AUDUSD - 1h - pinbar at break of support

Bearish pinbars rejecting support at 0.7500 and 21EMA.

Placed a SELL STOP order below previous low as confirmation that price is definitely heading south.

Oscillators are all looking bearish on the 1hr and 4hr charts.

Target set for 0.7400.

Trade stängt: Stopp nått:

This could have been a profitable trade, however my stops were set WAY too low. Would have been better (and should have) set SL above the high of the pinbar at 0.7517. Price actually retraced as high as 0.7510 before shooting off south.

Lessons:
* always put SL behind the nearest high.
* be patient and wait for retrace to get better price.