entered short on a pin bar that just touched the top end of a range signalling a possible reversal with in the range.
this trade came off well and is currently still active and close to 1:4 risk reward. about 35 pips risked and sitting around 120 pips . stop is trailing fairly close to protect the profit.
i thought i would show how this pinbar looks on a 15 minute chart . basically the 4 hr pin bar nose is a break of a swing low and the initial stop is the swing high on the 15 minute chart. the argument could be made that one could use a 15 minute chart and trade breaks of swing highs/lows at key support/resistance levels on a 4 hour chart and obtain similar result. just my opinion but it kinda makes sense.
Hi Talisman - I knew straight away the pin bar you were on about with Chris in his blog - that you had caught a great one. With it being an high and changing on a 30 min frame it stood out for me - but I failed to leave my scalps on for a swing until early today. I fully appreciate why you placed a 35 pip stop - and you have done extremely well now the RR is in the 4 area but at that time that was just a 5 pip stop for me - and if it had caught me out - I would have reshorted again on a scalp.
There were various pin bars on under 30 mins charts- even one on a 3 min - but as you say the strenght increases as it falls and portrays it self on the larger frames.
Nice trade and glad you are keeping you trailing close - because as you know the market loves throwing traders out of trades. Keep it tight and if you get thrown out - then look for another place to re- enter if it carries on lower. Have a great week regards Peter
thanks for the feedback.
Very interesting observation you made there talisman in breaking down the 4hr pinbar into individual 15mins candles and observing the Price Action of the 4hr pinbar from a lower time frame.I agree with your observations and it kinda makes sense to me also. I think this is good use of the idea of multiple time frame analysis and the concept of candle addtion i.e. in this example breaking down a 4hr candle into individual 15min units and getting a Read on the Price Action at a lower level. A good post.
thank you for your comments. this trade is closed now with about 1:3 , 106 pips to stuff in the sock.
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