I made a EUR long trade on Friday that was a decent profit, but I closed it before the end of the day on Friday, as I didn’t want to hold through the weekend. I don’t trade on Weekends, but I keep my eye on the chart and when I checked throughout the day on Sunday, EUR still looked strong.
On Monday morning, I saw that my Friday EUR trade had skyrocketed, so I essentially missed that, but in doing RSW, CAD looked poised to break down. It had already pushed through a couple of levels of support, and was sitting on top of another one — I was (and still am) quite bearish CAD.
That trade did quickly push up, but shortly after getting to about 1R, price reversed strong and it looked as though a risk-off day was turning into a risk-on day — I ended up (thankfully) breaking even on that trade.
In the afternoon, I looked at the baskets to see the largest movers, given the different sentiment than what I was expecting, and NZD was the largest up-mover of the day and USD was the largest down. When I got to this chart it looked strong on the daily chart, with room before the next resistance level, and on the hourly chart there was a pretty clear bull-pullback, so I set an entry order.
Entry – 0.66965
Later on in the evening, price pushed up enough to trigger me into the trade. It’s exactly as I wanted as I was expecting NZD to run in the overnight Asian session.
| Entry Order Level |
|---|
| 0.66965 |
| Stop Loss Level |
| 0.6668 |
| Target Level |
| 0.674 |
Exit – 0.6667
When this triggered me into the trade, it spiked and almost immediately gave me .5R. Looked great to me. That candle (hourly) ended up closing a little below my entry, but the next candle pushed up above. I thought I was in a great position. Shortly before going to bed, I checked the charts one more time, and saw that price reversed strong over the course of a couple of hours and stopped me out for a loss..
