There seemed to be a risk-off sentiment, and USD was on it’s 3rd up-day in a row, so I liked that to the long side. NZD was near the bottom of it’s range, but sitting on some support — so I thought it could run pretty far if it broke through that level.
On this chart, the low was right at a good breakout level, and it had since pulled back. On the hourly chart, there’s a pretty clear bear rally, but it’s a large pip-risk. That said, the R:R is there, so I set an entry order.
Entry – 0.59949
This didn’t do much for an hour or so after setting my entry order, but eventually, it pushed far enough down to trigger me into the trade.
| Entry Order Level |
|---|
| 0.59949 |
| Stop Loss Level |
| 0.60605 |
| Target Level |
| 0.59 |
Exit – 0.59862
The SAR pushed through my stop point, so to mitigate my losses, I began following it on the hourly chart as soon as that happened. Eventually, price moved enough that the SAR took me to roughly break-even, which happened overnight (I checked the charts when I woke up randomly).
When I got to the charts this morning, Price was basically basing, but the SAR moved into profit; and since it was just basing, I moved my stop with it, stopping at the top of the base it had formed. Eventually, price spiked and stopped me out for a small 9 pip gain
