Coming in to Friday, I only had 2 trades on the week (since I didn’t trade Monday and Tuesday because of the huge spike that happened at market open on Sunday), so I wanted to be a little aggressive and take a trade today.
I did my usual RSW routine: USD looked to be continuing it’s strength, and GBP had made new lows, and pulled back to some support/resistance. GBP has been ranging as of late, but it looked as though if it were able to push through that support level again, there was a good amount of room for this to run. When I looked at this pairs chart, it had made new lows, and was pulling back a little on the daily chart, and I found a pretty clean bear rally on the 15 min. chart so I set my entry orders.
Entry – 1.24473
It didn’t take long, less than an hour, and price moved back down and triggered my entry.
| Entry Order Level |
|---|
| 1.24473 |
| Stop Loss Level |
| 1.2526 |
| Target Level |
| 1.2311 |
Exit – 1.23136
Price moved in my favor quickly and not too long after the entry triggered, I was able to move my stop to break even. I began following the SAR along the 15 min. chart at that point because I wanted to lock in profits before the weekend.
A couple hours into the trade, price got within 5 pips of my target, so I started following the SAR on the 5 min. chart. Price, of course, eventually moved up enough to stop me out, but for a beautiful 133 pip win!
