Doing RSW this morning, AUD had made a large up-move and broke out of the recent resistance and USD was down significantly sitting on top of some support — support at new lows since February. I figured USD would drop quite a bit more if it pushed through those levels again.
When I got to this chart, it looked strong on the daily chart, but maybe a bit parabolic on the hourly. When I ran the numbers, though, they looked decent, but I still wasn’t super convinced. It being my only option of the day, and not really wanting to sit on the sidelines, I took a shot with 1/2 position size.
Entry – 0.7239
Not too long after setting my entry order, price pushed up enough to trigger me into the trade.
| Entry Order Level |
|---|
| 0.7239 |
| Stop Loss Level |
| 0.7215 |
| Target Level |
| 0.7272 |
Exit – 0.7214
Price just barely pushed above my entry point — about 3 pips — before plunging over the next couple of hours, quickly stopping me out. I guess the only positive thing I can say here is that I took 1/2 position size.
