It’s time to brag about an awesome Pin bar that we recently traded for +130 pips.
We do not publish all of our trades and trade opportunities on our blog, as that would be quiet unfair to all our GYP members. But time-to-time, we do publish some of our results, The only reason of publishing these trade results or our periodic give-away week is to give insight about our methods, the results we achieve, and a glimpse of how we can help you be a better trader.
On to the trade…
A nice pin bar formed on USDCHF Daily timeframe, dated May 3rd, 2016.
As it’s evident, this pin bar was, by-any-means, a perfect one! But it needed at-least 110 pips stoploss i.e. at the other end of the pin bar.
So why did we took this trade? Let’s have a broader look..
Here is what we though about this trade:
This was the same demand level which we discussed here. Missed the trade on supply level by few pips. But we did traded this demand level on it’s first touch, for 110 pips. That trade wasn’t published on blog.
On this trade, we set out target to 130 pips i.e. first area of resistance. And our stoploss was 110 pips.
There was absolutely no drawdown on this trade. A fine move in our direction, the next two days. All the way to our target.
Here is a more broader view, which shows the significance of this demand level. It was an important demand level, but faded already on it’s first touch. Hence, initiating a trade solely based on this level (again) would have been a suicide.