Here is an example of a pin bar on the dailies yesterday that I did not take, although tempted. It was on nzd/jpy, and similar set ups on other yen crosses.
There was a pin bar above resistance which could have initiated a long position. BUT i was hesitant because of the large previous bearish bar and the size of the pin was not that big in comparison to previous price action. The fact that I would have set a buy order above the high of the pin bar, meant it would not have been triggered. i was thinking about entering near the left eye though.
Looked at the chart today and saw that the pin failed and trade would have been stopped out.
Just wanted to share this set up, why i avoided it and how it played out.
obviously the initial set up was not great but I felt good to have confidently passed on this one and waited for a better set up.
There was a pin bar above resistance which could have initiated a long position. BUT i was hesitant because of the large previous bearish bar and the size of the pin was not that big in comparison to previous price action. The fact that I would have set a buy order above the high of the pin bar, meant it would not have been triggered. i was thinking about entering near the left eye though.
Looked at the chart today and saw that the pin failed and trade would have been stopped out.
Just wanted to share this set up, why i avoided it and how it played out.
obviously the initial set up was not great but I felt good to have confidently passed on this one and waited for a better set up.
Attached Image