Euro took a step down yesterday after 4 up-days in a row, and was up again today and made a new high. Similarly, GBP was on another consecutive down-day, and had made a new low. Both had pulled back a bit from their respective tops/bottoms, too, so it looked like a good time to get in on a breakout.
When I got to this chart, it had already made a large move, and I was a bit apprehensive, but it began to base on the 15 min. chart. After running the numbers based on the base, I was looking at a 2.5+ R:R, and since I only had one other trade this week, I decided to set entry orders.
Entry – 0.89246
Not too long after setting my entry order, price pushed higher and triggered me in.
| Entry Order Level |
|---|
| 0.89246 |
| Stop Loss Level |
| 0.8895 |
| Target Level |
| 0.90 |
Exit – 0.89348
I left the trade open over the weekend, as I liked the direction both currencies were moving. On Sunday, price gapped up and it was near 1R right away. I moved my stop to break even at that point, and then began following my stop along the SAR on the 1h chart.
Not too long after markets opened, though price began to base, and I had moved my stop as high as I felt comfortable with, and eventually price pulled back enough to stop me out. No matter, still a 10 pip win, and my third win in a row. I’ll take it all day!
