You need more than just a small pin to enter a trade. We need to look what all the price action story is telling us and then whether we have an edge that is there in our favour.
Here you had a really small pin bar that did not stick out that was trading back into resistance. To be honest on my chart I would not call it a pin and the resistance it was moving higher into was stronger that what it what you were trying to trade away from.
You knew you were gambling because in your post you pretty much said you knew should not be entering but that was going to stop you. There was no BEEB and as for the “non traditional trade”, that is what we really call “making up a trade because we don’t have any discipline to wait for our setups to come along”.
You would have known the chances of you getting stopped on this trade were very high and yet you still went ahead and this is one thing I am trying to work out why people do it over and over again. I teach them so many things and give them so many techniques but time and time again they shoot themselves in the foot trading “non traditional” trades and gambling there money away because they went two days without a trade.
By the time the 3 really good trades come along and they should be ready to pounce and make a mint, but instead their accounts are down -10%, and they are a psychological mess because of their gambling.
Anyway good luck with your “non traditional” trading. I wish for your sake that that’s all it was but it leads to far far more.
Johnathon
Yes the big red bar broke through the support level and then price pulled back to the same level several bars later and formed a BEEB at resistance which was the PA signal to play if you wanted in this trade.
Russ
I think that was some good trading waldmann (& all those who got out at break-even on the CADs), kudos!
Hallo kurt,
Even if it formed a great looking pin, for me the pullback would be too shallow ( deeper pullback gives space to trade into ).
I’m waiting for pullback to around 83.50 area where I will look for longs
Cheers
I see, thanks for always helping out, Dudest! Really appreciate all the senior members here sharing their knowledge 
do you mind me asking if you’re currently in a trade?
You’re welcome 
Currently not in any trade
Cheers
How do people feel about this?
Going to wait for it to hit resistance level and form a bullish candle formation before entering.
Wait for it to close, if it is indeed a pinbar then you can now set a buy stop pending order about 10-15 above the pin bar.
By this you will not have to worry if price will continue to go down, all you have to do is to wait for price to come back and take you into the money, cause if it is truly a pinbar then be rest assured that price will definitely pull back very soon even if it continues to go down
Thanks again Johnathon for your impactful insight on trading… I believe patience and discipline are key to become a successful trader
^^ yes obviously it can be traded
this is a daily chart of AUDCAD in range
Once it breaks out of the range there will be retest of support or resistance thats our oppurtunity
but we all know it takes quite some time b4 it happens , if there is no retest then no trade
Hey guys!
As others mentioned my eyes are on NZDUSD in the next hours. Let’s wait for good PA signal.
Here´s the pairs I have under the radar waiting for some price action to go with the trend
AUD/NZD Daily Chart
AUD/USD Daily Chart
NZD/USD Daily Chart
USD/CAD Daily Chart
Hi Bygjj - wrt our discussion thursday 13th Dec on the Eur/Nzd - the trade proved successful (entry on the inside bar - fakey reversal) and hitting the weekly trend line - approx 370 pips - about a 1:3 trade.
Cheers
Nice.its good that you banked that much Risk:Reward.
Hey Wald…
This is what is in my mind.
The bar clearly indicates that the power between buyers and sellers is evenly distributed (not really the pin for an A+ signal-wick below the body is equal to the wick above the body
