Thursday, January 12, 2012

January 12 2012 trades - pinbars save the day

A pretty good day today. Pinbars continue to show promise. I initiated five trades with a small profit in the end.

Two were my daily 15% breakouts which failed. My stop loss is very tight, though, around 9 pips, so it didn't hurt badly.

My third trade was a gamble on a neutral doji that formed at the end of an uptrend. It slammed into my SL just above the doji's upper wick.

I then traded the two pinbars that formed afterward. They've been labelled below. These two trades made up for my losses. However, I missed out on the huge breakout that followed the second pinbar. My trailing SL got hit at around R1 (the orange line). Oh well.

I would consider these pinbars to be textbook. Both formed at relevant locations on the chart (bounces from pivot levels), the noses were long and sharp, the bodies were small and situated near each candle's end, and the second pinbar formed in favour of major news released at the time. Both were high-probability trades that ended well.

In the end I pocketed about 3 pips. My pinbars saved the day. :)

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