I'm sure this has been asked before, but how other people handle this situation - do you put the stop above the 1 hour bar, and then re-enter if you get stopped once the daily triggers? Or do you enter on the break of the 1H bar, with a stop above the daily? Or do you just ignore the 1H entirely and wait for the daily trigger?
OK, it's about knowing what TF the setup you are looking at occurs on.
AUD/USD presented a daily SETUP but it had NOT triggered and there was no way of knowing that it WOULD trigger.
Therefore, when you see the hourly pin, that is an HOURLY SETUP. Yes, you can have the daily pin in the back of your mind (to let you know that it could be a trade that may run into that TF) but you should stop out when the HOURLY SETUP invalidates. Or, in other words, when your particular reason for entering that trade is no longer valid.
I took that pin short too. I didn't take it because there was a setup on the daily. I took it because there was a descending TL, a 50% fib and a resistance area. Therefore, when it broke above this high, I had to come out.
If you look at the chart you will see that two hours later, another pin occured. I had a crack at this but my order was never triggered.
Finally, you get the IB that Choc mentioned. I actually didn't take this because it closed ABOVE my resistance, so I didn't fancy its chances.
This was the trade that would have worked but c'est la vie.
Next trade on this pair is either a break of the daily pin OR a break of the support (where the pin triggers) and a retest from below on the hourly.
