Updating 1/29
Looking at the baskets, EUR didn’t look like it was moving much, but on the 4h chart, there was a nice low base forming. AUD was spiking and had just pushed through some resistance and was pulling back slightly — looked like it could be a good long entry.
When I got to this chart, a (decent) bear rally appeared to be forming on the hourly chart, and price was pushing back down again. In addition to the bear rally, there also appeared to be a pretty clear double-top forming on the hourly chart with the support level just about being broken.
I set entry orders, but it turns out, they didn’t trigger right away. Later in the day, I checked back on this, and while it still hadn’t triggered, a base was forming on the hourly chart, which spoke well to my trade. Later in the afternoon, price did trigger me into the trade.
Entry – 1.56884
Exit – 1.57203
It didn’t take long — almost immediately after triggering my entry, price started pushing up. After a couple of hours, it hit my stop-loss.
