CAD had made a reversal — pushing up strong, pulled back and made a higher low, then pushed up again. Yesterday, price dropped and today price was pushing up, so it looked to me as though the move was continuing. JPY on the other hand was pushing down and sitting on some support from February. There was room below that level to the next level of support so that looked good to the short side.
When I got to this chart, it was pushing up and there was a pullback forming on the 15 min. chart, so I set entry orders.
Entry – 80.71
Not too long after setting my entry order, price spiked up and triggered me into the trade.
| Entry Order Level |
|---|
| 80.71 |
| Stop Loss Level |
| 80.45 |
| Target Level |
| 81.00 |
Exit – 80.775
Price quickly pulled back to below my entry point after spiking, but it didn’t stop me out. It based with me down roughly .5R for most of the day before pushing back up again after the US session ended.
Once that happened, it reached 1R not too long after, and the SAR crossed above my entry point at about the same time. I started following along the SAR on the hourly chart, and not too long after I started doing that, price reversed and stopped me out for a small profit.
