Looking at the baskets, CAD made a nice reversal move — spiked up above the 50 MA then pulled back, but made a higher low. Since then, price has been strong. JPY, on the other hand, appeared to be returning to the downside and sitting right on some support. When I got to this chart, it was up on the daily chart, and on the 15 min. chart it spiked, but pulled back off of that, forming a decent bull pullback.
Entry – 80.633
Not too long after setting my entry order, price pushed up and triggered me into the trade.
| Entry Order Level |
|---|
| 80.633 |
| Stop Loss Level |
| 80.40 |
| Target Level |
| 81 |
Exit – 80.64
Price quickly pushed up to near 1R (within 5 pips), so I moved my stop to break even. Almost as quickly, though, price reversed back to my entry and stopped me out for a .7 pip gain. Can’t be too upset, a break-even is better than a loss!
