USD pushed through a couple of levels of resistance and was looking very strong. It was very similar for JPY, but the opposite (though there was some support in JPY). I figured if JPY could push through that support, there would be a lot of pips to be made.
Entry – 110.851
While the base wasn’t the longest I’ve seen, this looked really strong so I accepted the slightly abridged high-base. Price did move in my favor shortly after setting my entry orders, triggering my entry!
| Entry Order Level |
|---|
| 110.851 |
| Stop Loss Level |
| 110.605 |
| Target Level |
| 111.438 |
Exit – 111.234
Price continued to be strong and I was able to move my stop to break even pretty quickly — it was strong enough that it was close to my target within a couple hours so I started following my stop along with the SAR on the 15 min. chart. Eventually, though, price did pullback enough to stop me out for a 38 pip gain! That said, I’m updating this on 2/20, and had I been slightly more conservative with moving my stop, there’s potential that I could’ve doubled the amount of pips that I made, but it did pullback pretty far. I followed my rules, I waited for price to hit my target etc. I’m in no way upset about “leaving money on the table” this is trading, I’ll never pick the highs or lows, and I’m not mad at nearly 40 pips.
