I've decided to kill off my EURCAD trade to cut my losses. Instead of a hard pin bar break as I had expected, this pair bounced off the minor resistance area.
When I look back at this trade, it's quite obvious that there was a lot of traffic to be overcome. It would have been nice if the pinbar tail had extended outside of all the bars that are in the vicinity, suggesting possible strength as the market tried to reverse.
The pin bar and its location is good, but it's not enough to power thru to the next level. With this being a counter trend trade, there's a good chance that the dominant trend would continue. I will not wait until I get taken out for a full loss, so I feel it's better that I bail out now.
I need to get better at being picky, especially on counter-trend trades!
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