Equities have been ranging for the last few days, and both AUD and USD have been following suit for the most part. On this day, in AUD price was at the top of the range, but down on the day, and vice versa in USD. There wasn’t a ton of volatility, but I figured if price were to manage to trigger my trade, it would be a good sign that it would continue to drop, and I could be aggressive with taking profits.
Entry – 0.68905
Not long after setting my entry orders, price pushed down, triggering me into the trade.
| Entry Order Level |
|---|
| 0.68905 |
| Stop Loss Level |
| 0.69275 |
| Target Level |
| 0.682 |
Exit – 0.68775
Price pushed really strongly in my favor, just barely getting above 1R — where I’d move my stop to break even. That said, since I was being aggressive with taking profits, I decided to start following along the SAR on the 15 min. chart as soon as they broke my entry point, rather than waiting.
I did that, and continued to follow the SAR throughout the day, until price started pushing higher and there were now more SAR’s above the candles. That ended up being where I left my stop when I went to bed, and when I woke up the next morning, I saw I got stopped out for an OK profit.
