EUR had been, and was continuing to show strong signs of weakness and AUD was rallying off of the big drop that it had last week. It did drop a little bit again after the rally, but currently, price is back up near the highs and sitting at some resistance. I figured if it could push through that resistance, it would have a lot of room to run. I actually looked to short this yesterday, but after setting my entry orders, price moved up and above my stop level, so I cancelled it. Today, though, there’s a nice low-base, so I set entry orders there
Entry – 01.61647
A little while after setting my entry orders, price moved in my favor and triggered my entry
| Entry Order Level |
|---|
| 1.61647 |
| Stop Loss Level |
| 1.61885 |
| Target Level |
| 1.61055 |
Exit – 1.61543
Price continued to move in my favor nicely, and when it got to 1R, I moved my stop to break even. At that level, though, it somewhat stalled out and there was a lot of indecision. My target wasn’t that far away (it wasn’t a huge pip risk), so instead of waiting for price to get closer and then follow the SAR on the 15 min chart, I did when it started basing. I ended up leaving my stop at a resistance level, but in profit, and shortly after that, price spiked up, hitting my stop loss. Would’ve been a break-even if I waited, so I’m happy with the small 10 pip gain!
