Haha that is one way to look at it. I have had 1 loser and 1 winner so far this week, and am currently up 7% since starting this thread 3 weeks ago. Trading can be hard because simply breaking even requires winning. I say that because every trade you take starts off as a loser due to spread. On top of that the math involved in recovering losses is also working against you. It becomes exponentially harder to cover a loss as it grows. It’s around 11% to recover a 10% loss and 1000% to recover a 90% loss. That is why adjusting account risk% to the quality of the trade and the timeframe of the trade is important. On my 4 and 8 hour timeframes I keep my risk around 1%, on my 30minute and 1 hour timeframes I keep my risk at 0.5, on my daily I will go as high as 3-5%. Being realistic about how much of your account you are risking depending on the risk of the trade, will help keep you profitable.
You have a small pin bar going against a huge selloff on small volume. I don’t know if there is a key daily level that the pin bar formed on but it looks like that would be your only trading edge here.
Thanks Aaron, I have found it really helpful to look back over my trades and find where I have become sloppy. Also very interesting about win ratio, with that in mind I feel as though I am doing pretty well and for now remain nicely in profit for the month.
Whats your opinion on these two daily pin bars:
Does it open and close in Previous bar? YES
Does it stick out? YES
Is it in traffic? NO
Downswing? YES
With trend? YES
Same length or longer than previous bar? Yes
I’d give this 5/6 as I would have liked a bigger pin.
More to follow…
Actually it’s just the one as the CADCHF pinbar does not open and close with in the previous pin bar.
BA 
I’m also currently watching this one for a signal to short at the R/S line.
Another pinbar sent to tempt me? (Im looking at the earlier one)
Does it open and close in Previous bar? YES
Does it stick out? YES
Is it in traffic? YES
Upswing? YES
With trend? No
Same length or longer than previous bar? Yes
Ohhhh you filthy little pinbar…4/6
EDITED - DOWNGRADED, won’t be taking.
Hi,
PIN Bar on Daily GBPJPY
I Rate it 3 stars
Trend is Up , Support area SMA 50 PLUS Previous Top , Trend line
I don’t like the Huge Bearish Candle ,
If you had set an entry 5-10 pips below the pinbar for confirmation, you would not have been in the trade. I had an entry order placed ten pips below. I just checked the charts today and I still was not in the trade and canceled the order
While as a trader who only enters at the break you will avoid losing trades that retracement traders take, but on the flip side of that coin, when you make a 1:2 RR win, the retracement trader may have made 1:4 or better on the same trade. I have found my win rate drops 10-20% taking retracement but my profits around usually 100% or more than a trader who enters at the break. Both ways are ok to trade and discussed here in the thread, but if you are going to point out a losing trade because of retracement entry, it’s only fair to also talk about the significantly larger wins from doing retracements.
You have a false break of an inside bar, which itself is a nice highly probable bullish signal, but I am looking at this one as a flag pattern. The best flags are the ones that form right on top of key S/R lines. This flag has a 500 pip flagpole, which is used to determine the TP level. I am debating to take this one or not but if a trader wanted to take this they could play the daily setup, and enter at the green support for a higher risk/higher reward setup. Or for a safer trade wait for the break of the mother candle to go long, and shoot for a 1:1 or 1:2.
[QUOTE=“krugman25;557948”]
<img src=“301 Moved Permanently”/>
You have a false break of an inside bar, which itself is a nice highly probable bullish signal, but I am looking at this one as a flag pattern. The best flags are the ones that form right on top of key S/R lines. This flag has a 500 pip flagpole, which is used to determine the TP level. I am debating to take this one or not but if a trader wanted to take this they could play the daily setup, and enter at the green support for a higher risk/higher reward setup. Or for a safer trade wait for the break of the mother candle to go long, and shoot for a 1:1 or 1:2.[/QUOTE]
Hi Aaron
Thanks as always for the feedback its much appreciated and also fills me with more confidence on this trade. It took me a few minutes to work out why your chart looked different to mine and then I realised it was a 6hr TF I’ve put my pending order at the break of the daily candle for now but may look at layering into this at the break of the mother candle. I also hadn’t noticed that its part of a flag pattern and 500 pips long too which is awesome! I will attempt to ride this bad boy up if it moves my way.
Thanks again,
BA
What I don’t like about this setup is that it is trading into resistance, plus it has double topped and also the big bearish candle you pointed out.
I think I will sit this one out, but if you take it, good luck 
Wanted to show a trade I got in. I’m not an expert on playing double tops so i wanted to use this as an experiment. Where is the best place to enter on these? Was my thinking ok?
This was an uptrend that formed a double top signaling a reversal in trend. It came down and broke an area of major support, while also forming a pinbar which told me price would continue down. And that is where I entered as I was expecting it to continue down to the next area of major support. I am currently up 90 pips on this trade and have almost hit my TP
Was this a sound trade? Suggestions, comments please?
Is the Nzd/Cad pinbar that is forming a good trade. Nice daily pin bar (so far) with a nice 8hr pinbar finishing up in the next 10 mins.
I would take this trade, but am unsure on this one. It is an uptrend and is at very high prices. My chart does not show price ever being this high except for the previous high a few days ago before this retracement to support line. Would the TP be at that resistance or should you aim for something higher? I’m not sure where I would aim for since I have no S/R lines to draw. The previous resistance line is too close to take the trade
I saw the pin bar but the nose set me off and decided to let it go…
Just out of curiosity since the pin bar is so close to the resistance line do you still set the SL directly under it or you give it more than the 10 pips breathing room ? (knowing that 10 pips is almost equal to the SL itself)
Thanks
Sorry but I would rather call it a lucky trade. Your Pinbar is very small, not at the top of the swing and therefore not protruding. Most people here and myself included wouldn’t have even considered it as a setup. But I’m happy it worked out for you. If not already done, think into the idea of maybe closing it just in case luck disappears.
This is a lot better, I would take TP at 87.5ish. It’s close but the SL isn’t that far neither so all in all it’s a decent RRR.
Hey wm247, aren’t you the one who likes to look at the affairs of the economies? I’m like that too.
But, anyway, check out the NZD. Across the board, I think there was an intervention at 0300 gmt. I think their central bank wants to devalue their dollar.
Sorry guys, I know this is price action, but in any case, because of this, there are a lot of tall bars out there with them.
Anyone seeing this?
Egpips this is not valid pin bar, closed below the previous bar.
hey krugman, are flagpoles generally valid on any time frame? (hourly and above) i read about flags set-ups and their reliability is rated at about 68% for bullish flags. cheers