I checked my EUR/USD chart this morning, and had I held through the weekend (or paid attention on Sunday and gotten back in) I’d be up at least another 22 pips if not more. So, I looked for EUR opportunities elsewhere.
CAD had finally pushed back down through support and was looking weak. When I got to this chart, it was up strong, the hourly chart was showing a bit of a pullback from an up-move, and there was a pretty clear bear rally formed on the 15 min. chart. The R:R was good (not great), and I was quite bullish EUR, so I set entry orders.
Entry – 1.57399
Shortly after the markets opened up, price pushed up and triggered me into the trade.
| Entry Order Level |
|---|
| 1.57399 |
| Stop Loss Level |
| 1.5706 |
| Target Level |
| 1.58 |
Exit – 1.57404
Price quickly pushed up after triggering me into the trade, and hit 1R very quickly. I moved my stop to break-even when it hit 1R as per my rule. Almost immediately after hitting 1R, though, price reversed strong and came back to my entry point — stopping me out at break-even.
I was in this trade for less than an hour before price reversed… that’s how it is sometime, I had an inkling that EUR was a bit over-extended at the time. I’m still bullish EUR, I just have to keep my eye out for a tradable pattern and a solid support/resistance area for a good R:R.
