I saw that yesterday the prop firm had a nice 77 pip win in EUR/AUD, and when I got to the charts this morning, EUR was still showing signs of weakness and AUD was showing signs of strength. In addition to AUD, NZD had made a fairly significant gain already on the day, and was at the low of it’s range. I looked at both EUR/AUD and EUR/NZD and both had pretty clear low-base setups on the hourly chart. I set an entry signal on both (OCO) and waited for one to trigger.
Entry – 1.78862
It continued to base for a bit, but shortly after setting my entry orders, this pushed low enough to trigger my entry into the trade.
| Entry Order Level |
|---|
| 1.78862 |
| Stop Loss Level |
| 1.79365 |
| Target Level |
| 1.77211 |
Exit – 1.79571
This pushed to about .5R, but didn’t have a ton of momentum behind it. A couple hours later, price reversed and it must have done so quickly because I was eventually stopped out for a 71 pip loss, even though my stop loss level was at 53 pips…
