Dislikedhi all having trouble uploading charts today but did anyone take the EURUSD pinbar a few days before (on the daily) i cant think of reasons not to have taken it....Ignored
1) It is a small bar against a strong down move. It appeared to me like it was profit taking by sellers at support.
2) Location was okay but not great. I would have preferred to see a deeper test, especially of the weekly low (see my charts in previous post - can't post charts from this computer).
3) No obvious locations to move a stop loss and reduce risk. FTA was just above the pin 1.3400-1.3450.
For me it's about those 3 things in formulating a trade story (bar size, location, risk management) actually in reverse order that I posted.. I want to havet have 2 of the 3 (admittedly discretionary) to enter a trade, but number 3 is a must. For me I will trade:
1) small bars, but they must be a great location. Must have number 3 (can be round number, pinbar eye, bar high/low on engulfing bar.
2) large bar at not so great location (momentum - kind of like the 2 day pin bar mike played in the video lester posted a few days ago). Must have number 3.
3) Big bars in a great location - if I have these, I find 3 to always be there. These are A+++ setups (pitbull PA at confluence).
Sorry for length of post but just my thought process.