Disclaimer I’m updating this on 7/27/2020
Equities had broken to new highs over the highs they made when they rallied back in early June for the 3rd day in a row. I thought that would be bad news for both CHF and JPY, and while it was for JPY, CHF seemed to remain propped up over those few days.
Looking at this chart, Price skyrocketed the previous day, pushing out of resistance levels that have held since January. On this day, price was up again, and on the hourly chart, there was a decent little base, so I set entry orders.
Entry – 115.663
Not too long after setting my entry order, price pushed up and triggered me into the trade.
| Entry Order Level |
|---|
| 115.663 |
| Stop Loss Level |
| 115.405 |
| Target Level |
| 116.07 |
Exit – 115.402
After triggering my entry, price almost immediately dropped. Throughout the morning there appeared to be a couple times where I thought it would reverse back and put me in profit, but it didn’t. By early-afternoon, price dropped significantly, stopping me out of the trade.
