Disclaimer: I’m updating this on 3/31
GBP had been on a rally for a bit, and while EUR was in more of a basing pattern, it was one of the weakest currencies I could find to pair up with GBP. It was down on the day and had a bit of room to move between the low and the next level of support. When I looked at this chart, it was in a nice low-base, so I set my entry orders.
Entry – 0.89395
It being Friday, coupled with the volatility the market is experiencing now, I took only half of a position — that said, shortly after entering my orders, price moved enough to trigger me into the trade.
| Entry Order Level |
|---|
| 0.89395 |
| Stop Loss Level |
| 0.9017 |
| Target Level |
| 0.88 |
Exit – 0.8923
I wanted to close this trade by the end of Friday, but I didn’t before the market closed. There was nothing I could do, so I crossed my fingers and hoped it didn’t gap too far on Sunday. It didn’t gap at all on sunday, and really it just danced around my entry point for most of the day. I continued to leave it alone, and the next morning I saw that price had moved enough for me to move my stop to break even.
At that point, I began following the SAR on the hourly chart as A) that’s my rules and B) this had been moving so slowly, I didn’t mind getting out sooner rather than later. Eventually, following the SAR, price did pull back enough to exit me out of the trade, but it was still a pip gain, so I’m happy!
