fifty2aces
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Hi TD,
I came across two pins on EurJPY on 12-Nov-2008 on 5Min Chart, first one was failed and second pin was a good pin. Could you classify or let me know what was missing in first pin when compared to second one. Your explanation could be very much useful.
Thanks
Fxbee
Three points in response to this:
1) As far as I can tell, both are "valid" pinbars
2) Taking pinbars in isolation may or may not be profitable, I haven't really tested. The key thing to look for in a setup is that it takes place at a key area of support/resistance. If you read through the thread (particularly posts by trader_dante), you'll see that the emphasis is much more on where the price action takes place, than what the price action is.
3) One of the difficult parts of trading is that there is no certainty - you can take a perfect setup and watch it fail, just as easily as you can take a terrible setup, get lucky, and make a huge profit. Rather than only trying to find mistakes in your losing trades, you should be evaluating the quality of all your decisions. You'll (almost certainly) never win 100% of the time, and you'll go crazy if you try.