This was a long trade I took the other day for a quick profit on NZD/CAD. The reason being was that there was a pinbar off a very strong horizontal level. Firstly, if you look at this chart, you will see just how strong the level is. (click to enlarge). I've marked turning points with the green circles. Because of this, the pinbar had a very good chance of coming off. Risk on this is 2%
Here is a zoomed in version of the chart, so you can see the pinbar
Now let's see what happened. As you can see from the chart below, price hit the FTA before reversing and forming a pin. I took profit just before the FTA on half my position, and the other half was moved to b/e which was then hit.
I made 0.14% on this trade. Not a lot, but at this stage I just want to get some wins under my belt, and be correct about where price is going. In this case, I was spot on. Price went exactly where I thought it would before reversing. Once I can do this over and over again, say 8 or 9 times out of 10, I can then start to think about maybe reducing my stop size and increasing risk. For now though, I just want to win consistently.
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