USD has been up pretty strong over the last 3 days, and made higher highs and higher lows. I was never really bearish on USD, so now that it has swung back to the bull side, I looked to take it long. NZD had been low basing for the last week or so, but was down pretty strong today, and pushing up against that support level.
I looked at a lot of pairs today, but by the time I had gotten to them, moves had already been made. This one, though (among a couple of others, but this was my favorite) had moved down, and rallied a bit, which gave me a pretty clear entry and stop point. The R:R was there, and I liked the pattern, so I set my entry orders.
Entry – 0.6158
Not too long after setting my orders, price dropped, triggering me into the trade.
| Entry Order Level |
|---|
| 0.6158 |
| Stop Loss Level |
| 0.62025 |
| Target Level |
| 0.60833 |
Exit – 0.61574
Price looked really good. I was able to move my stop to break even, and started watching the SAR on the 15 min. chart to see where I could move my stop. I was actually at the gym playing basketball, but when I checked, the SAR hadn’t pushed past my break even point yet. I came back after a couple more games and saw that price spiked and stopped me out. I’ll take a break even trade all day.
Price got within 8 pips of my target — had I followed the SAR on the 5 min. chart, it would’ve been a 1R profit, but that 8 pip difference gave me pause (plus I was looking on mobile, and wasn’t at my computer). It was just a thought I had, I’m not upset with this trade, but maybe I can do things a little differently next time.
