EUR/USD is one that I was looking at last week, but didn’t see any patterns that I liked, and it’s also one that in the past couple of weeks Maverick has focused on. Today, after doing my typical RSW, this pair was one that looked promising again, so I took a look. On the daily chart, this had pushed to new recent highs and had broken out of a range.
It was one big candle that did that, so I didn’t do anything right away, but about an hour or so later, I revisited this and it had an okay base on the 15 min. chart. It was kind of small, but still basing, and rather than using the bottom of the base as my stop level, I went back to find out where the closest support level was.
At that same time, I also looked to find where the next resistance level was, and at the level that looked most promising to me, there was a nice 2 R:R so I set an entry order.
Entry – 1.19515
Not too long after I set my entry order, price made another big spike up, which triggered my entry into the trade — also, I want to point out, given the fact that it was a huge up-move and a small base on the 15 min. chart, I took a 1% position instead of 2%.
| Entry Order Level |
|---|
| 1.19515 |
| Stop Loss Level |
| 1.1925 |
| Target Level |
| 1.20 |
Exit – 1.19249
As soon as price pushed up enough to trigger me into the trade, it also pushed up to about .5R quickly. It wasn’t quite at levels for me to move my stop to break even, but looked very promising. It stalled out around there, and then started dropping as fast as it rose. It took almost exactly an hour, but price reversed enough to stop me out for a loss.
