AUD had a down day yesterday, and so far, it’s down again today. CAD has seemingly bounced off of support (again) and is heading back up. Looking at the AUD/CAD chart, on the daily chart, it’s making lower highs and the distance between current price and support is pretty significant and offers a good R:R. On the 15 min. chart, it’s already made a large move, but has slowed down and based a little. I also missed the breakout of the small base, but only by a couple of pips. Since it has room to run, and I don’t want to miss it, I’m still going to pull the trigger here
Entry – Price did continue to move down, triggering my entry. Now I’m just going to wait for it to hit 1R and then follow along with the SAR on the 15min. chart
| Entry Order Level |
|---|
| 0.90187 |
| Stop Loss Level |
| 0.90335 |
| Target Level |
| 0.89975 |
Exit – 0.90153
Price moved in my favor pretty significantly, eventually hitting 1R. Once it did, I moved my stop to break even, and began following it using the SAR on the 15 min. chart. In the past, I’ve followed using the SAR on the 1h chart, but I end up getting stopped out at break even or, depending, for a loss so I wanted to try something different. Knowing that currencies aren’t making huge 100 – 200pip moves right now, I wanted to be a little more aggressive and take profits where I could.
