Okay... I'm beginning to like my pinbar setup. I traded another pinbar that formed on the GBP/JPY pair and won 11 pips. Since this was an exotic pair, the spread was 4pips and too high for my liking. I think exotic pairs are more suited for longer-term position trades.
Again, my daily 15% breakouts failed twice because of tight stop losses. I'm thinking of ditching this system altogether and focus on researching price action instead. It feels like too much of a dice roll at the moment.
I also opened a long on the EUR/USD pair during the second half of the US session because of a pinbar. Bad move on a Friday night!!! I correctly predicted that the shorts would be taking profit and closing their positions for the weekend, but there weren't many longs hanging around to maintain the reversal either. The eur/usd simply went "meh" and quietly ranged horizontally until the close of the session. My position is still open so come Monday, the dynamic behind the pinbar will have changed. Dumb move, Kev!
- Do not daytrade second-half of US session on a Friday night