CAD had been choppy for a few days, but finally started showing commitment to the downside. On the other side, CHF swung back to the upside and made new highs. When I looked at this chart, on the daily timeframe, this was pushing to new lows, but wasn’t at the day’s bottom — the hourly and 15min. charts were showing nice low-bases. I set my entry/stop orders, using my 5 pip buffer
Entry #1 – 0.7079
Price danced around for a bit, but eventually moved in my favor and triggered my entry
Entry #2 – 0.70465
Price began basing again after moving in my favor. I looked at each currency’s basket, and they hadn’t quite made it to the next major support/resistance lines, and in doing my analysis, I realized that had I not been in that trade at that time, I would’ve been comfortable taking the trade at that point, so I set a second entry order outside of that base (the base’s low was also roughly at 1R, so at the same time I set that order, I moved my stop to break even). Later in the evening, that order triggered as well
Exit – 0.69723
I monitored this for a while after my second order triggered, but it was kind of late in the evening so there wasn’t much activity. Price also hadn’t quite reached the new 1R either, so I just left everything as it was (my stop was at the new level that maintained my risk after the second order) and went to bed. When I woke up this morning, I checked the charts first thing and saw that price had moved strongly in my favor, and was pushed through even my target level. I immediately began following my stop along the SAR on the 15 min. chart (2nd one back) until price reversed enough to stop me out for a nice profit — which it did for a total of ~181 pips!
