EUR/USD Pin Bar Fails to Pay Off

January 12, 2009 21:30 by Jon

After taking a EUR/USD long position last week following a pin bar on the daily chart near support, the pair rallied a bit, but failed to hit my profit target, and has since fallen back to the area of support where the pin bar formed.  I moved up my initial stop loss towards breakeven to 1.35245 as the pair started to rally, and it was hit on Friday as the pair retreated.

So, I exit the trade with a loss of 143 pips on both halves of the position.

Since we're back near the area of support where the pin bar originally formed, I'm going to watch the pair closely over the next day or so to see if the support holds and the Euro bounces, or if the support fails and the Euro drops.

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Categories: Discretionary Trading
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February 6. 2012 06:03