Equities were dropping and it looked as though risk-off sentiment was being confirmed. USD had been up for 3 days in a row and was up against some resistance, and AUD closed below both MAs and was sitting on some support.
When I got to this chart, it was on support and the hourly chart had a very clear base that formed — and while it had pushed out of the base a bit by the time I got to this, it was by less than 10 pips. I set an entry order just below the support level which was still below that base.
Entry – 0.70997
Not too long after setting my entry order, price pushed down and triggered me into the trade.
| Entry Order Level |
|---|
| 0.70997 |
| Stop Loss Level |
| 0.7156 |
| Target Level |
| 0.7023 |
Exit – 0.7078
I’m updating this a few days later, so I don’t exactly remember the events that led up to exiting the trade. I was able to lock in profits, and I know I followed the SAR on the 15 min. chart to do so, but that’s as far as I can remember right now. I’ll update this in the future if it comes to me.
