Long off Daily Pin Bar printed on the 8th of May
Here is my hypothesis on why I took the trade,
1) Pair in a descending channel since 25th of March
2) on the 8th of may the pair printed a substantial bullish pin on the daily
3) Bullish pin pierces my support area of 0.8814.
4) PA did not pierce below support to go and test the channel support
5) As per my trading system I enter on 50%'sh retracement of the Signal (in this case the bullish PB)
6) a daily close below 0.8818 will get me out manually
7) my stop is around 30 pips below the pin's tail.
8) Initial position small, will at at break of channel resistance, acting as support, and at 0.89000, 0.89700, 0.90673
1) Pair in a descending channel since 25th of March
2) on the 8th of may the pair printed a substantial bullish pin on the daily
3) Bullish pin pierces my support area of 0.8814.
4) PA did not pierce below support to go and test the channel support
5) As per my trading system I enter on 50%'sh retracement of the Signal (in this case the bullish PB)
6) a daily close below 0.8818 will get me out manually
7) my stop is around 30 pips below the pin's tail.
8) Initial position small, will at at break of channel resistance, acting as support, and at 0.89000, 0.89700, 0.90673