Pin Trading Journal

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[trader_dante]

Both my USDSGD short and GBPUSD long were stopped out at 82 and 137 pip losses - both trades were triggered at a pin where I considered to be at the top and bottom of the range.

Buying Cable off that pin was extremely dangerous. There was absolutely no way that range was holding. As a rule of thumb, if a market goes back to a level it's visited more than three times and the rallies/dips in between are less forceful...get ready for a break.

This is highly reliable.

On the other hand my Light crude trade that was shorted from a pin at a 50% fib retracement is still in the trade with approximately 600 pip my way - my single biggest ever !

Excellent trade. Hope you have managed it well.

 

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[ccclarette658]

Hello,

Both my USDSGD short and GBPUSD long were stopped out at 82 and 137 pip losses - both trades were triggered at a pin where I considered to be at the top and bottom of the range.

I am following this thread with interest. The outcomes of all your trades are known in advance.

It was a mistake to sell USDSGD. The portents are bullish and the move which has now manifested was quite obvious in advance of the event. What you need to do is understand why the market did not reverse where you expected it to, and the reasons for this. You must understand conditions of supply and demand in the instrument you are trading, not pin bars.

Regarding the GBPUSD buy - not only do you not understand where to get in you do not understand where to get out, and took a loss which was not necessary. This is to be expected from a beginner, but you will not succeed continuing to trade without understanding what you should be doing and why. More importantly you do not understand when to abstain.

I suggest you stop trading immediately and spend some weeks considering what I have said.

On the other hand my Light crude trade that was shorted from a pin at a 50% fib retracement is still in the trade with approximately 600 pip my way - my single biggest ever !

If you can admit to this being dumb luck and nothing else you will have the humility to realise how much you do not yet know. You will be grateful that you have not been punished financially for the blunder of committing capital before you are ready.

If you take it as some indication that there is virtue in guesswork then you will continue as you are, winning and losing randomly, without any understanding of which of your "setups" will work and which will "fail".

The more I observe the pins the more it becomes apparent that the following bar should immediately tell me if the pin trade was correct or not.

Not quite. I could tell you whether your trade was correct or not before you placed it. Your losers were almost guaranteed to lose from the minute you placed the trade. One was entirely wrong for the condition, and the other provided the opportunity for a small quick profit before the inevitable slide. As you are not attuned to this you held your position too long and lost.

Much more work to do.