty strong.
Trading against it, even for a small retracement is not appropriate.
Thoughts are things