Tuesday, July 9, 2013

Failed trade - Gold 1HR

Gold -1HR

I opened a short last night during the NY session. I thought this was a good setup. I went short after the bearish pinbar marked below. I saw some good confluence here, confirmed by a decent-sized pinbar, but the bulls took me out quite quickly.

I entered short at the 50% level of the pinbar, but price never really went down after my entry. A time stop would've been useful here?

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