Disclaimer: Updating 10/14
NZD had been pushing down for 3 days in a row, and while it hadn’t quite reached the support level of a major breakout it was close. CHF on the other hand was up for the third day in a row and it had already broken a pretty major resistance level and looked strong. When I got to the NZD/CHF chart, it was sitting right at a major support level, and the hourly chart was in a pretty clear low base. The R:R looked great as well, so I set an entry order.
Entry – 0.6025
Not too long after setting my entry order, price pushed lower and triggered me into the trade.
| Entry Order Level |
|---|
| 0.6025 |
| Stop Loss Level |
| 0.606 |
| Target Level |
| 0.595 |
Exit – 0.6025
I was triggered into the trade about 5 pips lower than my expected entry, so I moved my stop to break even roughly 5 pips above 1R (I know it should’ve been after, technically, but since my risk was larger than expected, I wanted to take less risk in the trade). The SAR barely had time to cross under my entry point when price reversed and stopped me out at break even.
