I looked at a few currencies this morning, knowing I wanted to short NZD (among other things); but EUR wasn’t on my radar. I found a couple of trades that looked ok, and set entry orders, but none of them triggered — most of them moved in the opposite direction and put my stop levels at levels too far away to have a good R:R. In the afternoon, I looked at the baskets again, and NZD still looked like a good short and EUR had been strong throughout the day. I looked at this hourly chart, and there was a nice high base that had just formed
Entry – 1.74085
Actually, when I came across this pair, it had pushed out of the high base already, but price was only about 5 or so pips above where my ideal entry would’ve been. I didn’t want to miss out, so I did a market order that triggered right away
| Entry Order Level |
|---|
| 1.74085 |
| Stop Loss Level |
| 1.736 |
| Target Level |
| 1.75 |
Exit – 1.75707
Price moved in my favor quickly, and shortly after, I was able to move my stop to break even; and not too long after that, price got up to my target so I began following my stop along with the SAR on the 15 min. chart. It was later in the day, and I was getting ready for bed/wrapping up for the night, when I found a nice base to leave my stop below.
I woke up the next morning to see that price had continued to move in my favor, but was moving so quickly, the SAR on the 15min chart wasn’t keeping up. I didn’t want to follow that and only make my target, so I used the 5min. chart’s SAR.
I was able to move it a couple of times before price reversed enough to hit it for a nice 165 pip win! Update: I’m glad I was more agressive, as of right now (3:35pm) it’s basing — price is above my exit, but not by much, and if I were to have been less agressive, I might be holding this through the weekend. Great trade.
