on the hourly chart after i took this move, i got stopped out. i have a similar setup as yours. I saw a pin bar setup at the weekly pivot level but i went long to scalp because i thought price is going to test the upper trendline for the last time then break downwards but it didnt happen and i was stopped.
anilmangal
⋅
NEVER ,NEVER ,NEVER trade pin bars ,don't even use then in your analysis ,it's useless. But don't believe me watch traders who trade pin bars how successful they are!
IvanLabrie
⋅
It's ONE bar's shape...I mean, how important can that one bar be opposed to the structure of the whole advance or decline or whatever pattern that is forming?
Also the open and close are subjective and depend on the broker's GMT clock settings! Forex is a 24h market, considering the close important is a very dangerous thing to do.
EverythingForex
⋅
Ah...the good 'ol pinbar! I won't knock using candlesticks as I sometimes use them in my analysis but PINBARS! They are overrated for sure! IMHO, they don't really work BECAUSE too many amateur traders use them. And the pros know this and since this is a zero sum game, guess who's taking advantage of the amateurs who are all seeing the pinbars, drooling and can't wait to take a trade on them? In fact, to be honest, I DO use pinbars! When I see them, sometimes I actually take trades AGAINST them. And I would estimate that 7 out 10 times, I make money fading them because Mr. Public is taking them. Smart money is most of the time against Mr. Public. I go with the smart money.
P_Parker
⋅
Wow, thanks for that :-)
RanaFx
⋅
we can sell @ 2850
RanaFx
⋅
good keep it up boss
njdfj
⋅
short this one today too, it looks like a third down now after a leading diagonal.
good trade