Equities gapped up this morning and from the open looked relatively strong. When I got to the charts, USD looked weak on the day, so I thought that would bode well for AUD. As I suspected when I got to the JPY chart, it was down as well, and AUD was on it’s 4th up-day. I looked at this pair, along with AUD/CAD but this had a better R:R. I set my entry order using my 5 pip buffer.
Entry – 66.079
About an hour after setting my entry order, price moved in my favor and triggered my entry. Now I way for it to hit 1R so I can start banking those profits.
Exit – 66.558
Price hovered around my entry point most of the day, reaching about .5R at it’s best. Once I commit to a trade, I stay in, so when I was ready for bed and price still hadn’t hit that level, I just left it overnight.
When I woke up this morning I immediately checked the chart and saw that price had reached my target at one point, but had since pulled back to roughly 1R. I moved my stop to the highest SAR level I could on the 1h chart and hoped it would head back up.
Unfortunately it didn’t but that’s alright, it was still a nice 48 pip gain, I can’t be mad at that at all!
