I thought about not trading this morning because I had lost another trade. I didn’t want to go a day without looking at the markets, though, so I did my daily RSW. And once I did that and ran numbers, I didn’t want to not trade in case my analysis was correct. I’d kick myself it something worked out and I just sat on the sidelines.
This morning, AUD was strong again, for the third day in a row, and while it was up against some resistance at the time, it had already pushed through that level. CHF was on it’s 3rd down-day in a row, and had some room before the next level of support. When I got to this chart, it had pushed higher, and was in a nice high-base pattern, so I set my entry order.
Entry – 0.63201
Not long after setting my entry order, price started to move strongly in my favor. Hopefully, it hits 1R soon.
| Entry Order Level |
|---|
| 0.63201 |
| Stop Loss Level |
| 0.62865 |
| Target Level |
| 0.63846 |
Exit – 0.63262
Price pushed up, coming within 10 pips of 1R before reversing. I left it alone and continued to monitor, but it stayed right near my entry point for most of the day. I checked the charts a couple of times overnight, and saw that it did reach 1R, so I moved my stop to break even.
I checked again throughout the night, and I was able to move my stop in profit a little bit by following the SAR on the 1h chart. When I woke up for the day, I saw that price pulled back enough to stop me out at that level.
