EUR has been strong for the last couple of days, but is on a bit of a pullback this morning. NZD is almost the opposite — it’s bearish overall and coming off of a rally. When I pulled up this chart, it was showing signs of strength and stalled at a level of resistance. The 15 min. chart was on a clear pullback, so I put my entry order outside of the resistance level and my stop outside the low of the pullback.
Entry – 1.71865
Price turned back to the upside, triggering my entry order
| Entry Order Level |
|---|
| 1.71865 |
| Stop Loss Level |
| 1.71435 |
| Target Level |
| 1.73055 |
Exit – 1.72199
Price danced around my entry for most of the day, but got near 1R near the end of the day. I moved my stop to break even, a little before price hit 1R, and moved it a little above 1R before going to bed (following the SAR). When I woke up the next morning, I saw that price had gotten really close to my target overnight, but had since pulled back. I moved my stop up to the second SAR on the hourly chart, since I wasn’t able to be more agressive while it was moving in my favor. Price didn’t manage to head up again (yet), and I ended up getting stopped out for a nice profit/pip gain
