26 Aug 2009

The vital lesson I have learnt today is the fact that it's much better to wait for a BO then the retrace and test into that BO before entering a trade. A 'pin-bar' is a single bar trading range on a lower TF, and you don't want to be buying the top or selling the bottom of a trading range. Much safer to wait for the BO then wait for a retrace and good price action to get into the trade.

Watching and plotting Fibs is also pretty pointless as PA will reveal a level and whether a trade is worthy of taking.

The significance of TLs can not be underestimated combined with last highs and last lows. These are the keys to trading PASR.

Pins should never be traced in isolation as it's too risky. To trade counter trend you must wait for a significant trend line break and then a new low or high or a retest before entering any trade...

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